Spacemesh, a Layer 1 Proof-of-Space-Time protocol, is excited to announce it will perform network genesis on July 14 at 8:00 UTC.
After five long years of hard work and dedication, Spacemesh is finally ready to launch its product, introducing the People’s Coin. According to the team, Spacemesh’s goal is to establish a cryptocurrency focusing on the young and underprivileged demographics who cannot participate in the cryptocurrency revolution due to the impossible entry barriers.
While commenting on the launch Tomer Afek, the co-founder and CEO of Spacemesh, stated:
“To reach its full revolutionary potential, crypto cannot be introduced as stocks, e.g., gamble money you don’t have, nor as an elites-only hobby. We must, by necessity, offer these users a better deal: Come as you are, with whatever PC you already own and the know-how already have — no other out-of-pocket expenses are needed at any time. It’s the only conceivable way to have a widespread currency that impacts the people who need it most.”
Tal Moran and a team of cryptographers have been working on a way to achieve consensus in permissionless settings different from the current systems. Their works allowed them to create Spacemesh to use Proof-of-Space-Time instead of the common Proof of Work and Prove of Stake mechanisms.
Spacemesh also uses a Direct Acyclic Graph (DAG), a.k.a a ‘mesh’ rather than a chain topology, i.e., a blockchain. In addition, Spacemesh also uses lottery-free, collaborative mining, unlike the competitive mining approach of Nakamoto-based consensus protocols.
Spacemesh allows its miners to continue reusing the original proof for challenges that will owe energy usage and significantly lower cost of operations to near zero. Currently, miners are required to generate new proof for every challenge, which has proved to be an energy-intensive undertaking.
Notably, the entry point for Spacemesh is significantly low, allowing any interested user to join as a miner. Spacemesh miners, also called smeshers, will receive rewards based on their storage commitment size during the epoch. This design aims to prevent powerful miners from receiving an unequal share of rewards.
Spacemesh recently raised $23m from institutional cryptocurrency investors, including Arrington XRP Capital, Polychain, Electric Capital, Paradigm, Greenfield, Dragonfly, and 1KX. All these works and more to come are aimed at making Spacemesh a crypto network for home miners that is financially fair, user-friendly, environmentally sound and permissionless.
