Today, July 14th, 2023, Spacemesh proudly announces the network genesis, the result of five years of hard work, to launch the People’s Coin. This date marks the anniversary of the storming of the Bastille and Spacemesh’s goal is to establish a cryptocurrency that can achieve widespread distribution, especially among younger generations and underprivileged demographics.
The team of cryptographers, led by Prof. Tal Moran, developed the radically novel Spacemesh Protocol from scratch. It uses PoST (Proof of Space-Time) instead of PoW or PoStake, involves a DAG (Directed Acyclic Graph) or “mesh” instead of a Chain topology, and implements a lottery-free, non-competitive “leaderless” voting (“Collaborative Mining”) instead of the winner-takes-all paradigm via Lottery (“Competitive Mining”). Miners reuse the original proof continually, resulting in extremely low energy use and near-zero ongoing costs.
The Spacemesh protocol ensures fairness for smaller miners by rewarding them based on their storage commitment size during each epoch, which occurs approximately every two weeks. This prevents powerful miners, including adversarial ones, from receiving a disproportionate share of rewards. Furthermore, the entry barriers are low, specialized mining equipment is unnecessary, and ongoing power usage is low, resulting in minimal electricity bills.
According to Tomer Afek, Spacemesh’s co-founder and CEO, “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.”
Spacemesh raised $23m from leading cryptocurrency investors including Polychain, Paradigm, Dragonfly, Electric Capital, Greenfield, Arrington XRP Capital, and 1KX. The Team is dedicated to providing the benefits of cryptocurrency to more people, continuously lowering entry barriers, and creating a more equitable world.
For more information, contact Tomer Afek, CEO of SpaceMesh, via [email protected]
