Tel Aviv, Israel, July 14, 2023, Chainwire
Spacemesh is proud to announce today that after five years of work, they will finally be doing network genesis on July 14th at 08:00 UTC.
Spacemesh chose July 14, commemorating the storming of the Bastille, as the day to launch the yuan.The goal is to build a cryptocurrency that can be widely distributed, especially among younger generations and underprivileged groups who are currently prevented from participating in the cryptocurrency revolution due to insurmountable barriers to entry
Spacemesh, the people’s coin, was born today.
Spacemesh’s team of cryptographers is led by a professor. Tarmoranspent more than 5 years building from the ground up an entirely new approach to consensus in a permissionless environment.
- Spacemesh does not use the commonly used PoW or PoStake, but uses PoST (proof of time and space)
- Spacemesh uses DAG (Directed Acyclic Graph), also known as “mesh”, instead of chain topology (i.e. blockchain)
- Furthermore, unlike the winner-take-all paradigm via lottery (“competitive mining”) used by all Satoshi-based consensus protocols, Spacemesh uses no lottery, non-competitive “leaderless” voting (“collaborative mining”). “)
- Finally, instead of generating new energy-intensive proofs for each challenge, Spacemesh miners continually reuse the original proofs, resulting in extremely low energy consumption and near-zero ongoing costs of operating a miner
The Spacemesh protocol ensures fairness for small home miners by rewarding them based on the size of their storage commitment each epoch (which occurs roughly every two weeks). This prevents powerful miners (including hostile miners) from being disproportionately rewarded. Spacemesh also has a significantly lower barrier to entry compared to other permissionless cryptocurrencies. All that is needed to become a miner (smesher) is a PC with available storage space, any OpenCL capable GPU, and a reliable internet connection. No specialized mining equipment is required and the ongoing power usage is low, resulting in the lowest electricity bills. Plus, no deposits, bank accounts or credit cards are required.
The combination of low barriers to entry, low operating costs, and incentive compatibility establishes novel guarantees of fair distribution.
Once miners join the network by submitting the minimum amount of storage required, they become active participants and are rewarded fairly every epoch. That share may be enough to cover any electricity bills or hardware replacement costs. The low marginal cost for home users, combined with the lack of competition-based rewards, encourages small miners to join the network. This forms a diverse ecosystem where even smaller players can actively contribute without being priced out.
Each miner is guaranteed a consistent and predictable fair share of rewards regardless of how many other participants join the network. No more tournaments requiring big prizes, no more relying on luck through lottery.
“In order to realize its full revolutionary potential, cryptocurrencies cannot be introduced as stocks, like gambling bankroll that you don’t have, or as a hobby exclusive to the elite. We have to offer these users a better deal: do whatever you want, use whatever PC and pre-existing expertise — no other out-of-pocket costs at any time. This is the only viable way to have a broad currency that can reach those who need it most.” Tomer Afek, SpaceMesh Co-Founder and CEO road.
“As the people’s coin, everything we do, everything we write (the code and apps we publish) should be understandable, accessible, clear and usable by ordinary people. experience, engineering and economics’” he added.
The Spacemesh team is dedicated to breaking down the barriers that prevent more people from enjoying the benefits of cryptocurrencies. We are committed to continuously lowering the barriers to entry and ensuring that more diverse groups of people can participate in the crypto revolution. Our aim is to create a more equitable world and foster better cooperation locally, nationally and globally. By making cryptocurrency accessible to all, we believe we can contribute to a fairer and more inclusive future for everyone.
Spacemesh raised $23 million from leading cryptocurrency investors including Polychain, Paradigm, Dragonfly, Electric Capital, Greenfield, Arrington XRP Capital, and 1KX.