Tel Aviv, israel, July 14th, 2023, Chainwire
Spacemesh is excited to announce that after five years of development, they will finally perform the network genesis on July 14th at 08.00 UTC. The date was chosen as it marks the anniversary of the storming of the Bastille, and Spacemesh aims to launch the People's Coin on this day. The goal is to create a cryptocurrency that can be easily accessed by younger generations and underprivileged demographics who are currently unable to participate in the cryptocurrency revolution due to barriers to entry. Spacemesh launches after 5 years of research.
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Spacemesh launches after 5 years of research. Spacemesh, The People’s Coin, Is Born Today.
Spacemesh's team, led by Prof. Tal Moran, has developed a unique method to achieve consensus in a permissionless setting from scratch. The team of cryptographers has spent over five years building this innovative solution. Spacemesh launches after 5 years of research.
Instead of the commonly-used PoW or PoStake, Spacemesh uses PoST (Proof of Space-Time)
Rather than a Chain topology (i.e., a blockchain), Spacemesh uses a DAG (Directed Acyclic Graph), a.k.a. a “mesh”
Additionally, rather than the winner-takes-all paradigm via Lottery (“Competitive Mining”) used by all Nakamoto-based consensus protocols, Spacemesh uses lottery-free, non-competitive “leaderless” voting (“Collaborative Mining”)
Lastly, instead of generating a new proof for every challenge, which is energy intensive, Spacemesh miners reuse the original proof continually—resulting in extremely low energy use and near-zero ongoing costs for operating a miner
The Spacemesh protocol is designed to ensure fairness for all miners, regardless of their size, by rewarding them based on their storage commitment size during each epoch, which takes place approximately every two weeks. This approach prevents powerful miners, including adversarial ones, from receiving an unfairly large share of rewards. Compared to other permissionless cryptocurrencies, Spacemesh has lower barriers to entry. To become a miner (smesher), all you need is a PC with available storage space, any GPU with OpenCL support, and a reliable internet connection. Specialized mining equipment is not required, and ongoing power usage is low, resulting in minimal electricity bills. Additionally, there is no need for deposits, bank accounts, or credit cards.
The combination of low entry barriers, low operational costs, and incentive compatibility provides a guarantee of fair distribution.
Once a miner joins the network by committing the minimum required storage, they become an active participant and receive a fair share of rewards during each epoch. This share is likely sufficient to cover any electricity expenses or hardware replacement costs. The low marginal costs for home users, coupled with the absence of competition-based rewards, encourage small miners to join the network. This leads to a diverse ecosystem where even smaller participants can actively contribute without being priced out.
Regardless of how many other participants join the network, every miner is guaranteed to receive their fair share of rewards consistently and predictably. There are no more races for big payouts or reliance on luck through lotteries.
Cryptocurrency must be accessible to everyone, not just a privileged few. Spacemesh is committed to breaking down barriers that prevent more people from benefiting from the crypto revolution. By allowing users to participate with their existing PCs and knowledge, Spacemesh is creating a more equitable world. The team is dedicated to continuously lowering entry barriers and making crypto accessible to all, regardless of demographics. Spacemesh has raised $23m from leading cryptocurrency investors, including Polychain, Paradigm, Dragonfly, Electric Capital, Greenfield, Arrington XRP Capital, and 1KX.
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