Spacemesh is a layer 1 blockchain protocol utilizing Proof of Space Time (PoST) to enable permissionless decentralization and enhance network security. It addresses the inefficiencies of traditional mining by allowing users to contribute storage space instead of computational power, promoting a more environmentally sustainable and equitable cryptocurrency ecosystem.
Funding
$21.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional blockchain mining relies on high computational power, leading to significant energy consumption and creating barriers to entry for average users. This results in centralization of mining power and limited participation in network validation.
Solution
Spacemesh is a layer-1 blockchain protocol that utilizes Proof of Space Time (PoST) to enable a more accessible and environmentally sustainable cryptocurrency ecosystem. Instead of computational power, users contribute storage space to the network, promoting decentralization and enhancing security. The Spacemesh distributed ledger is composed of layers where miners collaborate to construct blocks, ensuring that every participant receives rewards directly in proportion to the space they've committed. This "race-free" protocol allows home users to participate in network validation and earn rewards without requiring specialized hardware or joining mining pools.
Target Audience
The primary audience includes individuals interested in cryptocurrency mining who seek an environmentally friendly and accessible alternative to traditional Proof-of-Work systems, as well as those who value decentralization and permissionless participation in blockchain networks.
Features
- Proof of Space Time (PoST) consensus mechanism utilizing storage space instead of computational power
- Layered distributed ledger where miners collaborate to construct blocks
- "Race-free" protocol ensuring all participants receive rewards proportional to their committed storage space
- Compatibility with standard, readily available hardware for home users
- Smapp and SMRepl tools for easy node setup and network synchronization