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Spacemesh Raises $3 Million to Produce “Proof-of-Space-Time” Consensus Mechanism

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Heavyweights such as BRM Group and Bancor have contributed $3 million in seed funding to a new crypto startup, Spacemesh. Their stated ambition is to revamp the existing Proof-of-Work and Proof-of-Stake mechanisms, to create a blockmesh operating system that is fairer, faster and more scalable.

“Proof-of-Space-Time”

Coined “Proof-of-Space-Time (PoST), the new consensus allows would-be contributers to join the network via unused space on their hard drives and other computing resources. The protocol is designed to run on a standard computer, which would eliminate the need for ASIC hardware, mining pools or cloud mining. Thus, there is no need to build a central entity such as a pool, which then skims profits off the top of miners. And as rewards are more equally spread, and more frequent, this is likely to prove very popular among those looking to get into mining – and potentially extremely unpopular with existing pool heads.

The New Bitcoin?

To ensure maximum decentralization, the company will not be running an ICO, with the entire supply being mined on their PoTS consensus. And the brains behind the operation are hoping that this new mechanism will disrupt an industry in which PoW has proven environmentally problematic, and PoS has created issues with hard forks.

Spacemesh low barrier to entry, and incentive compatibility, sparks back the original vision of true decentralization that was started with the creation of Bitcoin. What we are building allows anyone to participate in our network, without needing security deposits, expensive dedicated hardware or anyone else’s explicit permission. We call upon all developers and cypherpunks who share our vision to join our open community and build Spacemesh together with us.

– Tomer Afek, Spacemesh co-founder.

According to a press release, work has now begun on the free open source blockmesh OS. And as there won’t be an ICO, things could start to move very quickly for Spacemesh – and its investors – from here on.

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