We’ve all heard of the blockchain, but what is blockmesh?
Spacemesh is building a novel, layer-one protocol with the aim of developing a blockmesh operating system accessible to anyone.
Listen as Spacemesh CEO and cofounder Tomer Afek explains how the Proof of Space Time (PoST) consensus protocol is built around the notion of fairness, and what that means in the creation of a decentralized, programmable cryptocurrency.
Proof of Work, Proof of Stake, Proof of Space Time
Rather than using Proof of Work (PoW) like Bitcoin, which has scalability and energy wastefulness issues, or Proof of Stake (PoStake) like Ethereum, which comes at the cost of compromised decentralization and security, Spacemesh is using a different type of consensus called Proof of Space Time (PoST).
Proof of Space Time is being designed to allow participants to store data on their computer over a period of time. This essentially means that the kind of proof users will provide is that they have contributed to the security of the network by storing this data.
Is Mesh the New Chain?
The idea around Spacemesh’s version of blockmesh technology is that every layer of nodes points backward to its previous layer. In this way, there is a mesh which is growing but has a clear notion of all the layers.
The first thing the block writes is what layer it belongs to. In order to achieve total ordering of all the blocks, there needs to be a consensus about which block is in which layer. Then the ordering inside each layer can be done by each party on its own side by calculating the hashes.
By agreeing on which block is in which layer, there is total ordering of all the blocks, and this is a very powerful idea, as it has the potential to allow far beyond what the chain can offer.
Spacemesh Aims for Fairness and Efficiency
Spacemesh is focused on fairness, as it intends for its Proof of Space Time consensus mechanism to run on any computer, while making it resistant to powerful mining chips called application-specific integration certificates, or ASICs.
The idea is that anyone who has a computer with some free drive space at home is welcome to download the software and leave the computer open with a certain amount of hard drive allocated to Spacemesh.
From that point onwards, that person will start to make coins for the contribution to the security of the network. Those coins will be contained in a wallet, and the user will then be free to use or sell those coins at any time.
- According to the Spacemesh team, Proof of Work blockchains suffer from known scalability issues and massive energy waste that compromise their long-term viability, and Proof of Stake solutions resolve the scalability concerns, but at the cost of compromised decentralization and security;
- Spacemesh is focused on creating a new protocol and token for money use-cases, such as store of value and payments that has a decentralized and fair distribution, meaning anyone can download the Spacemesh software and start earning Spacemesh tokens;
- Spacemesh aims to create money that is energy efficient, highly decentralized and democratic, and fair, as no player is too small to participate in the Spacemesh protocol consensus mechanism and earn tokens.