Spacemesh: Abbreviated Introduction
The Spacemesh project originated with Prof. Tal Moran, who had been working on storage-based consensus methods for five years when he invented proof of space-time. He first presented this innovation in 2016, arguing that storage space is a highly underutilized and readily available resource suitable for decentralized consensus.
Spacemesh aims to solve three main problems:
- Fair global distribution of cryptocurrency.
- Lack of infrastructure for a global means of payment.
- Lack of satisfactory blockchain and smart contract infrastructure for creating fair communities.
Spacemesh aims to transform users into “fully-fledged, autonomous, value-creating network participants” by allowing them to create their own currency and use it in peer-to-peer transactions. This radically reimagined Web3 will serve as the basis for a fairer, freer economy and robust society. The Smesh cryptocurrency will be created by ordinary people running platform software released by Spacemesh on their home PCs from anywhere in the world. The software component which each participant runs connects with components run by other participants. This would form a p2p network over the Internet.
All Spacemesh software is 100% open source and provided under a permissive license, allowing anyone anywhere to use the technology without limitation. The Team Spacemesh is comprised of ~20 seasoned entrepreneurs, researchers, and engineers with past successes in the blockchain industry and beyond.
The company is based and registered in Israel. The regulatory environment in the country has evolved rapidly in recent years, however there is still institutional resistance to crypto adoption.
Spacemesh has raised a total of US$18.5M and an additional $4M in their recent funding round. The project will launch its mainnet in 2023 with its native token, Smesh (SMH).
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