Spacemesh Protocol is a permissionless consensus protocol based on Proof of Space-Time (PoST). We propose it as a viable alternative to proof-of-stake (PoStake) and proof-of-work (PoW)-based consensus protocols, which are used at the core of cryptocurrencies and smart contract platforms. Interestingly, PoST can run on any desktop computer and is aimed at resisting powerful and expensive mining chips known as application-specific integrated circuits (ASICs). Additionally, the protocol does not rely on graphics processing units for mining.

Project Introduction

Spacemesh is a team from Israel, aiming to achieve Satoshi Nakamoto's original intention in the Bitcoin white paper through a more reasonable protocol design - a real peer-to-peer electronic cash network, and support smart contracts at Layer2.

Spacemesh is based on the new blockmesh decentralized platform, rather than blockchain, structure. Behind the scenes, Spacemesh uses a novel Proof-of-Space protocol made of meshes (hierarchical directed acyclic graphs).

Users who want to run the Spacemesh protocol need to reserve some disk space. Like other blockchain systems, Spacemesh requires users to prove that scarce resources have been invested in the system. This is required to ensure system security. In Spacemesh, this resource is disk space, which millions of people around the world have access to on their home PCs, which means joining Spacemesh is basically free for home users. The use of disk space makes the Spacemesh protocol ASIC-resistant and consumes significantly less energy than proof-of-work-based blockchain systems.

One of the team members, Tomer Afek, said that the protocol provides recurring rewards to encourage miners not to join mining pools like the existing major protocols. The team attempted to reproduce the original vision of Bitcoin, with the ultimate goal of creating a peer-to-peer, fully distributed cryptocurrency. There is no need to punish you for your bad behavior because there is very little harm you can do.