The Spacemesh protocol is a permissionless consensus protocol based on Proof of Space and Time (PoST). We propose it as a viable alternative to Proof of Stake (PoStake) and Proof of Work (PoW) consensus protocols, which are at the core of cryptocurrencies and smart contract platforms. Interestingly, PoST can run on any desktop computer, aiming to resist the powerful and expensive mining chips known as Application-Specific Integrated Circuits (ASICs). Moreover, the protocol does not rely on Graphics Processing Units (GPUs) for mining.

Project Introduction

Spacemesh is a team from Israel with the goal of realizing Satoshi Nakamotos original vision in the Bitcoin whitepaper - a true peer-to-peer electronic cash network - through more rational protocol design, and supporting smart contracts on Layer2.

Spacemesh is built on a new blockmesh decentralized platform rather than a blockchain structure. Behind the scenes, Spacemesh uses an innovative Proof of Space-Time protocol that is built upon a mesh (a tiered directed acyclic graph).

Users who wish to run the Spacemesh protocol need to reserve some disk space. Similar to other blockchain systems, Spacemesh requires users to prove that scarce resources have been committed to the system. This is necessary for ensuring the security of the system. In Spacemesh, this resource is disk space, which millions of people around the world have access to on their home PCs, meaning joining Spacemesh is essentially free for home users. Using disk space instead of work-based proof makes the Spacemesh protocol ASIC-resistant and consumes significantly less energy compared to blockchain systems based on Proof of Work.

One of the team members, Tomer Afek, states that the protocol offers recurring rewards to encourage miners not to join pools as they do in existing major protocols. The team aims to recreate 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 misbehavior because the harm you can do is minimal.