Spacemesh launches cryptocurrency The People’s Coin

Spacemesh employs lottery-free, non-competitive "collaborative mining" for fairness in reward distribution

Spacemesh has announced the launch of its Network Genesis, which will take place on July 14, coinciding with the commemoration of the storming of the Bastille.

Spacemesh chose this significant date to introduce The People's Coin, a cryptocurrency aimed at achieving widespread distribution, particularly among younger generations and underserved demographics.

Led by Professor Tal Moran, Spacemesh's team of cryptographers embarked on a journey to develop a fundamentally new method for achieving consensus in a permissionless setting.

Their innovative approach includes utilizing the Proof of Space-Time (PoST) consensus algorithm instead of the commonly used Proof of Work (PoW) or Proof of Stake (PoS). Additionally, rather than a traditional blockchain, Spacemesh implements a Directed Acyclic Graph (DAG), also known as a “mesh.”

Unlike the competitive mining approach seen in other consensus protocols, Spacemesh employs lottery-free, non-competitive “leaderless” voting, known as “collaborative mining.”

This fosters fairness and prevents powerful miners from receiving a disproportionate share of rewards. Moreover, Spacemesh miners reduce energy usage and ongoing costs by reusing the original proof continuously, resulting in minimal energy consumption.

Spacemesh also offers better accessibility through significantly lower entry barriers compared to other cryptocurrencies. To become a miner, one only needs a personal computer with available storage space, a GPU with OpenCL support, and an internet connection. Specialized mining equipment, deposits, bank accounts, or credit cards are unnecessary.

The combination of low entry barriers, low operating costs, and incentive compatibility ensures a fair distribution of rewards. Each miner, regardless of the network's size, is guaranteed a consistent and predictable share of rewards.

No longer dependent on lotteries or big payouts, miners can actively contribute without incurring substantial costs.

Tomer Afek, co-founder and CEO of Spacemesh, emphasized the importance of making crypto accessible to all, stating, “We must essentially offer these users a better deal: Come as you are, with whatever PC you already have, and the information is already there – no other out-of-pocket expense required at any time.”

Having raised $23m from prominent crypto investors, including Polychain, Paradigm, and Dragonfly, Spacemesh is poised to make a significant impact in the cryptocurrency space. With their user-friendly approach, Spacemesh aims to establish The People's Coin as a currency that positively impacts those who need it most.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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