Spacemesh Launches the People’s Coin
After five years of research and development, Spacemesh is proud to announce the launch of the People’s Coin on July 14, 2023. The goal of this cryptocurrency is to achieve widespread distribution, particularly among younger generations and underprivileged demographics who face barriers to entry in the crypto world.
Key Points:
- Spacemesh uses a novel consensus mechanism called proof of space-time (PoST) instead of traditional methods like proof of work (PoW) or proof of stake (PoS).
- The network is built on a directed acyclic graph (DAG) called a ‘mesh’ instead of a traditional blockchain.
- Spacemesh uses lottery-free, non-competitive, ‘leaderless’ voting for consensus, instead of the winner-takes-all paradigm used by other cryptocurrencies.
- The protocol rewards smaller home miners based on their storage commitment size, ensuring fairness and preventing powerful miners from dominating rewards.
- Becoming a miner requires only a PC with available storage space, a GPU with OpenCL support, and an internet connection.
Spacemesh aims to create a diverse and inclusive ecosystem by lowering entry barriers and ensuring fair distribution of rewards. By making crypto accessible to all, they believe they can contribute to a more equitable world.
Hot Take:
Spacemesh’s launch of the People’s Coin marks a significant milestone in the crypto world. With its innovative consensus mechanism and low entry barriers, it has the potential to attract a wider range of participants and promote a more inclusive financial system. By prioritizing accessibility and fairness, Spacemesh is setting a new standard for cryptocurrency projects.