Spacemesh Launches the People’s Coin on July 14th
Spacemesh, a cryptocurrency platform, is set to perform network genesis on July 14th after five years of development. The project aims to create a cryptocurrency, called the People’s Coin, that can achieve widespread distribution among younger generations and underprivileged demographics. Spacemesh uses a novel consensus mechanism called Proof of Space-Time (PoST) and a Directed Acyclic Graph (DAG) structure instead of a traditional blockchain. The protocol also uses lottery-free, non-competitive voting for mining rewards, resulting in low energy use and minimal operational costs. The platform ensures fairness for smaller home miners by rewarding them based on their storage commitment size. Spacemesh aims to create a more inclusive and equitable world by making cryptocurrency accessible to all.
Main Breakdowns:
- Spacemesh will perform network genesis on July 14th after five years of development
- The project aims to create the People’s Coin for widespread distribution among younger generations and underprivileged demographics
- Spacemesh uses a novel consensus mechanism called Proof of Space-Time (PoST) and a Directed Acyclic Graph (DAG) structure
- The platform uses lottery-free, non-competitive voting for mining rewards, resulting in low energy use and minimal operational costs
- Fairness is ensured for smaller home miners by rewarding them based on their storage commitment size
Hot Take:
Spacemesh’s launch of the People’s Coin on July 14th marks a significant milestone in making cryptocurrency more accessible and inclusive. By utilizing a novel consensus mechanism and lowering entry barriers, Spacemesh aims to create a fairer and more equitable world. The project’s focus on younger generations and underprivileged demographics demonstrates a commitment to reaching those who can benefit the most from cryptocurrency. With its innovative approach and dedication to simplicity, Spacemesh has the potential to reshape the crypto landscape and empower individuals worldwide.