Spacemesh’s members up 5X since July launch
Crypto.news – A few weeks after launching, the Spacemesh protocol is making steady progress. Following nearly five years of research and development, the platform has demonstrated positive outcomes. Notably, this growth is without extensive marketing efforts and is primarily driven by word-of-mouth
Tomer Afek, the co-founder and CEO, takes us through the project, explaining why the platform has been gaining traction.
In epochs 2, 3, and 4, community members increased from 2,800 to 32,000 in just a few weeks. This was all due to word of mouth rather than any marketing efforts.
Tomer Afek commented on this, saying:
“Spacemesh has been under the radar, and we refrained from marketing – the rumor about spacemesh being live and working well is spreading organically – With its unique approach to consensus algorithms and a vision to create a decentralized financial ecosystem, Spacemesh is capturing the attention of both technologists and enthusiasts alike.”
Spacemesh has developed a consensus method that is cost and energy-efficient, benefiting smaller miners, or “smeshers.” Their proof-of-Space-Time (PoST) approach differs from traditional proof-of-work (PoW) or proof-of-stake (PoS) mechanisms.
PoST uses storage space and time to validate transactions and create new coins. Participants allocate a portion of their device’s storage space, creating a cryptographic representation of that space, which, along with time, serves as the basis for consensus.
The consensus system also promotes inclusivity by allowing anyone with a computer and storage space to participate in the network’s consensus process, preventing the threat of centralization by large mining pools.
Tomer explained how this system benefits smaller miners:
“The crypto space is often criticized for its complexity and lack of user-friendliness. Spacemesh endeavors to bridge this gap through its user-centric approach. By offering a straightforward application and utilizing existing hardware, it aims to engage tech-savvy enthusiasts and individuals who may be new to the blockchain world.”
The Spacemesh protocol is accessible to many individuals because only a decent PC with a GPU, excess storage, and a reliable internet connection is required for mining.
Using the same proof repeatedly, the protocol can create a secure and reliable record without high energy consumption. Miners can participate by committing their excess resources…