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 (storage) without requiring high initial or ongoing investments as needed for PoW mining. Furthermore, no deposits or credit cards are necessary, unlike other protocols.
One factor contributing to Spacemesh’s popularity is its shift towards a collaborative mining process instead of competitive mining. Instead of an all-or-nothing scenario, miners earn a share of rewards every two weeks based on the amount of storage they commit during that time. This allows the opportunity to earn rewards using excess resources while also providing the option to allocate more storage for a larger share of rewards each epoch.
The Spacemesh team has a vision that goes beyond the limitations of traditional consensus methods and platforms. As Tomer stated:
“Spacemesh’s aspirations extend beyond technical innovation. It envisions the creation of a ‘People’s Coin’: a coin that prioritizes inclusivity, fairness, and widespread adoption. The architecture of Spacemesh, with its focus on accessibility and low barriers to entry, aligns with this vision.”
The Spacemesh tokenomics makes it easy for miners to get involved. Unlike many other crypto projects, the team did not start with an initial coin offering (ICO), and only around 6% of the coins are allocated to employees, investors, and other stakeholders. The vesting process is also very gradual. As a result, the focus is firmly on rewarding miners for their long-term contributions.
Only time will tell if Spacemesh’s growth will continue. However, observers note that if the platform fulfills its objectives, it could lead to shifts, changing how people view the blockchain. Overall, the idea of a community benefiting together without needing specialized equipment is crucial for web3 to be widely adopted.
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