• Chainwire Spacemesh is launching the People’s Coin.
• The People’s Coin uses PoST (Proof of Space-Time), a DAG (Directed Acyclic Graph) and “leaderless” voting (“Collaborative Mining”).
• Low entry barriers, low operational costs, and incentive compatibility ensure fair distribution.
Spacemesh Launches the People’s Coin
Chainwire Spacemesh is proud to announce that after five years of work, they will be performing network genesis on July the 14th at 08.00 UTC. July 14th commemorates the storming of the Bastille and marks the day Spacemesh launches their new cryptocurrency – The People’s Coin – with the goal of achieving widespread distribution among younger generations and underprivileged demographics who are currently unable to participate in the cryptocurrency revolution due to insurmountable barriers to entry.
Spacemesh has developed a radically novel way to achieve consensus in a permissionless setting from scratch. Rather than using PoW or PoStake, Spacemesh uses PoST (Proof of Space-Time). Additionally, rather than a chain topology (a blockchain), Spacemesh uses a DAG (Directed Acyclic Graph) which is also known as a mesh. Lastly, instead of generating a new proof for every challenge which is energy intensive, Spacemesh miners reuse the original proof continually — resulting in extremely low energy use and near-zero ongoing costs for operating a miner.
The Spacemesh protocol ensures fairness for smaller home miners by rewarding them based on their storage commitment size during each epoch which occurs approximately every two weeks. This prevents powerful miners from receiving disproportionate rewards while allowing smaller miners to benefit as well.
Spacemesh also has significantly lower barriers to entry compared to other permissionless cryptocurrencies; all that is required is a PC with available storage space, any GPU with OpenCL support, and a reliable internet connection – specialized mining equipment or deposits are unnecessary while power usage remains low resulting in minimal electricity bills.
The combination of low entry barriers, low operational costs and incentive compatibility establishes an innovative guarantee of fair distribution for The People’s Coin – making it easier than ever before for younger generations and underprivileged demographics to participate in cryptocurrency revolution without needing insurmountable resources upfront.