What is Spacemesh?
Spacemesh is an innovative, open-source blockchain protocol that aims to achieve decentralization, fairness, and security while maintaining high transaction throughput and low fees. It’s designed to run on home desktop PCs, allowing anyone to participate in the network, promoting inclusivity and decentralization.
The Spacemesh protocol is based on a novel consensus mechanism known as Proof of Space and Time (PoST). Unlike Proof of Work (PoW) used by Bitcoin, which requires significant computational resources, or Proof of Stake (PoS) used by Ethereum, which requires ownership of a large amount of cryptocurrency, PoST allows users to contribute disk space over time.
In the Spacemesh protocol, users generate data on their PC’s hard drive in a process known as PoST initialization. These data are used to establish eligibility for creating blocks in the Spacemesh blockchain and receiving rewards without energy-consuming computations.
The protocol also employs a unique block structure called a “blockmesh” (as opposed to a blockchain), where multiple blocks at each layer are linked to multiple blocks at previous layers, creating a three-dimensional blockchain. This structure, combined with the PoST consensus mechanism, allows Spacemesh to achieve high security, decentralization, and scalability.
Understanding the basics of Spacemesh is crucial for beginners for many reasons. As a decentralized and inclusive blockchain protocol, Spacemesh allows anyone with a computer to participate in the network by becoming a “smesher”. Grasping the basics enables beginners to actively contribute to the network’s security, effectively use their computer’s resources, and earn rewards. Moreover, it equips them with the knowledge to secure their digital assets, avoid common pitfalls, and engage actively in the Spacemesh community.
For those interested in the financial aspects of blockchain protocols, a basic understanding of Spacemesh can inform investment decisions. It’s essential to comprehend how a protocol operates, its unique selling points, and potential challenges before investing. For developers, understanding Spacemesh’s fundamentals is the first step towards building applications on top of the Spacemesh protocol. In essence, understanding the basics of Spacemesh is the gateway to fully leveraging the opportunities it offers, whether as a user, investor, or developer.
More articles will be coming to delve deeper into each of these topics, so stay tuned.
To participate in the Spacemesh community, you can read more on their site or join the discord. The entire project is open source and welcomes community contributions as well, see here if you’re interested.