About

Spacemesh is a decentralized cryptocurrency platform that aims to become the people's coin. It utilizes a layer 1 Proof of Space Time (PoST) protocol. The company offers a user-friendly app and provides tutorials and information on rewards. Spacemesh challenges the status quo and encourages an open exploration of ideas. They also provide updates on their blog and offer a dashboard to track network activity.

History

Spacemesh was founded by Aviv Eyal and Tomer Afek in Israel in 2017 in order to build a decentralized, secure, and scalable cryptocurrency and smart contracts platform that solves many prevalent issues plaguing first and second generation blockchain networks. To do this, SpaceMesh uses a Proof of Space-Time (PoST) protocol that enables anyone with free space on their hard drive to participate in the protocol and a mesh network structure that limits incentives for selfish miner behavior and encourages decentralization. The protocol's currency is called Spacemesh coin (SMH) and the SpaceMesh team believes that they can deliver the greatest value by prioritizing the protocol's "fairness," developing a product with low barriers to entry, sustainable transaction fees, and strong decentralization properties.

PoST was developed by Professor Tal Moran, now Chief Scientist at SpaceMesh, and first presented in 2016 as an underutilized and easily accessible resource enabling a decentralized consensus. In 2017, Moran and Dr. Iddo Bentov developed Meshcash, a novel proof of work based cryptocurrency protocol, before being contacted by Eyal and Afek to develop SpaceMesh. In 2017, SpaceMesh began developing its core p2p protocol and data structures and created its core p2p and node capabilities in 2018. The team published their first White Paper in Q2 2018 and by the end of 2019 had 20 full-time employees and even more part-time contributors. In Q1 of 2020, Spacemesh launched the SpaceMesh Protocol 0.1, supporting the use of Smesh transactions using Spacemesh's desktop application and wallet. Over the course of 2020, the team focused primarily on developing Spacemesh Protocol 0.2, which is expected to be released before the end of Q3 2021 and further develop the functionality of the protocol.

SpaceMesh raised $3 million in seed funding from BRM Group, iAngels, Alignment, Bancor, and other in May 2018. In September 2018, they raised $15 million in a Series A fundraising round led by Polychain and featuring MetaStable, Paradigm, Coinbase Ventures, Bain Capital, 1kx, Arrington XRP Capital, Danhua Capital, Gumi Crypto, Electric Capital, Collaborative Fund, Jack Herrick, and others.