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Spacemesh, A Digital Currency Startup Raises $3 Million To Assemble PoST Blockchains


May 08, 2018 Posted /  4460 Views


Spacemesh, A Digital Currency Startup Raises $3 Million To Assemble PoST Blockchains

A digital currency startup raised $3 million up in funding to refurbish how blockchains reach an accord.

Spacemesh, an Israel-based firm, intends to construct a blockmesh operating framework, trying to enhance more standard blockchains by utilising a new accord protocol called proof of space time (PoST) to supplant proof of work (PoW) and proof of stake (PoS).

As indicated by a statement, the fascinating element of PoST is the assurance that it can run on any computer and is intended to be impervious to powerful and expensive mining chips called Application Specific Integrated Circuits (ASICs). Further, the convention won't have to depend on mining by Graphics Processing Units (GPUs), which are comparatively on the costly side.

One of the group members, Tomer Afek, said the convention offers rewards to encourage miners not to join mining pools as has occurred with existing protocols. A definitive objective is to make a peer to peer, completely decentralised digital currency platform. He stated:



Keeping that in mind, "we're not planning any ICO, we're trying to recreate the original vision of bitcoin. If you want coins you'll have to mint them. There will be no public sale of the tokens." He then added:

 

"I think both ethereum and bitcoin, with all the best intentions, ended up unavailable to the home miner and centralized on the other end. So our intention was to create something that would always be open to the home miner. While going about it we also realized we we can also support a very scalable blockchain which can handle thousands of transactions per second."



As indicated by Afek, the issue with current agreement protocol is that they guarantee miners are profit driven, which implies they may now and again keep their best self-interests in mind over the enthusiasm of the blockchain. PoST should resolve this issue by making it such that miners are not able to destroy the system. He further mentioned:



"All these problems that you see on PoS, we don't have it because we have none of those mechanisms. We don't need to punish you for bad behavior because there is very little harm you can do."


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