What is Spacemesh?

Spacemesh is a novel L1 blockchain, that uses Proof of Space & Time (PoST) as its consensus mechanism.

Whereas Bitcoin uses “Proof of Work”, how much computer work you provide, and Ethereum uses “Proof of Stake”, how much ETH you have locked, Spacemesh participation is based on—how much computer disk space you dedicate exclusively to the network over time.

The Spacemesh consensus protocol is operated by miners—also known as “Smeshers”—who:

1. Dedicate space — Create and maintain cryptographic data known as “postdata”, which might range from a few GB, to many TBs.
2. Run nodes — Run Spacemesh nodes which participate in the two consensus protocols, known as Hare and Tortoise, by periodically—each two weeks—proving they have dedicated their postdata over that period of time.
3. Earn rewards — For their participation, Smeshers receive rewards in the form of the SMH coin, in proportion to the amount of postdata they have dedicated to the network.

An important difference between Spacemesh and other PoST blockchains, is that every Smesher, regardless of size, has an equal chance of receiving their fair share of rewards—a feature intended to motivate large numbers of home miners, resulting in decentralization comparable to Bitcoin.

The project was started and received its initial funding in 2018, and launched its mainnet in July of 2023.

Next — Let’s now explore Spacemesh’s intended utility. →