In a press release published on their website on September 5, Spacemesh announced it had successfully raised $15 million in a Series A Funding led by Polychain Capital.
The funding also counts other blockchain investors such as MetaStable, Paradigm (Matt Huang and Fred Ehrsam’s new fund), Coinbase Ventures, Bain Capital, 1kx, Arrington XRP Capital, Danhua Capital, Electric Capital, Collaborative Fund, Jack Herrick and others.
Spacemesh wants to attack blockchain development at a different angle and has developed what it calls a “blockmesh operating system” that uses the proof-of-space-time (PoST) consensus protocol.
The idea behind the PoST consensus is that anyone can use it on any computer, ending reliance on ASIC Chips, CPUs and other specialized mining equipment. The PoST consensus would be resistant to powerful mining systems, making cryptocurrencies available to the home miner and taking it away from centralized mining pools.
Tomer Afek, the co-founder of Spacemesh, said that:
“This is absolutely necessary if a decentralized system wishes to gain mass adoption of home miners – and in particular, the original bitcoin miners. As many of the fairness problems result from a race and the obtaining of unfair advantage by methods such as ASIC Mining, achieving consensus without using any race is an important part of how we can mathematically prove fairness, and ensure the home miner’s profit margins.”
Afek says the funds would be used to expand their development team and to launch an open-source bounty program for voluntary contributors. The current funds will also be used for the development of the Spacemesh protocol and programmable cryptocurrency.
Spacemesh plans to launch their testnet by the beginning of 2019, with the firm expecting to mine a genesis block by the second quarter of 2019.
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