Spacemesh launched network genesis on July 14, 2023 after five years of research and development. The project implements a novel protocol that uses PoST (Proof-of-Space-Time), a DAG (“mesh”) topology rather than a chain, and lottery-free leaderless voting to secure consensus. Miners reuse an initial proof continually, producing very low ongoing energy use and near-zero operating costs. The minimum hardware requirements are a PC with available storage, any OpenCL-capable GPU, and a reliable internet connection—no specialized equipment, deposits, bank accounts, or credit cards are required. The protocol rewards miners based on committed storage each epoch (about every two weeks) to promote fair distribution and support small home miners. Spacemesh raised $23M from leading cryptocurrency investors, supporting its development and launch. Spacemesh is building a blockmesh operating system that powers a fair, distributed, secure, and scalable smart-contracts global computer and an associated cryptocurrency in permissionless, permissionless settings. Its design relies on a blockchain-based, mathematically proven consensus protocol intended to let newcomers join and contribute using unused hard-drive space and computing resources. Instead of a traditional chain, Spacemesh implements an incentive-compatible mesh to coordinate consensus. The company raised $3M in seed funding, with backers including BRM Group, iAngels, Alignment and Bancor. The team comprises entrepreneurs and academics, including Prof. Tal Moran (Interdisciplinary Center Herzliya), Dr. Iddo Bentov (Cornell University), Aviv Eyal (co-founder of Crackle.com), Tomer Afek (former co-founder of ConvertMedia), and Rami Kasterstein (Managing Partner at Scale-Up Venture Capital). Spacemesh is based in North Pole, AK.

Total raised

$26M

Funding rounds

2

Latest round

Equity

Latest activity

Jul 2023