Blockchain Startup Spacemesh Raises $15M USD In Series A Fundingbr>
Blockchain startup Spacemesh has raised $15 million in a Series A funding round led by Polychain Capital. The round also saw participation from MetaStable, Paradigm, Coinbase Ventures, Bain Capital, 1kx, Arrington XRP Capital, Danhua Capital, Gumi Crypto, Electric Capital, Collaborative Fund, Jack Herrick and others.
Spacemesh is a community of academic researchers and open source developers building a blockmesh operating system powering a fair, distributed, secure, and scalable smart contracts global computer and a cryptocurrency in the permissionless settings. Spacemesh’s Proof of Space Time (PoST) protocol allows anyone who wants to participate in the p2p network to join using its existing personal computer by proving that it has stored some amount of data over a period of time. The goal is to become a core Internet protocol for blockchain computation.
Tomer Afek, co-founder of Spacemesh, said that the company has no plans to raise additional funds, and will use the latest funding to grow and compensate the development team, as well as for an open-source bounty program to pay voluntary contributors.
According to the comppany, all of the deployed blockchains exhibit centralization tendencies and scalability bottlenecks as they gain in popularity. Spacemesh’s PoST protocol allows anyone to participate in their network, without needing security deposits, expensive dedicated hardware or anyone else’s explicit permission. Fairness is achieved by ensuring that the rewards reaped by participants will be relative to the resources they supplied.
“This is absolutely necessary, if a decentralized system wishes to gain mass adoption of home miners – and in particular, the original bitcoin miners,” Afek said. “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.”
Polychain said that they are excited to explore such a breakthrough innovation in blockchain protocols – especially one that comes from a team with such a great academic pedigree.
“Using storage as a resource, guaranteeing distribution and efficiency, and then pairing it with their intelligent cryptographic constructions for proofs of space, Spacemesh provides us with a more secure consensus algorithm. In short, they are pioneering proof of space as a viable alternative to proof of work,” Polychain said.