Spacemesh team is inspired to create a free open source, permissionless consensus protocol to deal with problems of existing blockchains. Spacemesh uses a novel consensus protocol named Proof of Space Time , the most outstanding feature of Spacemesh. Moreover, Spacemesh operation system (OS) is a highly scalable network with thousands of TPS by using mesh topology, a layered directed acyclic graph (DAG).

Technological ideas

Spacemesh team is inspired to create a free open source, permissionless consensus protocol to deal with problems of existing blockchains. To be more specifically , Bitcoin with PoW consumes a huge amount of energy. Meanwhile, PoS needs stake security deposits and raises the matter of centralization. That is why Spacemesh uses a novel consensus protocol named Proof of Space Time , the most outstanding feature of Spacemesh. PoST allows new users to utilize their unused storage space on their hard drives as their blockchain identity and as their provable eligibility to mine or validate blocks. This protocol requires much less energy consumption than PoW because PoST does not need to keep on going 24/7 computation like PoW. To deal with centralization concerns, PoST allows higher reward rate, with 200 blocks being created in 10-minute period so that miners do not have to wait a long time between rewards. Additionally, Spacemesh protocol guarantees that rewards are allocated more fairly. Speed is not a determinant factor in PoST. As long as their slow hard drive meets very slow baseline requirements, they can have revenue from validating and running Spacemesh node. PC storage from individual computer all over the worlds is collected to create a virtual machine to run smart contracts for Spacemesh network.

Moreover, Spacemesh operation system (OS) is a highly scalable network with thousands of TPS by using mesh topology, a layered directed acyclic graph (DAG). Nodes who participate in Spacemesh OS can create a block and send to the network. Those blocks will be added to the mesh and connect to other blocks in the form of DAG structure instead of being stored in the chain. Miners who create blocks and validators will be rewarded for submitting and validating blocks.

Spacemesh technological ideas are come up with to solve the problem of energy emission, one of the main problems of current blockchains using PoW. Also, Spacemesh OS creates a fair mechanism when it eliminates the ‘race’ aspect of mining and incentivizes Spacemesh nodes to validate blocks for higher reward rate. It is more economical to use idle PC storage to run Spacemesh node rather than wasting it without using.

2. Team

The founding team consists of 9 members. Spacemesh project is hiring more members.

Aviv Eyal (Co-founder): He used to work for Microsoft as Software Design Engineer, with the tasks being designing and building core HTML5 concepts, and enhancing Internet Explorer multimedia capabilities. He was also co-founder and CTO of Friskit, Inc; Crackle, Inc; Livekick and Gong. Friskit is a social music discovery, sharing, recommendation, search and playback web app. Crackle is a personal media sharing Windows desktop App. Livekick is a revolutionary online fitness platform on desktop and mobile. Meanwhile, Gong is a mobile web app. In 2009, he founded Musicsoft Arts, a music apps company in 2009. Now he is the consultant for that company. He had 2 years being Vice president of Technology for Sony Pictures Entertainment, a famous entertainment company. He was also the advisor for Showbox and YouNow, Inc. Showbox is a cloud-based video creation platform and YouNow, Inc is a platform allowing people to broadcast and express themselves in front of a vast live audience. Information about two of those companies can be found relatively easily.

Rami Kasterstein (Co-founder): He was the founder and managing director of Aladdin Soft, a private company providing Home Banking and Customer relationship management solutions for Israeli organizations. This one is quite famous. He was also CTO and VP R&D of Aladdin Knowledge System for 3 years. Aladdin Knowledge System used to be a leading company in providing software for digital rights management and Internet security. He was CEO of NeoCraft, a technology-driven music-creation brand. Also, he founded managed EverythingMe, a launcher for Android devices that adds contextual capabilities to smartphones. This company is relatively well-known. He used to be a partner of Star Ventures and now he is the managing partner of Scale-up Venture Capital.

Tomer Afek (Co-founder): He used to work for Evergreen Partners as Investment Manager and Principal. Evergreen Partners is one of Israel's first Venture Capital firms with $700 million of venture capital funds. He was CEO of ConvertMedia, a part of Taboola which is a famous New-york based company developing and marketing a service for online content publishers and advertisers. He was also co-founder and CMO of ShowBox in 5 years.

Professor Tal Moran (Chief Scientist): faculty member in the School of Computer Science at the Interdisciplinary Center Herzliya, a private, not-for-profit, nonsectarian research college in Israel. He was a postdoctoral research follow at the Center for Research on Computation and Society at Harvard University. He did his Ph.D. at The Weizmann Institute of Science, one of the world's leading multidisciplinary basic research institutions in the natural and exact sciences. His research focuses on applying ideas and techniques from theoretical cryptography to design secure systems.

Doctor Iddo Bentov (Chief Scientist): He holds a Ph.D. in Computer Science from the Technion - Israel Institute of Technology. He is also a postdoctoral researcher at Cornell University. He has written several academic papers on cryptography and cryptocurrency. The information can be verified through the website of Cornell University.

Yosher Lutzki (Core platform developer): It is stated in the website that he tends to deploy gophers to build solid P2P software. However, there is no more information about this guy.

Yuval Zalmenson (Software architect): He used to work in Israel Defense Forces at R&D Department. He was R&D Team leader and Project manager taking the responsibility for developing communication systems. He worked at Dell in nearly 2 years to develop core filesystem. He is Senior Software Engineer and Feature Leader at Primary Data Inc, a quite large company providing Information Technology Services.

Anton Lerner (Software architect): Information in the website releases that Anton has a lot of experience in developing various storage systems or cybersecurity products. No more information or reference to his background is provided on the website.

Ifat Linur (Head of operations): She has over 20 years of experience in management. She has worked at several tech companies.

The team members are impressive. Three co-founders used to establish their own companies which were quite successful. More importantly, they have expertise in technology. Two chief scientists have a deep understanding of technology in general and cryptocurrency in particular.

3. Community

Twitter: 260 followers

Gitter: 71 members

On May 31, there was an AMA with Professor Tal Moran to explain to the community about PoST.

Spacemesh team has not established the Telegram group chat and other social channels like Facebook or Medium yet. There is not much information about the project through the media. There was only one article in Coindesk on May 8 stating that the project has raised 3 million USD.

Link: https://bit.ly/2ttvun5

4. Roadmap

Q3/2018: White Paper ver 2 with full protocols specs and security proofs

Q1/2019: MVP1 code-complete and testnet

Packaged node software for all major platforms running on testnet

Q2/2019: MVP2 - code complete and testing on testnet

MVP1 mainnet launch - Spacemesh coin cryptocurrency

Q3/2019: MVP2 mainnet deployment

Integrated state channels, private transactions, and programmability dev focus

It takes the team a long time from now to develop the project. They seem to focus on dealing with a single task at one time instead of carrying too many things simultaneously.

5. Initial achievements

Until now, the project has raised 3.5 million USD from seed round. This information is released from Spacemesh team when Icogens emailed them.

Some of investors of the project are mentioned in Crunchbase namely iAngels, Bancor and BRM Capital.

5 ml USD for seed round funding is a large amount of money. It is clear that the project receives great concern from venture capitals.

6.Token sale

The Spacemesh team does not plan to have a public sale in this phrase. They stated that the best way to participate in Spacemesh OS and earn coins is to become validators using your home PC when they launch their mainnet .

It would be better for the team to spend a small amount of token allocation for bounty or airdrop program to attract more members for the project in case they do not have a public sale.

Summary

The project sounds promising with its new protocol, PoST. If Spacemesh team can guarantee the technological development, it will draw much more attention from the public and receive support from investors and the community.

The team includes technology experts. They have expertise in technology and have a passion for applying blockchain to deal with real-life situations.

The team seems to keep working on technological development. The project’s Github has 838 commits, 114 stars and 10 contributors. Those 10 contributors include Yosher Lutzki- the core platform developer, Aviv Eyal-co-founder and Yuval Zalmenson-Software architect.

Although it needs much more information to give a comprehensive review on the project, Spacemesh project is worth keeping an eye on based on its technological ideas and team.

Rate from Icogens.com:

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You are reading [ICO REVIEW] SPACEMESH : BLOCKMESH OPERATING SYSTEM WITH PROOF OF SPACE TIME , from the section ARTICLES.

Source: Icogens.com