Blockchain startup Spacemesh, developing a new Protocol, consensus proof-of-space-time (PoST), has completed a funding round series A in the amount of $15 million reported by CoinDesk.
The funding round was headed by Polychain Capital, also invested Spacemesh MetaStable, Paradigm, Coinbase Ventures, Bain Capital, 1kx, Arrington XRP Capital, Danhua Capital, Electric Capital, Collaborative Fund, Jack Herrick and others.
The startup is developing “an operating system on the principle blockmesh” and calls it “looking at the blockchain from a new angle”. The new product will work on the consensus Protocol of the PoST and will run on any computer, while the Protocol itself will be protected from the powerful hardware of the ASIC miners.
According to co-founder Tomer Spacemesh of Aphek, the funds will go to expanding the team and pay for her labour, and to support the bounty program. At this point the team has 10 developers, but startup continues to recruit staff.
“We are working on a Protocol on the creation of full nodes. We plan to run the primary network and the programmable cryptocurrency Spacemesh after conducting a safety audit and identify errors in the code, and after I publish a Protocol Spacemesh and checked security proofs”, said Tomer Afek.
Test network Protocol must be running in early 2019, and the first block will be generated in the second quarter of next year.
Protocol PoST will allow participants to store data on your computer a certain amount of time. According to representatives of the Spacemesh, the system will be more energy efficient than the algorithms in the Protocol proof-of-work (PoW) and more affordable than system proof-of-stake (PoS).
Recall that the Fund Polychain Capital invested $4 million in operator Ethereum-wallet MyCrypto.
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