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SpaceMint (cryptocurrency)

SpaceMint (cryptocurrency)

SpaceMint, or Spacecoin, is a decentralized cryptocurrency that uses proof-of-space to reduce the energy intensive proof-of-work mining processes used by other cryptocurrencies such as Bitcoin.

SpaceMint, formerly known as Spacecoin (SPACE), is a cryptocurrency implementing a Proofs of Space protocol. Proof-of-space (PoSpace) protocols allow SPACE miners to be rewarded for dedicating disk space instead of dedicating computational power through proof-of-work protocols. Originally SpaceMint was called SpaceCoin, but the developers decided to change their projects name to SpaceMint due to name conflicts.



The proof-of-space (PoSpace) protocol implemented by SpaceMint disproportionately rewards small miners to incentivize miner participation and decentralization of the SpaceMint network. Across the SpaceMint network miners spend a fraction of a second per mined block, and use significantly less energy on ledger maintenance compared to proof-of-work networks used by other cryptocurrencies such as Bitcoin or Litecoin. 



The PoSpace protocol requires more than two interactions compared to Proof-of-Work (PoW) consensuses mechanism, making the PoSpace consensus mechanism difficult to implement on the blockchain — this is known as the interactivity problem. The Interactivity problem is solved by SpaceMint creating a third interaction by using the Fiat-Shamir paradigm, which is a method of using a hash of a previous message to replace a public-coin challenge on the SpaceMint platform. 

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SpaceMint: A Cryptocurrency Based on Proofs of Space

Sunoo Park, Albert Kwon, Georg Fuchsbauer, Peter Gaži, Joël Alwen, Krzysztof Pietrzak

Academic



SpaceMint: A Cryptocurrency Based on Proofs of Space

Peter Kunz

Web



SpaceMint: A Cryptocurrency Based on Proofs of Space

Sunoo Park

Web



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