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.

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Edits on 6 Oct, 2019
Dawson Sewell
Dawson Sewell edited on 6 Oct, 2019
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Article

SpaceMint, alsoformerly 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. The proof-of-space protocol implemented by SpaceMint disproportionately rewards small miners to incentivize miner participation and decentralization of the SpaceMint network. Across the Originally SpaceMint network miners spend a fraction of a second perwas minedcalled blockSpaceCoin, and use significantly less energy onbut ledgerthe maintenancedevelopers compareddecided to proof-of-work networkschange usedtheir byprojects othername cryptocurrenciesto suchSpaceMint asdue Bitcointo orname Litecoinconflicts.

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.

Edits on 8 Feb, 2019
Dawson Sewell
Dawson Sewell edited on 8 Feb, 2019
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SpaceMint, also known as Spacecoin (SPACE), is a cryptocurrency implementing a proof-of-spaceProofs of Space protocol. Proof-of-space protocols allow SPACE miners to be rewarded for dedicating disk space instead of dedicating computational power through proof-of-work protocols. The proof-of-space 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.

Infobox
Consensus mechanism
Proofs of Space
Edits on 19 Nov, 2018
Melanie Manipula"Approved suggestion from source: http://spacecoin.info/"
Melanie Manipula approved a suggestion from Golden's AI on 19 Nov, 2018
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Edits on 18 Nov, 2018
Dawson Sewell
Dawson Sewell edited on 18 Nov, 2018
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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.

Article

SpaceMint, also known as Spacecoin (SPACE), is a cryptocurrency implementing a proof-of-space protocol. Proof-of-space protocols allow SPACE miners to be rewarded for dedicating disk space instead of dedicating computational power through proof-of-work protocols. The proof-of-space 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.

Further reading

Title
Author
Link
Type

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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Edits on 30 Nov, 2017
Alex Dean
Alex Dean edited on 30 Nov, 2017
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Alex Dean"Initial topic creation"
Alex Dean created this topic on 30 Nov, 2017
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 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.

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