Spacemesh Blockchain Startup Secures $15 Million In Funding Led By Polychain Capital
Spacemesh, a blockchain development company, was able to raise $15 million dollars in a Series A funding. According to the official announcement on Wednesday, Polychain Capital led the funding round.
The startup is working in order to develop a ‘blockmesh operating system’ using a proof-of-space-time (PoST) consensus protocol. The company aims to run PoST on any computer and make it resistant to ASIC miners.
There were several companies investing in the funding series including MetaStable, Paradigm, Coinbase Ventures, Bain Capital, 1kx, Arrington XRP Capital, Danhua Capital, Electric Capital, and many others.
As Tomer Afek, Spacemesh co-founder, explains, the funds would be used to grow and compensate the development team. Additionally, they will be used for an open-source bounty program and pay other voluntary contributors. The company is now searching experts from New York City and Tel Aviv.
“We are iterating on the protocols as well as the full node implementation, and [are] only going to release a mainnet and Spacemesh programmable cryptocurrency once we have done extensive security and critical bugs audits and have published the full Spacemesh protocol and its rigorous and peer-reviewed security proofs,”
The testnet may launch at the beginning of 2019. The genesis block should be expected during the second quarter of 2019.
PoST allows participants to store data on their computer during some time. This would clearly be less costly and energy-intensive than proof-of-work (PoW). Additionally, it may be more accessible than a proof-of-stake (PoS) system.
However, the new PoS needs to be proven. On a paper it seems very positive and more accessible than other algorithms .
Back in May, the company was able to raise $3 million dollars in seed funding.