Today we will talk about an interesting and promising project based on Polkadot, but without the opportunity to participate in the parachain because of the unique technical features of the PoAS consensus. Curious, isn’t it?
We’re talking about the Subspace project.
Subspace Network allows developers to quickly and easily create Web3 applications with auto-scaling capabilities.
At the moment, the project is fully integrated with Polkadot and Kusama. In the near future, there will be integration with Ethereum.
What are the goals of the project?
The Subspace project operates on a first-tier blockchain, which aims to solve such problems:
- centralization;
- ecology;
- lack of scalability.
The tool to combat these problems is the Proof of archival storage (PoAS) consensus mechanism, which includes proof of storage of the blockchain history itself.
Well-known projects with a similar consensus mechanism are Chia and Filecoin.
Chia looks like a pretty simple protocol compared to Subspace. Chia only stores information about Chia transactions. In Subspace, farmers give free disk space to the network, and it is used as a huge decentralized repository for all the information that Web3 produces. From transactions of other blockchains and ecosystems (currently Polkadot + Kusama), dApps, NFTs, and meta-universe data support/storage.
Subspace also has a distinct advantage over the Filecoin system. It doesn’t need the obligatory steak proportional to the storage volume. This factor will contribute well to decentralization.
But how does Subspace work?
Two types of nodes are needed to keep the network fully functional: a farmer and a node (performer). In Subspace, farmers (not miners) store as many unique segments of blockchain history as their disk space allows. A farmer does not need to maintain servers with huge drives to store the entire blockchain history. A farmer can only store segments. The more space a farmer allocates, the better chance he has of being selected to create a blockchain. The reward system works like this: the more farmers in the network, the more expensive the transaction, and thus the profit for the farmer increases. This is due to the fact that new information must be stored on more disks.
The farmer collects potentially valid transactions and sends them to the implementer for verification and completion. The farmer and the executor share the reward for processing the transaction. Thus, it turns out that consensus and computation are separated.
By the way, the team believes that this will solve the blockchain dilemma.
The blockchain dilemma refers to the generally accepted notion that, in terms of decentralization, security and scalability, decentralized networks can provide only two of the three properties at any given time.
The term was coined by Ethereum creator Vitalik Buterin.
It is also worth noting that the farmer will be able to run anyone who provides free space on their media. As for the performers, the entry threshold will be higher there.
Results
At the end we have a project with a non-standard consensus, serious ambitions, the potential to solve Buterin’s dilemma and a pretty good list of investors.
Speaking of investments! The list of funds that believed in Subspace: Pantera Capital. Coinbase Ventures, Crypto.com, Alameda Research, ConsenSys Mesh.
In my opinion, the project is quite promising and worthy of attention!
And a little announcement for those who are really interested in the project.
Now there is a phase of public testing, and there is an opportunity to launch your farmer. In the near future, the incentive phase will be launched, and the project also provides for an Ambassador program. I will tell you more about all this in the next article.
Twitter — https://twitter.com/NetworkSubspac
Medium — https://medium.com/subspace-network
Telegram — https://medium.com/subspace-network
GitHub — https://github.com/subspace
Author — NP900#1047
