People’s Coin progress update

Tomer Afek
6 min readAug 25, 2023

Dear Smeshers,

So many thoughts running around in our collective mind, I’m contemplating an efficient way to dump on you all that is becoming clearer and visible more every day: lets try a new style of writing, with really short and really dense ideas, so you can read’em fast, and think’em slow.

Lets see how it lands with you

Emancipation

We introduced Spacemesh on July 14th, a date etched in our collective memory because of the storming of the Bastille in 1789, heralding the French Revolution.

Yet, this recent July 14th signifies a different type of revolution. Gone are the extreme measures that aimed to carve out an ideal world by eliminating imperfections. The so-called “Era of Great Logic” of the 20th century concluded with Trump and the rebellion of commoners in reaction to utopian ideals.

Instead, our new revolution seeks to correct the misaligned incentives pushing our societies towards counterproductive pursuits, and a dysfunctional ‘race to the bottom’. We aim to champion and appreciate the vast spectrum of human diversity in every aspect.

Main point is, our revolution (‘the quiet one’), as well ALL that came before it, are ALL good and ALL worthy of celebration. They are the appropriate ‘mechanistic-adjustment’ suitable for the material circumstances of the period in which they’ve occurred.

Such emancipation events, appear in our collective minds, as a clear ‘break the screen’ moment demonstrated in Apple 1984 Macintosh Masterpiece (Or this brilliant pirate take-off): A screen, a picture that is holding us back until a moment, where-by ‘Smeshing’ the screen, we are liberate together from a capture, pressure is released, emancipation.

Let the 14th of July #Emancipationday remind us we must organize and also must occasionally emancipate from our own improved order, once its creative capacity all warn out

People’s Coin

The response to Genesis has been overwhelming, surpassing our expectations. Even though we’ve been cautious about promoting Spacemesh due to its “beta” phase, the seamless scalability of the technology and its exceptional quality distribution have attracted an impressive 30,000 miners. It’s genuinely exciting! Here are the top reasons why Genesis’s progress is such great news:

  1. Solo Mining — Both the demand for and feasibility of solo mining demonstrated, all who joined pools or tried equivocation earned less rewards then individual miners, running the smapp from home. Huge News, and the main point we’ve been seeking validation for.
  2. Distribution — The distribution of rewards between early miners some of which with very deep pockets and lots of equipment to spare and other with none besides home PCs tell the most exciting tale I’ve ever seen in my life:
And these are TOP 20 address in ePoch #2

Attention, Smeshers! We’ve achieved a significant milestone in addressing the digital permissionless distribution challenge, surpassing the quality of any previous cryptocurrency. Time to celebrate our progress!

3. Spacemesh Team — The top reason for our joy is undoubtedly the Spacemesh team, especially our engineering team led by NJ 😍. They are, without a doubt, some of the most brilliant and skilled developers I’ve ever encountered. Their collective velocity of output is, beyond words (‘in a manner of speaking’)

A testament to their prowess was evident on Friday, August 11th. As the first rewards distribution commenced, a parameter error was detected. Considering 10,000 runs had already been initiated, the challenge of addressing this in a manner that wouldn’t upset our loyal OGs — those who’ve been smeshing with us across various testnets for years — was immense. I’ll let that achievement speak for itself:

Binding To Time

Our Human mind often fails to realize the importance of reducing abstraction levels and minimizing free energy in any system. In a money system, for example, the Fiat money attempts to avoid such abstraction reduction, with the ditching of the Gold Standard.

The ultimate feature of Spacemesh is one that is not yet gaining sufficient attention and that is the binding to time. Once a smeshers storage fully initialized, the amount of $SMH payoffs over given time unit is fairly predictable, meaning that if a t-shirt cost 3 SMH, and you make 1 SMH per day, then this t-shirt cost you 3 days of mining on ‘first principles’, the very concept that use to exit in barter trades and was lost in fiat money, the intuitive value you have on the value of commodities and the fair trade ratio between these.

To illustrate, if one tells she spends $100 on yoga per month, this yet doesn't tell you just how important yoga is for her, when compared with her telling you she spends 1h/day on yoga, when you can gauge the improtance first hand. This time-based value concept is more future-impactful than it might initially seem, and its importance will only grow over time, as we collectively depart from single all encompassing grand-nerratives :)

It’s no use going back to yesterday, because I was a different person then

Applications

The deeper I delve into the unique capabilities of cryptocurrency, the clearer it becomes that many contemporary issues stem from an inability to balance exploration and exploitation. Today we live in a highly interconnected digital world, we have to think how to renew ourselves, either in reaction to, or in anticipation of the disruption happening in their any context?

Most individuals and organizations today follow an exploitation approach. They try to be efficient, they try to come up with meaningful products and services, they try to incrementally improve over time. But are you prepared to cope with the future? Because the future has many unknowns. Can you explore new ideas, how to find the right balance between the present exploitation and the future that is exploration?

How can we enforce societal rules while also allowing room for experimentation? How can we innovate without eroding our shared foundations?

Reviving the precision of the Gold Standard in a digital realm can pave the way for all 8 billion of us to contribute value, ensuring we’re all motivated to join this quest of innovative exploration while filtering out distractions.

The main point to bring across here is that using ‘Commodity Based Color-Coin System’, in the internet native money, is invaluable (or “worth its weight in gold”) because it provides an ingenious means of sensitizing Keynes and Hayek discipline’s.

It affords for the precision of Gold-standard, as means of different economies keeping each other “in-check”, by establishing stable cross domain “exploitive” solutions AND it also allows for elasticity and exploration / experimentation around the edges, but without eroding the “checksum”, what needs to be demonstrated for our global attention to take notice.

Such a transformative application requires a platform that’s as secure as BTC, yet as adaptable as ETH. This balance is found uniquely in Spacemesh.

Dancing with Chaos. — CYNEFIN

Tagline

When Wittgenstien tried to explain why the attempt to find an all-encompassing logical form of thought behind the mess that is ordinary language — to find a structured logical form applicable to everything — is deluded and pointless, he compared it to “a fly who constantly tries to escape a transparent bottle by banging against the side”. Wittgenstein saw it as his job to show philosophers out of the top of the fly-bottle

fly-bottle

We agree that more 🪰🪰🪰 deserve freedom :)

Inspired by this, I suggest the slogan:

#spacemesh, you aren’t truly free yet

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