Subspace is a novel parachain design that combines incentive-compatible Proof-of-Capacity (PoC) consensus with a Distributed Storage Network (DSN) to provide a scalable archival storage layer for the Polkadot Network.
Subspace is the first PoC blockchain that resolves the farmer’s dilemma, a set of subtle mechanism design challenges which suggest existing PoC blockchains are not actually incentive compatible. The farmer’s dilemma states that in any PoC blockchain a consensus node (farmer) must choose between either maintaining the blockchain state and history or maximizing the amount of space they pledge towards consensus. Rational farmers will always choose the latter, at best becoming a light client, while at worst joining a trusted farming pool. In other words, unlike PoW and PoS networks, there are strong financial incentives to not run a full node, meaning that PoC networks are actually more prone to centralization. PoC is the leading alternative to Proof-of-Work (PoW) and Proof-of-Stake (PoS) based consensus. In a PoC blockchain, compute-intensive mining is replaced with storage-intensive farming. The key benefit is that farming is energy-efficient and environmentally sustainable, while allowing ordinary users to participate in consensus with commodity hardware. Subspace Labs recently closed a $4.5 million seed fundraising round to bring incentive compatible Proof-of-Capacity (PoC) consensus and scalable, permanent decentralized storage to the Polkadot Network. The round was co-lead by Hypersphere Ventures and Stratos Technologies with participation from Consensys Mesh, IOSG, Republic Labs, D1, OKEx Blockdream, Gate Labs, NGC, Candaq, Krypital, Dealean, Cabin VC, and DefinanceX.
The Subspace Network is an incentive-compatible Proof-of-Capacity blockchain that allows anyone to participate in consensus without buying special hardware, burning electricity, or purchasing a coin. Storage-intensive farming enables the network to scale without sacrificing security or decentralization. This layer-one scalability creates cost-effective permanent storage for various use cases like backing up blockchains, storing NFT metadata, and more. Funded by original research of the US National Science Foundation, the Subspace Network has delivered the third and final milestone of the Web 3 Foundation Open Grant to bring Spartan Proof-of-Capacity (PoC) consensus to Substrate. The Subspace Network plans to launch on a parachain in 2022.
Jeremiah Wagstaff - Cofounder
Co-led by Hypersphere Ventures and Stratos Technologies with participation from Consensys Mesh, IOSG, Republic Labs, D1, OKEx Blockdream, Gate Labs, NGC, Candaq, Krypital, Dealean, Cabin VC, and DefinanceX.