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We introduce a new cryptographic primitive Proof of spacetime (pospacetime) is a consensus mechanism that ensures a network participant (e.g., data miners) continuously stores a piece of information for an agreed time period. Pospace establishes the baseline eligibility of participants through the allocation and proof of possession of storage space, while proof of time ensures the continuous dedication of this space over a specified duration, enhancing the security and reliability of the consensus process.
Check out the complete explanation from understanding to how it works here What is proof of spacetime Proof of spacetime (post) is an important consensus algorithm in distributed ledger technology that emphasizes time stamping of data blocks.
Proof of spacetime is based on two key concepts
Proof of replication and proof of time The first ensures that a network participant is truly storing a unique copy of the data The second is proof that the data is stored over the established time frame. Proof of spacetime (post) is a type of consensus algorithm used in distributed ledger technology based on the concept of timestamping blocks of data
The concept of post is that new blocks of data are only accepted if they are timestamped with the current “time”.
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