In a recent Twitter Space on 15 Jan, 2025, representatives from Fox Wallet and Spacemesh came together to discuss their ongoing collaboration, latest developments, and plans for 2025. The discussion provided valuable insights into both projects and their shared vision for the future of decentralized technology.

Fox Wallet Overview

Natalie, representing Fox Wallet as their Business Development lead for nearly three years, opened the discussion by introducing their multi-chain decentralized Web3 wallet. Fox Wallet currently supports over 80 different networks, including Spacemesh, and stands out as possibly the only mobile wallet solution for the Space Mesh ecosystem.

Key features of Fox Wallet include:

• Cross-chain swaps
• Fiat on/off ramps
• Discovery page for accessing various dApps
• Seamless integration with Space Mesh ecosystem
• NFT support for select networks
• Advanced security features, including audits and 24/7 monitoring through Go Plus and Web API
• Potential upcoming staking features for Spacemesh

Spacemesh: A Novel Blockchain Approach

Tomer Afek, a key figure at Spacemesh, shared his journey from VC investor to crypto innovator. The project emerged from his experiences as a Bitcoin miner in 2016-2017, when he observed the increasing industrialization of mining making it unfeasible for home miners. This led to the development of Spacemesh, which introduces several innovative approaches to blockchain technology:

Key Innovations:

1. Shift from Proof of Work to Proof of Space Time
2. Mesh topology instead of traditional blockchain structure
3. Leaderless mechanism replacing competitive mining
4. Significantly reduced energy consumption
5. Fair reward distribution regardless of miner size

Core Benefits:

• Incentive compatibility ensuring fair rewards for all participants
• Low barriers to entry for miners
• Race-free protocol preventing larger miners from dominating
• Self-healing properties for maintaining network security

The Spacemesh Virtual Machine – Athena (VM)

Noam, Spacemesh’s Chief Architect, detailed their work on the new Virtual Machine Athena. Key aspects include:

Technical Features:

• Based on RISK-V instruction set
• Zero-knowledge friendly design
• Planned gradual incorporation of zero-knowledge features
• Decentralized rollup mechanism
• Separation of roles between miners and VM operators

Future Capabilities:

• History summaries for efficient syncing
• Real-time zero-knowledge proofs (when technology permits)
• Support for any LLVM-compatible programming language

Tokenomics and Decentralization

The discussion touched on Spacemesh’s approach to tokenomics, balancing between:

• Hard money principles to encourage holding
• Prevention of excessive hoarding through careful inflation
• Sustainable mining rewards unlike Bitcoin’s diminishing model

Decentralization Roadmap

Spacemesh outlined their comprehensive plan for increasing decentralization:

Short Term:

• Node split implementation (currently in pre-beta)
• Reduced minimum requirements for reward-earning nodes
• Separation of node operations from mining activities

Medium Term:

• ATX merge implementation
• Identity consolidation features
• Network load reduction

Long Term:

• New version of Post protocol
• Prevention of identity splitting exploits
• Optimization for existing miners
• Enhanced marketing initiatives

Future Collaboration

Both parties expressed enthusiasm for continued collaboration, particularly as Spacemesh prepares for expanded marketing initiatives following their technical improvements. Fox Wallet indicated their readiness to support these efforts through their community engagement and integration capabilities.

Community Engagement

The Spacemesh team emphasized opportunities for developers to build key institutions within their ecosystem, particularly as the VM becomes more functional. They encourage early interaction with the system to explore potential applications that could benefit from enhanced decentralization.