The story revolves around a fictional parallel universe where the space race never ended, and corporations and wealthy individuals ventured out into the unknown. After an error occurred in the computers governing human sleep cycles while ships ventured out into uncharted space, humans woke up in the year 281,474,976,712,644 AD, finding little-to-no civilization remained.
Each ship runs on a fixed wattage CPU, so any action will drain the ship's systems. Balancing wattage will be a core component of the game. "The computer in the game is a fully functioning emulated 16 bit CPU that can be used to control your entire ship, or just to play games on while waiting for a large mining operation to finish." 0x10c promises space battles, salvaging supplies from derelict ships, an advanced economy system and ... duct tape.
Finally, the site says the game will likely charge a monthly fee for joining the Multiverse, since Notch and crew will "emulate all computers and physics even when players aren't logged in."