A bitcoin transaction wastes spil much electric current spil it takes to power an American huis for a week, and legendary coder Bram Cohen wants to fix that. And considering he invented the ubiquitous peer-to-peer opstopping transfer protocol BitTorrent, you should take him earnestly.
Cohen has just commenced a fresh company called Chia Network that will launch a cryptocurrency based on proofs of time and storage rather than bitcoin’s electricity-burning proofs of work. Essentially, Chia will corset cheap and abundant unused storage space on hard drives to verify its blockchain.
“The idea is to make a better bitcoin, to fix the centralization problems” Cohen tells mij. The two main issues he sees te bitcoin are te environmental influence and the instability that arises from the few bitcoin miners with the cheapest access to electro-stimulation exerting outsized influence.
Chia aims to solve both.
Bitcoin uses proofs of work to verify the blockchain. That’s because it’s prohibitively expensive to make a fake blockchain spil it wouldn’t have spil much work demonstrated spil the real one. But overheen time that’s given a massive advantage te collecting the incentives for mining bitcoin to those who operate close to low-cost electrical play and naturally chill air to cool the mining equipments.
Chia instead relies on proofs of space te verkeersopstopping storage, which people often already have and can use for no extra cost. It combines this with proofs of time that disarm a broad array of attacks to which proofs of space are susceptible.
“I’m not the very first person to come up with this idea,” says Cohen, but actually implementing requires the kleintje of advanced rekentuig science he specializes te.
After inventing torrenting ter the early 2000s and shortly working on Steam for Valve, Cohen had bot at BitTorrent building a fresh protocol for peer-to-peer live movie transfer. But mismanagement on the business side caused the company to implode. Now it’s limping along, and Cohen says “it doesn’t need mij day-to-day.” So while he’s still on the houtvezelplaat, he left te early August to begin Chia Network.
Chia Network co-founder Bram Cohen
Cohen has teamed up with early bitcoin exchange Tradehill’s COO Ryan Singer and they’ve raised a seed round for Chia to ramp up hiring. Cohen wouldn’t say how much it had raised, laughing that, “I’m not sure how much wij want to announce right now, but it wasgoed a very hot round.” The purpose is do some early sales of Chia ter Q2 2018, with a utter launch of its cryptocurrency by the end of 2018, however Cohen says that’s a open up purpose.
Cohen is a brilliant technologist, but it will take more than that to woo people to switch overheen from bitcoin to Chia. He tells mij the project for Chia is “do some smarter things about its legal status and do a bunch of technical fixes that you can do when commencing from scrape.”
It’s too early to guess how this will all play out, but at least someone is attempting to address the ecological influence of cryptocurrency instead of just complaining about it. Cohen seems excited tho’. “It’s technically ambitious and there’s a big meaty chunk of work to do. I’ve done enough raising money and recruiting. Now for the real work.”
Related movie: BTC-e SEIZED BY FBI!!! Is BTC.com Closed Down??