One of the main problems that Bitcoin has is related to the amount of energy needed to calculate it. Now it’s Bram Cohen, inventor of BitTorrent, who wants to find the solution with a new currency.
He has created a company called Chia Network. And with it, he will launch a cryptocurrency based on time and storage analyses instead of job tests. You will use cheap and abundant storage space to verify your blockchain.
Chia Network Inventor of BitTorrent announces currency to compete with BitCoin
Also, the news indicates that the actual problem is to solve the issue of centralization. And to reduce the environmental impact and the instability that arises from the few Bitcoin miners. With that users will have access to cheaper electricity and a significant influence on the network.
Bitcoin uses job tests to verify the blockchain. Also, that makes it extremely expensive to create a false blockchain. What on the one hand is an advantage, on the other is an inconvenience? Because the mining platforms must have unique characteristics so that it is not more expensive to generate the bitcoin than to enjoy it?
Also, Chia solution depends on the evidence of space in the storage of archives. So, anyone could mine Chia without the need to spend excessive electricity.
Bram Cohen invented the torrent in the early 2000s. And until now he was busy in a new protocol for the transfer of live video using P2P. But now he wants new horizons, and cryptocurrencies are very attractive.
They want to make some anticipated sales of Chia in the second quarter of 2018, with a full launch of their cryptocurrency by the end of 2018, so some time is still needed.