THE CREATOR OF BITTORRENT WANTS TO CONQUER THE MARKET WITH THE “GREEN” CRYPTOCURRENCY CALLED CHIA
Developer and author of the BitTorrent Protocol, Bram Cohen launches Chia cryptocurrency with low electricity consumption, which, in his opinion, can compete with Bitcoin.
Cohen’s new development, the Chia cryptocurrency, is positioned as “green money for the digital world” and, in many ways, it’s the opposite of Bitcoin. Unlike the mainstream cryptocurrency, which uses the energy-consuming consensus mechanism of proof-of-work, Chia uses proof-of-space when the cryptocurrency is mining on the hard drive.
In addition to reducing electricity costs, Cohen also claims that Chia is relatively safer than Bitcoin. According to Cohen, who created The BitTorrent Protocol being a student of the Buffalo University, mentioned: “To attack Chia, you need to have access to more resources than are shared on the network, and that will be a huge amount when everyone connects to it. The acquisition cost will be huge, higher than the cost of ASIC cards to attack Bitcoin, so creating a system overload will be much more difficult.”
To protect the network from repeated mining as a result of an attack on the source block, Cohen also implemented a consensus mechanism called proof-of-time, which greatly complicates the work of hackers.
The launch of the Chia network was originally planned for the end of this year, but was later postponed for several months.