Bram Cohen has launched Chia Network, which is going to start implementing a new cryptocurrency and which is supposed to eliminate some of the bitcoin’s defects such as the high energy consumption required for mining.
The BitTorrent protocol cocreator’s idea is based on a totally different algorithm than previous cryptanalysts. Bitcoin and similar cryptocurrency mining is based on the proof of work algorithm, which requires high processing power. Instead, Cohen wants to create a cryptanalysis based on the proof of time system.
The paper, “Beyond Hellman’s Time-Memory Trade-Offs with Applications to Proofs of Space,” outlines the use of proof-of-space to establish a mining process that requires less energy (and the natural resources to produce it). Because of the reduction in energy requirements, as well as the reliance on pre-existing hardware, the proposed method is aimed at making mining accessible to anyone with a computer.
Under the proof-of-space system, miners allocate unused disk space to the network, with the probability of successfully mining a block being proportional to the amount of space allocated divided by the total capacity of the network.
And while he admits that he is not the first to come up with the idea, he is at the same time the first to have the appropriate background and experience in advanced computing to implement it.
Cohen’s idea is that mining bitcoins using hard disks will not be energy consuming. The current energy cost of a single bitcoin transaction is equivalent to the energy that could supply a two-person household for 2 months.
If the programmer really succeeds in eliminating the problem and if his crypto-currency can become enter in competition with bitcoin, then the vision of wasting huge energy deposits, polluting our planet, will become less frightening. The Cohen project is scheduled to start at the latest by the end of 2018. | @EhostIDC
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