BitTorrent Founder Creates Green Cryptocurrency ‘’Chia’’ To Solve Electricity Wasting

Bram Cohen, the inventor of BitTorrent will now become even more famous after possibly having the solution to the electricity wasting problem of Bitcoin. Reading today in our blockchain news, we find out more about the green cryptocurrency ‘’Chia’’.

The cryptocurrency Chia or as Cohen names it ‘’the green money for a digital world’’ is the complete opposite of Bitcoin. Unlike the number one cryptocurrency that uses the proof-of-work consensus mechanism, Chia uses the proof-of-space where the mining process uses the space on the hard disk.

Cohen stated that the hard disk space is widely available:

‘’The idea is that you’re leveraging this resource of storage capacity, and people already have ludicrous amounts of excess storage on their laptops, and other places, which is just not being utilized. There is so much of that already that it should eventually reach the point where if you were buying new hard drives for the purpose of farming, it would lose you money.
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’’

He also claims that Chia will be more secure than bitcoin. After creating the BitTorrent protocol in 2001 when he was only a student, he thought that it will be insanely expensive to purchase everything you need to attack the bitcoin network, but you could still do it. Attacking Chia, however, is not so easy.

In order to attack Chia you will need access to multiple resources which are basically tons once everyone signs up. The cost of acquiring all information beforehand will be incredibly high and to overwhelm the system will be huge trouble.

The launch of the coin was supposed to happen before 2018 ends but we will have to wait a little longer for the green cryptocurrency to join the crypto market.