If eco-friendly crypto excites you, then you’ll be pleased to hear about Chia. Chia is expected to be available in 2018. The Chia Network’s CEO is Bram Cohen. Cohen is best known for inventing BitTorrent. The founding team has excellent crypto experience as well, having worked for Tradehill, CryptoCorp and Lightning Labs. Chia Network is located in San Francisco, CA.Cry
The goal of the Chia token is “to make a better Bitcoin.” according to Cohen. There are challenges with Bitcoin, such as that people put money into storage space that they don’t use. However, Chia will have a system that is much more well distributed. The motto for the Chia Network is “green money for a digital world.”
Bram Cohen is well-known for creating BitTorrent. Cohen is also the co-founder of CodeCon and the co-author of Codeville. He is a computer programmer and is passionate about technology.
Cohen started to work on BitTorrent in 2001. He originally wrote it using Python but later used other programs. He received many awards for creating BitTorrent, including 2004 Wired Rave Award, 2005 MIT Technology Review TR35, 2005 Time’s 100 Most Influential People, 2006 USENIX STUG Award and 2010 Internet Evolution 100.
“We’re building a blockchain based on proofs of space and time to make a cryptocurrency which is less wasteful, more decentralized, and more secure.” – https://chia.network website states. It is clear the mission is to offer the public and investors a more eco-friendly and efficient token to invest in.
If you’re a Bitcoin investor, while you are pleased that the value continues to rise – a transaction does “eat” quite a lot of energy. VICE Motherboard stated that in June 2015, a single Bitcoin transaction took an equal amount of electricity as to power 1 1/2 U.S.A. homes for a day, with an average home of a 2700 square foot size. But the amount of electricity only increases. In just 2 years, the amount of power has risen to what could power 3.67 U.S.A. homes for a single day. Do keep in mind that cryptocurrency is still fairly young. We can only imagine what the electricity totals will be like 5 or even 10 years from now if they continue in this direction.
A slide presentation at the Chia Network website explains that “Chia is a better Bitcoin.” It will use far less electricity and have a system that is better distributed, while also being secure and green.
One interesting point to note, with the Chia token, “Miners” are instead called “Farmers.” Which shows they value the resources they use to store their tokens and watch them grow.
Chia reminds us that new blocks in the blockchain are expensive to produce. So Farmers must prove they have used resources, with proofs of space and time to mint a new block. The new block is minted and farmers farm on top of the new one, which reduces the changes of a block becoming “orphaned” as blocks will be then added on top of it. Chia is being created to be eco-friendly and will be available for sale in 2018.
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