The inventor of Bittorrent has now turned his attention to blockchain technology and building a greener Bitcoin called Chia. Bram Cohen released Bittorrent to the world in 2004, but, in early 2017, he stepped away from the company he built to focus on blockchain technology. A very technical paper was co-authored by Cohen and released in September 2017 titled “Beyond Hellman’s Time-Memory Trade-Offs with Applications to Proofs of Space,” that covered “Proofs of Space” as a blockchain consensus method. Then, in November 2017, Chia was announced to the world, with a presentation available and the associated slides covering the concepts they plan to develop.
Engineering work has begun on the resurrected Proof of Space (PoSpace) protocol that makes use of empty space on your hardrive and adding another consensus algorithm, Proof of Time (PoT), to both get around problems with a pure PoSpace protocol, and the energy-consuming, heat-producing Proof of Work (PoW) performed by Bitcoin.
Visa says they process 150 million transactions per day, while Bitcoin processes only about 300,000. Those Bitcoin transactions come at a cost, however; it is estimated that Bitcoin energy consumption is currently around 30 terawatt-hours per year. The average home in the U.S. consumes about 11 megawatt-hours per year, which works out to about 3 million homes worth of electricity consumption. Cohen plans to change all that by replacing proof-of-work miners with what he calls “farmers.” […]