Is it possible to "kill" bitcoin? It could be implausible that someone could kill off the world's leading cryptocurrency. It's not just the coin you'd have to destroy; There's also the supporting technology behind it, by using the original whitepaper submitted in 2008 by Satoshi Nakamoto. Plus, no matter how bad it's doing, bitcoin always seems to have a solid legion of fans.
One Man Wants Bitcoin Out
Nevertheless, killing bitcoin is what one man wants to do. His name is Bram Cohen, and he's the founder of BitTorrent, a company he created while still studying at the University of Buffalo. Cohen is not a huge fan of bitcoin and believes that the amount of energy required to be mine is wasteful and harms our planet. He's proposing a new coin; a "green" coin called Chia that he says will do bitcoin a thing of the past.
What is Chia, and how does one get it? Do you have to go to the small, ceramic head and then watch coins? Can you harvest these coins? Are you required to water them every day?
Saving Energy in the Crypto Space
Cohen bills Chia as "green money for a digital world", and to solve the energy crisis witnessed among cryptocurrency mining operations. Bitcoin presently uses a proof-of-work (PoW) system that Cohen cites as "energy-guzzling," whereas Chia uses proof-of-space (PoS), which utilizes hard disks space during the mining process and allegedly saves tons of energy in the process.
Cohen says that Chia will be the very "antithesis" of bitcoin and that hard disk space is already widely available. Miners either do not know about it or are too lazy to put it to work. He comments:
"The idea is that you're leveraging this resource of storage, and people already have ludicrous amounts of excess storage on their laptops and other places, which is just not being utilized. It would be too much if you were buying new hard drives for farming.
Customer Safety Is Important
In addition to its energy-saving tactics, Cohen also assures that Chia will be a lot safer than bitcoin. While he acknowledges that it would be very expensive for anyone to attack the bitcoin network, it's still very possible. Chia, on the other hand, is another story. He claims:
"To attack Chia, which will be a huge amount of resources once everyone has signed up. The cost of acquiring them would be huge, higher than the cost of the ASICs you'd need to attack bitcoins, so to overwhelm the system would be much more difficult. "
PoS Is not Perfect
The proof-of-space protocol does look better on paper, though it has its limitations. For one thing, re-mining from a genesis attack can occur on a PoS network. Create a new blockchain from scratch.
The hacker is then able to switch to the original blockchain, where it gets considerably longer. Hacker possesses, they can not accept the new blockchain as valid. The hacker can then take hold of coin stashes and cancel transactions with ease.
Since the proof of time (PoT) has been consensus to prevent this sort of attack. While it does not stop bad actors from rewriting to blockchain's work, they
Since its debut has been pushed to 2019, it was originally slated to be released at the end of 2018.