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From the creator of BitTorrent Chia arrives – and has Bitcoin in his sights …
One of the common complaints addressed to Bitcoin and the wider ecosystem of cryptocurrency extraction is how environmentally friendly it is. This because of the fact that Bitcoin users have a work-proof mining mechanism, it takes a lot of electricity to extract new coins. At the point where the beginning of this year, it was declared that the mining crypt could alone be responsible for an increase of two degrees Celsius in the Earth's temperature over the next 15 years. You can read the story on this here.
A person who is trying to do something about it is Bram Cohen, who is best known for being the person who invented BitTorrent. Cohen is about to enter the cryptocurrency market and has in mind a coin with the name of Chia, which was founded in China.
The difference? Instead of being extracted using proof of work, Chia uses a space testing mechanism. Which takes advantage of the empty hard disk space on your computer for your work.
In an interview with Breaker magazine, Cohen explained that "the idea is that you're taking advantage of this storage capacity resource, and people already have a ridiculous amount of excess space on their laptops and in others. places, which are not used ".
He adds that "there is already so much that it should reach the point where if you buy new hard disks for agricultural purposes, you would lose money".
Chia, he claims, is also extremely secure and certainly safer than Bitcoin.
The launch of the new cryptocurrency was scheduled for this year, but things went late in 2019, due to software problems that postponed the program. We will have more about it as we feel it.
