The founder of the peer-to-peer file sharing service provider that was recently sold to Tron (TRX), BitTorrent, Bram Cohen is linked to an emerging cryptocurrency with the name Chia.
The rumor crypto is mocked to overturn Bitcoin as the preferred virtual currency in the cryptographic market. Unlike Bitcoin, Chia does not need huge amounts of electricity and electricity and has managed to raise more than 3 million US dollars so far without the assistance of an initial supply of coins or ICOs.
The funds are destined to be used to help the startup to develop its blockchain and the digital currency that is supported by the Proof of Capacity protocols (also called Proof of Space) and Proof of Time.
Most blockchain technologies have Proof of Work instead of Chia's Time Proof. According to reliable sources in BitTorrent, the management plans to launch this long-awaited product in the first quarter of 2019.
According to one of Chia's spokesmen,
"This could be the first fully compatible public offering for an encrypted company."
"The idea behind the Chia network is to create a better Bitcoin and solve existing centralization problems."
Currently, according to the approximate estimate, a transaction made using the Bitcoin network wastes as much power as is necessary to electrify an American family for a week.
The creator of BitTorrent and the legendary programmer Bram Cohen consider this opportunity as an opportunity. The two key issues that Bram sees in the Bitcoin process is the environmental impact it has and the unreliability that rises from the few Bitcoin miners that exist with the economic access to power that uses the influence excessive.
Brief history of BitTorrent
BitTorrent is a protocol and program for P2P file sharing that has managed to use the Internet to revolutionize the entertainment industry. In 2001, Bram Cohen co-founded the largest file sharing network and the BitTorrent Inc company that owns the BitTorrent and uTorrent software. And then, as we all know, the p2p company was sold to one of the most promising cryptographic companies, the Tron Foundation, a few months ago.
Born in 1975 in a Jewish family in New York, Bram spent his early years in the Upper West Side of Manhattan, where he acquired basic computer coding skills from his father at the age of six. .
Fast forward in 2001, Bram, who at the time worked at MojoNation, a thriving dot.com company, quit his job to start working on BitTorrent. Its first encoding of the BitTorrent client deployment framework was in Python language, and the peer-to-peer file sharing company quickly gained popularity due to its ability to share and host large films and music files over the Internet.
The Chia Platform is an American company based in San Francisco that seeks to improve the digital money infrastructure. As a company, Chia is designing a blockchain platform based on evidence of time and space in line with its mission to make virtual money more decentralized, safer and more environmentally friendly.
According to the information provided by the Chia network, the platform aims to create a functional and environmentally friendly alternative to Bitcoin and currently hosts a competition that seeks to advance the Chia VDF also known as a verifiable delay function that will facilitate the new dawn of the decentralized Bitcoins consensus.
Unlike the mining procedure of Bitcoin and Ethereum, which is based on work tests that consume a lot of energy and leave the mining procedure fairly centralized, the procedure of "mining or farming" of Chia will be based on the demonstration of time and space in construction and verification of blockchain emitting virtual currencies.
Participants taking part in the 3-month competition are tasked with developing the implementations of the VDF (Chia) algorithm that was released this week. The intention behind the competition is to set benchmarks for network security and its algorithm. The winner is positioned to return home with a USD 100,000 Bitcoin value.
Bram is throwing good money in blockchain for what he got by selling BitTorrent to Tron; everyone should be happy Perhaps few might not be so happy with Cohen's decision to use the money he made from Tron's CEO to come and compete with them, and on top, with the intent of creating an even better cryptocurrency than king of the market, Bitcoin. Why did you leave BitTorrent immediately after its acquisition by Tron? What do you think about it?
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
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