BitTorrent creator seeks to put an end to Bitcoin with launch of ecological cryptocurrency Chia
Bram Cohen, creator BitTorrent and the “green” cryptocurrency Chia, ensures that features such as “space test” will make this a ryptocurrency more ecological and secure than Bitcoin Known for creating BitTorrent in the early 90s, Bram Cohen could also end up being famous for a completely different thing: solving the problem of Bitcoin’s electricity waste.
Cohen’s most recent creation, the Chia crypto currency, which calls itself “green money for a digital world,” is the very antithesis of Bitcoin. Unlike this one, which uses the work test consensus mechanism which consumes high levels of electricity, Chia uses the space test where the mining process takes advantage of the hard disk space.
In an interview with Breaker magazine, Cohen stated that hard disk space is easily and widely available and that most of the time it is not used: The idea is that you take advantage of this storage capacity resource, and people already It has absurd amounts of excess storage on its laptops and elsewhere, which simply is not being used.
In addition to reducing the use of electricity, Cohen also claims that his Chia cryptocurrency is relatively safer compared to Bitcoin.
In the opinion of Cohen, who created the BitTorrent protocol in 2001 when he was still a student at the University of Buffalo, although it would be extremely expensive to buy the necessary resources to violate the Bitcoin network, it is possible to do so. For the Chia network is not so easy, says:
To attack Chia you must have access to more resources than the network as a whole, which will be a lot of resources once everyone has registered. The cost of acquiring them in advance would be huge, higher than the cost of the ASICs that would be needed to attack Bitcoin, so overloading the system would be much more difficult.
While the consensus mechanism of the space test may seem safer on paper, it also has its own limitations and this includes the possibility of a new genesis attack.
Proof of time
With this type of attack, a malicious actor who possesses the necessary resources of the network, could create a new Blockchain from scratch in order to change it for the original chain of blocks when it is extended. In such a case, being executed perfectly, the offender can get the new chain of blocks accepted by most nodes, at the same time he takes possession of any number of currencies and / or cancels the previous transactions.
To avoid such attacks, Cohen has introduced the consensus mechanism in time. Although this does not stop a bad actor from rewriting years of work, they would need a lot of time to achieve it.
Although it was supposed to be launched later this year, the world will have to wait a little longer for the “greener” cryptocurrency as it moves forward.
Cohen and his team have solved many of the fundamental mathematical problems associated with Chia’s development, but he still needs to build the rest of the code. Expect a public release in 2019. If Chia is successful, one of the biggest criticisms of cryptocurrencies today – which is harmful to the environment – could become outdated.
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