Chia Network Gets a New CEO in Bram Cohen, the Creator of BitTorrent
There is a bit of a shakeup in management at the Chia network as they have a new CEO impression of Bran Cohen. Cohen is most famous as the creator of BitTorrent, the popular file torrenting site, and will be taking over from Ryan Singer who had been the co-founder of the Chia network and is leaving the company to focus more on his family.
Cohen’s company BitTorrent is considered a pioneer in the decentralized internet due to its unique protocol that made Cohen famous within that space.
BitTorrent has since been fully acquired by the Tron network and has gone on to launch their own token called the BTT token. Cohen has, in the past, been critical of the handling of BitTorrent since its acquisition and left in August 2017 to found Chia which is an alternative to bitcoin but has the advantage of being less energy-intensive.
Change in Management
The announcement of this new change was made this week with Singer confirming the news to CoinDesk and a spokesperson for the company also confirming the transition and stating that the current chief financial officer and general counsel Mitch Edwards will take on existing business development relationships.
Edwards, on his part, has an extensive career in technology and has worked as both BitTorrent and Core Scientific and was previously acting CEO of Overstock.
The Chia network as a company has not been one of the most discussed crypto companies in recent times but has significant backing by major investors. For example, Naval Ravikant, Anderson Horowitz and Greylock Partners have put their weight behind the company and have aided in its rasing of $3.4 million so far. Cohen is no longer at BitTorrent but his sale negotiation with Tron requires him to play an active part in the company.
On the official page for Chia, their token is described as an enterprise-grade one and they also referred to their concessions model as farming as opposed to mining which is prevalent with other cryptocurrencies. The purpose of this is to make the token more energy-efficient as cryptocurrencies are considered notoriously energy-intensive and bad for the environment.
This is in line with the community's efforts to make crypto more energy friendly as the world is more focused on renewable energy and should crypto want a place in this future, it will have to cooperate in that regard. Cohen is known to be a very innovative investor and businessman as evidenced by BitTorrent which was instrumental in bringing torrenting to the world stage and making it an essential part of Internet Culture.
Perhaps he intends to do the same with the Chia network and there is certainly space within a crypto market for energy-efficient tokens that will both give the Industry a better reputation as well as benefit those within it as there will be fewer requirements to mine crypto in the future.
The network has been running tests since October 2018 which involved the volume of optimization contest with its community and open sourcing the beta implementations with the second contest initiated in April 2019. Hopefully, this change in management will be the beginning of innovative new projects and experiments on the part of the Chia network.