Chia Network Publishes New Green Paper Detailing an Environmental Friendly Way of Mining Crypto
- Chia claims to have devised a way of mining crypto that does not make use of the popular/energy exhaustive PoW (Proof of Work) protocol.
- Also, it is worth pointing out that the firm is launching a competition, wherein developers who take part will get to work on the company’s novel proof of space algorithm (so that it can be enhanced and made bug-free).
- The total prize money associated with this competition is touted to be $100,000.
According to a press release issued by the folks over at Chia Network, they have been successful in devising a less energy-intensive alternative to bitcoin’s PoW (Proof of Work) protocol.
To elaborate further on the matter, Chia’s green paper gives a detailed description of how it’s ‘proof of space’ and ‘proof of time’ concepts have the ability to create a novel consensus algorithm for the firm’s native blockchain ecosystem. Also, in the paper, Chia’s dev unity has proposed the use of farming techniques (instead of mining) so as to verify blockchains that can issue cryptocurrencies.
In regards to this entire development, Chia Founder Bram Cohen, recently spoke to a media outlet wherein he told the reporter that his vision is to create an operational protocol that is not only open-source-based but also addresses many of the environmental concerns that are currently associated with the crypto sector.