Exploring BitTorrent’s Inventor, Bram Cohen’s, Chia Crypto Project’s Proof Of Space And Time Concept
Get To Know Chia, The Project Created By Bram Cohen, Former BitTorrent Inventor
Have you ever heard of Bram Cohen, the creator of Chia? Maybe not, but you may have heard of his other project: torrents. Cohen is one of the founders of BitTorrent and the creator of the torrenting concept. A very important man, you must admit. However, his new enterprise, Chia, a green solution to Bitcoin, is not that famous yet.
Chia is self-described as the first “enterprise-grade cryptocurrency” and it is set to become the next Bitcoin or to at least to topple the current king. The goal of the network is basically to improve the global financial system using a new consensus system.
Bram Cohen worked on BitTorrent until the company was acquired by Justin Sun and his Tron Foundation last year. Cohen is definitely not a big fan of Tron and he left the company soon after the acquisition.
Somewhat ironically, his despite for Tron is eclipsed by his enthusiasm for the blockchain technology, because he decided to start a company in this industry after leaving his old company.
What Will Chia Do?
According to Chia’s site, the protocol will use a proof of space and time consensus system. This will be opposed to the proof of work system, which is popular and used by Bitcoin, as well as many other tokens including Litecoin and Ethereum.
Proof of space is not really a new concept. Companies like Siacoin, Storj and Filecoin already use it, as they got storage farming for consensus. The proof of time part, though, this one is really new. According to the FAQ of the project, proof of time and space are tied together.
This link between the two is basically used to ensure that block times are regular and that they are secure, as the proof of space part is proportional to the space you have on the platform. This way, the time between blocks is ensured, something that proof of work protocols often fail to do.
In Bitcoin, for instance, you can see blocks mined within five or six minutes of each other and then have to wait around half an hour for the next to be mined. Chia wants to create something more reliable than that and also greener since the idea is to consume less energy than Bitcoin.
Will Chia Be More Decentralized Than Bitcoin?
Chia openly accused Bitcoin of being too centralized. According to its FAQ page, ASIC miners were not taken into account and the developers behind Chia believe that ASIC miners centralize mining too much. Because of this, the network tends to be controlled by a few actors who have a lot of money.
The people controlling Bitcoin now, the company argues, have an unfair advantage and the protocol cannot be changed. Chia had ten years to devise a better solution.
Chia intends to become a public company and to loan money to Fortune 5000 companies. If this company is really successful, it may completely change the landscape of the crypto market as we know it.
However, we all know that there is also the chance that Chia will not even scratch Bitcoin, so let’s all follow the market and see what happens.