The creator of the widely-used peer-to-peer file sharing protocol BitTorrent has announced his entry into the cryptocurrency market with his own Chia Network.
The company was recently launched and Bram Cohen claims they will approach cryptocurrency and blockchain technology differently. Instead of verification through proofs of time, the Chia Network will verify through proofs of space, where unused storage space on hard drives will become the key factor, reports TechCrunch.
According to Cohen, bitcoin’s verification process consumes far too much energy, which is why he opted for a different approach. “The idea is to make a better bitcoin, to fix the centralization problems,” said Cohen.
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