Bram Cohen, the inventor of BitTorrent will now become even more famous after possibly having the solution to the electricity wasting problem of Bitcoin. Reading today in our blockchain news, we find out more about the green cryptocurrency ‘’Chia’’.
The cryptocurrency Chia or as Cohen names it ‘’the green money for a digital world’’ is the complete opposite of Bitcoin. Unlike the number one cryptocurrency that uses the proof-of-work consensus mechanism, Chia uses the proof-of-space where the mining process uses the space on the hard disk.
Cohen stated that the hard disk space is widely available:
‘’The idea is that you’re leveraging this resource of storage capacity, and people already have ludicrous amounts of excess storage on their laptops, and other places, which is just not being utilized. There is so much of that already that it should eventually reach the point where if you were buying new hard drives for the purpose of farming, it would lose you money.’’
He also claims that Chia will be more secure than bitcoin. After creating the BitTorrent protocol in 2001 when he was only a student, he thought that it will be insanely expensive to purchase everything you need to attack the bitcoin network, but you could still do it. Attacking Chia, however, is not so easy.
In order to attack Chia you will need access to multiple resources which are basically tons once everyone signs up. The cost of acquiring all information beforehand will be incredibly high and to overwhelm the system will be huge trouble.
The launch of the coin was supposed to happen before 2018 ends but we will have to wait a little longer for the green cryptocurrency to join the crypto market.
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“I would say payment and utility tokens are more or less over, sometimes they make sense.”Talking about stablecoins, he explained that their decentralized mechanism is what makes sure that they are legally considered to be payment tokens rather than securities:
“Stablecoins are a precondition to enable average companies to bring their equity onto the blockchain, because if they issue bonds or shares they want to do so against U.S. dollars, euros or Swiss francs, because those are the currencies they calculate in, not Bitcoin (BTC) or Ethereum (ETH).”Meisser also pointed out that the banks in Switzerland still don’t attempt to try crypto but local startups do use them as a way to avoid banking difficulties in the country.
Bitfury Enters Music Industry With Blockchain-Based Open Source Platform Launch
“The Surround platform will enable the entire music entertainment industry to streamline operations through secure transfer of copyright assets, streamlined connectivity as well as better monitoring and management systems."The launch of this new service marks the expansion of Bitfury onto various aspects beyond mining. Within the ecosystem, this week also saw the company bringing off-chain payments through the Lightning Network (LN) to their first exchange environment thanks to a partnership with Poland's BTCBIT. As the CEO of Bitfury commented about the Surround project:
"The music entertainment industry has evolved into a complex, competitive, technology-driven environment that suffers from a severe lack of transparency.We want to champion artists and help incentivize the growth of the entire industry through the creation of this open, blockchain-based ecosystem."There are many blockchain entities which are tackling the music industry transparency for several years, with ideas such as blockchain-based streaming service being revealed in 2018.
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