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November 9th, 2017 
Awake Goy
BitTorrent Inventor Announces Bitcoin Competitor Chia
November 9th, 2017
Via: TechCrunch:
A bitcoin transaction wastes as much electricity as it takes to power an American home for a week, and legendary coder Bram Cohen wants to fix that. And considering he invented the ubiquitous peer-to-peer file transfer protocol BitTorrent, you should take him seriously.
Cohen has just started a new company called Chia Network that will launch a cryptocurrency based on proofs of time and storage rather than bitcoin’s electricity-burning proofs of work. Essentially, Chia will harness cheap and abundant unused storage space on hard drives to verify its blockchain.
“The idea is to make a better bitcoin, to fix the centralization problems� Cohen tells me. The two main issues he sees in bitcoin are in environmental impact and the instability that arises from the few bitcoin miners with the cheapest access to electricity exerting outsized influence.
Chia aims to solve both.
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Source Article from http://www.cryptogon.com/?p=51948
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