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IPFS News Link • Cyberspace and the New Economy

BitTorrent's Brad Cohen Starts Chia Network, A Eco-Friendly Cryptocurrency


One of the main reasons he thinks this will win over bitcoin is the fact that bitcoin consumes a huge amount of energy. It takes the same amount of energy to get a block of bitcoin transactions as it does to power the average home in the United States for an entire week. While that energy is critical to keeping the network active and secure, it is still a ton of energy none-the-less.

Chia Network is hoping to change the playing field by launching a cryptocurrency that is not based on bitcoin's proof of work, but rather, on proofs of storage and time. Chia Network is being promoted as an economically friendly cryptocurrency thanks to the fact that it will be harnessing abundant, cheap underutilized storage space on hard drives that will prove its blockchain. Seeing as the resources that are required to energize Chia Network are already on computers, they simply are not being used, it seems logical to harness that power and put it to good use.