Proof of Space – Chia is a green, environmentally-friendly cryptocurrency
In part 2 of our conversation with Bram Cohen, Bram explains how his new cryptocurrency project Chia hopes to build on the blueprint of Bitcoin, but instead of using the energy-intensive proof-of-work consensus algorithm, Chia uses proof of space and time, free hard disk space, to create a new Nakamoto-style consensus algorithm.
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Guest:
Bram Cohen
Why you should listen:
Bram outlines the flaws in the financial system, and how Bitcoin was supposed to address them. Bram then takes on Bitcoin, his view is that Bitcoin is too centralized and that its energy footprint is wasteful. Bram’s vision for Chia is to create a cryptocurrency with the same properties as Bitcoin, but without the energy footprint, and he wants it to be decentralized, and for any individual to be able to farm (mine) on the network.
Key takeaway:
Bitcoin is a revolutionary idea that solved the trusted third party problem and the double spend problem but miners are too centralized and the energy footprint is wasteful. Bram’s vision for Chia addresses these two perceived weaknesses.
Supporting links:
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