The creator of BitTorrent creates an energy-efficient Altcoin, "devoid of shortcomings bitcoin "
BitTorrent creator Bram Cohen plans to create a crypto currency based on the data storage system to withstand the "centralization Bitcoin-Mining".
A long-time player in the tech industry, Bram Cohen, told TorrentFreak that the new currency is intended to correct bitcoin shortcomings. Further, he reported the following:
My goal is not to do something with Bitcoin. It will be really a new currency. I'm going to create my own crypto-currency company, that's my plan.
Despite the fact that many details of the project are still clear, it is known that Cohen intends to use the Proof-of-Capacity (PoC) algorithm to reduce expenses for mining.
Crypto-currencies that use the PoC algorithm rely on stored databases to verify the blocks, which reduces the amount of energy required to service this system from the side of the miners.
"Another advantage of such a system of storage and confirmation lies in a much less centralized mining. Therefore, the threat of an attack of 51% is much less relevant, - Cohen explained. "Some people believe that Bitcoin is democracy. But Bitcoin is not democracy, it's not for nothing that an attack of 51% is so called. Most votes do not solve anything "
Preparing for the launch of the altokkan, Cohen asserts that he will soon devote all his time to this project.
The idea of a crypto currency based on a storage system is not new. The algorithm of Proof of Capacity is the realization of the idea of "megabytes as resources". To get involved in mining, you need to allocate a significant amount of disk space. The algorithm creates many large data blocks on the disk, which are obtained by multiple hashing from the public key and random numbers.
From the last block header, an index number is obtained, and from each large data block a small piece with this index is taken. The more space is allocated for the blocks - the more pieces the miner has. Each megabyte of HDD is an additional lottery ticket in the mining of similar currencies, an example of which can also serve as Burstcoin. However, according to Cohen, his concept, in many ways, is more attractive than previous implementations.
I think there are many problems to overcome, mining time per block, network security, and transaction manipulation come to mind.
This post has been ranked within the top 80 most undervalued posts in the first half of Apr 26. We estimate that this post is undervalued by $1.54 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Apr 26 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.