BitTorrent inventor Bram Cohen to launch cryptocurrency
BitTorrent inventor Bram Cohen to launch cryptocurrency
Bram Cohen became an internet ledgen when he created the most famous torrent client called utorrent, but he is not stopping here and now he is going after Cryptocurreny.
storage space instead of processor time.Bram has recently presented a paper in a Blockchain conference titled "Proofs of Space and Proofs of Time" in which he propose that cryptocurrency that pins the mining value to storage space instead of processor time.
Cohen also mentioned the process of creating Bitcoin is wasteful and he is proposing this new way to make things better, but he also mentioned that he is not here to change to Bitcoin rather he wants to introduce a new currency which is more better and more stable.
However time will tell if people will like this new approach to crytocurrencies of they want to stick with the old ways to minting Coins.
I wonder if he realizes that Sia.tech is there already, Maidsafe and Storj are in the works, and LBRY has something similar too. There must be some Ethereum ICO's too that promise the same. Interesting nevertheless!
sia and storj are Proof of Work - the storage this is just something you can buy for this coin - not an integral part
but we do already have BURST coin with proof of capacity and FileCoin is lunching as we speak,
Do you know if FileCoin is proof of storage? I thought it was POW derived from Bitcoin. At least that was what they were planning a year ago.
And you are right about Sia and Storj. As such, they could have made use of some established blockchain/coin. Maybe they still needed their own chain in order to be independent and free to develop the chain to suit the case. It will be interesting to see how MaidSafe proof of storage works - that is, if they ever get it out.
@idealist sia.tech maidsafe and storj are cloud based decentralized storage facilities, what Cohen is trying to do is different. Till now Cryptocurrencies are generated are based on processing time and power, what is mentioning to is Cryptocurrencies based on space.
Ok, sounds interesting. I will DuckDuckGo, but you should add some link to the article :-)
Good Idea... thanks. Added a video link by Cohen on the same subject.