“I am gonna go make a cryptocurrency company,” BitTorrent inventor Bram Cohen told Steal This Show podcast host Jamie King. “That is my plan.”Mr. Cohen plans to release a cryptocurrency to address Bitcoin’s mining inefficiency when it comes to wasting energy. “There is a loophole,” Mr. Cohen notes. “You can get them to work with proofs-of-work, but then this involves these warehouses burning electricity. But there is a loophole in that, which is proof-of-storage.” Mr. Cohen believes this problem can be solved by using the extra storage space on computers.“…Instead of computers burning electricity to mine, you have storage space that is implicitly mining because it’s sitting there, and proves it’s sitting there.” The storage space is already “sitting online not doing anything” on desktop computers and cloud offerings with extra storage capacity, according to Mr. Cohen on the podcast.
Read more: https://cryptoinsider.com/inventor-bittorrent-plans-cryptocurrency/ ( Justin Connell )