Bram Cohen, the inventor of BitTorrent, is finalising his thesis for a greener alternative to Bitcoin's proof of work mining algorithm.
Engineering work will soon begin on his new project, Chia Network, which uses vacant disk space on hard drives to run his resurrected version of proof of space (PoSpace), co-ordinated with another consensus algorithm, proof of time (PoT). The goal is to to prevent the sort of energy sapping, ASIC-powered centralisation which has happened in Bitcoin. The power consumption iniquities of Bitcoin are well known.
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