BitTorrent developer Bram Cohen is now firming his feet to launch a new cryptocurrency that will reportedly work like a greener version of Bitcoin. His latest startup named Chia Network is aimed at creating the digital currency acceptable to the financial industry. The 42-year old American computer programmer has chosen his residential city San Francisco for this new venture.
The majority of the big companies interested in digital currencies opt for ICO to raise funds for varied projects. But Cohen currently has no plan for ICO. He has designed Chia Network with an aim to assist the banks and financial institutions in making complete use of cryptocurrencies to process international monetary transactions.
The cryptocurrency sector is getting filled with enthusiasts almost on a daily basis with many players venturing into it. Cohen has established Chia as an alternative to Bitcoin, the world’s currently most popular digital currency. His startup is now a neighbor to Securities and Exchange Commission. Although he desires to make a crypto coin that is acceptable in the industry, it (the coin) won’t be symbolic what the digital currencies are today. The coin will give its endeavor to balance between the blockchain network and the conventional banks or financial institutions.
In a direct conversation with Wired, the man behind the formation of BitTorrent said that he likes “hard technical problems.” After BitTorrent’s acquisition by Tron, Cohen resigned from his (previous) company’s board. He created Chia after looking at the flaws of Bitcoin and took his decision to design substitutes or alternatives that are in comparison less dangerous to our planet, and obviously more palatable to the banks and financial institutions.
A press released aired by Cision PR Newswire reported that the newly founded organization is hosting a competition to improve its verifiable delay function (VDF), a new proof of space and time consensus algorithm.
“VDFs are a very important new primitive for cryptographic protocols, and we’re trying to determine how best to create them. Use cases for VDF include proof of time for Chia’s consensus model and decentralized randomness beacons,” Cohen said, as mentioned in the press release.
The winner will be given $100,000 denominated in Bitcoin, as the Chia cryptocurrency gets a green signal sometime next year. Meanwhile, Cohen wants to give Chia a different approach and likes to call it a “firm.” He has a plan to accumulate disk storage space, unlike the first decentralized digital currency Bitcoin mining where one needs to have a powerful computer.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]