Bram Cohen, the creator of the BitTorrent torrent downloading program, has introduced a plan for an alternative to the bitcoin. He says that this new solution called the Chia Network is designed to resolve problems with centralization in the bitcoin.
Cohen has stated that he feels the bitcoin is too centralized. This comes in spite of how the bitcoin is designed with decentralization in mind and to make it useful among more people.
The main point for the Chia Network is to allow the process of handling the coin to be spread out to more people. This would include working with a larger number of people who go beyond the miners who might profit the most off of the currency. Cohen’s goal is to create a system that would allow the currency to spread out well and handle more functions.Advertisement
Cohen argues that the proof-of-work system for the bitcoin takes a while for people to process. He feels that the processing efforts are often slow and expensive to handle. The Chia Network would entail a new concept.
The proof-of-time system would be used for the Chia Network. It would use a block authentication method that takes only two steps. This in turn would create a strong setup that would not be challenging for use in most cases.
The three greatest histories used would be sent out to farmers and not miners. The farmers would be responsible for maintaining the currency. They would find the right proof of space while proof-of-time servers validate the transaction A verified block is then published.
Cohen feels that this process would make it so the miners in the system would not have as much power. Cohen has especially done well to help develop the system and has raised money to get it ready. He has also hired some programmers to help him with getting the system up and running.
It will take a while for the Chia Network to be released if it does fully come to fruition. Cohen wants to get a late 2018 release date for his new coin. Whether the bitcoin would be popular at the time is unclear although the bitcoin has been trying to be stable again following the cancellation of a hard fork.
Cohen does say that additional work has to be completed to allow the Chia Network system to grow. He did not say anything about how that system would be developed or controlled.
The Chia Network is the latest alternative to the bitcoin that has been planned by someone who works with file sharing functions. The creator of MegaUpload recently released a new coin alternative designed to support a decentralized system for file sharing and uploading. The program would use its own integrated wallet that could still support the bitcoin among other commonplace cryptocurrency options.
The development for the Chia Network system is expected to be important to watch for. This comes amid the ongoing evolution of the cryptocurrency field and the production of more currencies that are aiming to challenge the market.