How is the development of Burstcoin and what is the future potential of proof of capacity? The inventor of Bittorrent, Brian Cohen wants to create a cryptocoin that aims to be more efficient than bitcoin mining that will use a fusion of proof of space and proof of time.
I have not heard of proof of space and proof of time before. If anyone of you can explain, please go ahead.
Mr. Cohen’s vision for his cryptocurrency involves fusing proof-of-space and proof-of-time. Proof-of-space work when users have an interest in allocating non-trivial amounts of memory or disk space to solve a challenge presented by service providers. Proof-of-space are similar to proof-of-work. They do not, however, use CPU-bound functions.
“There are some technical issues, which adding in proofs-of-time fixes,” Mr. Cohen tells Crypto Insider over text chat, admitting the concept is difficult to explain. “The short of it is that proofs-of-time keep an attacker from making a whole new fake history instantly, a problem caused by the property that mining requires no power.”
Mr. Cohen adds: “’Proof-of-time’ refers to a sequential proof-of-work, like the old saying that one woman can make a baby in nine months, but nine women can’t make a baby in one month.”
The main idea is zero waste in mining. “One of the benefits of storage based things is there is a lot less centralization in mining, so there is less concern about a 51% attack.”Read in full https://cryptoinsider.com/inventor-bittorrent-plans-cryptocurrency/
