BitTorrent creator announces Chia network

[merchantofzeny]

Well, it looks like we have another new player. I don't know how this would end but the project sounds interesting. It sort of reminded me of what Piratebay did.

https://cointelegraph.com/news/bittorrent-creators-chia-could-fix-bitcoin-with-own-altcoin-by-late-2018

BitTorrent creator Bram Cohen has debuted his “solution” to Bitcoin which he says resolves “centralization problems” with the virtual currency.

Speaking to TechCrunch Wednesday, Cohen explained his Chia Network would offer more reliable, eco-friendly mining and security measures.

The developer has been famously critical of Bitcoin this year as the network suffers slow and expensive transaction processing.

“The idea is to make a better Bitcoin, to fix the centralization problems,” Cohen told the publication.

Employing a concept called proof-of-time, as opposed to proof-of-work, Chia relies on a two-step block authentication method.

The three “weightiest histories” found by full nodes are relayed to “farmers,” not miners. These find “the best proof of space they have,” after which proof-of-time servers begin validation and publish a verified block to the network.

This procedure should take away mining power from a select few miners, as occurs with Bitcoin, Cohen says.

“It’s technically ambitious and there’s a big meaty chunk of work to do. I’ve done enough raising money and recruiting. Now for the real work,” he added.

While Bitcoin continues to find stability after its latest hard fork was canceled by developers this week, Cohen maintains a late-2018 or later release for his altcoin will still be timely.

He is not alone in his plans, with MegaUpload creator Kim Dotcom likely to beat him to issuing a cryptocurrency, this time for his own decentralized file sharing network. Dotcom’s Bitcache will be 100 percent Bitcoin-supportive, however, having an integrated wallet for users.

[pereira4]

Well, it looks like we have another new player. I don't know how this would end but the project sounds interesting. It sort of reminded me of what Piratebay did.

https://cointelegraph.com/news/bittorrent-creators-chia-could-fix-bitcoin-with-own-altcoin-by-late-2018

BitTorrent creator Bram Cohen has debuted his “solution” to Bitcoin which he says resolves “centralization problems” with the virtual currency.

Speaking to TechCrunch Wednesday, Cohen explained his Chia Network would offer more reliable, eco-friendly mining and security measures.

The developer has been famously critical of Bitcoin this year as the network suffers slow and expensive transaction processing.

“The idea is to make a better Bitcoin, to fix the centralization problems,” Cohen told the publication.

Employing a concept called proof-of-time, as opposed to proof-of-work, Chia relies on a two-step block authentication method.

The three “weightiest histories” found by full nodes are relayed to “farmers,” not miners. These find “the best proof of space they have,” after which proof-of-time servers begin validation and publish a verified block to the network.

This procedure should take away mining power from a select few miners, as occurs with Bitcoin, Cohen says.

“It’s technically ambitious and there’s a big meaty chunk of work to do. I’ve done enough raising money and recruiting. Now for the real work,” he added.

While Bitcoin continues to find stability after its latest hard fork was canceled by developers this week, Cohen maintains a late-2018 or later release for his altcoin will still be timely.

He is not alone in his plans, with MegaUpload creator Kim Dotcom likely to beat him to issuing a cryptocurrency, this time for his own decentralized file sharing network. Dotcom’s Bitcache will be 100 percent Bitcoin-supportive, however, having an integrated wallet for users.

"“The idea is to make a better Bitcoin, to fix the centralization problems,”"


Oh here we go, another illuminated saint that will bring us a better bitcoin. I thought that he would come up with a way to improve bitcoin, but he wants to sell us his own cryptocurrency (another one).

I thought Bram Cohen wasn't a shitcoin scammer. I guess it will be another ICO?... let's wait and see what he has to offer, but everyone that claims to have a solution for bitcoin's problems has not delivered yet.

[jaysabi]

Well, it looks like we have another new player. I don't know how this would end but the project sounds interesting. It sort of reminded me of what Piratebay did.

https://cointelegraph.com/news/bittorrent-creators-chia-could-fix-bitcoin-with-own-altcoin-by-late-2018

BitTorrent creator Bram Cohen has debuted his “solution” to Bitcoin which he says resolves “centralization problems” with the virtual currency.

Speaking to TechCrunch Wednesday, Cohen explained his Chia Network would offer more reliable, eco-friendly mining and security measures.

The developer has been famously critical of Bitcoin this year as the network suffers slow and expensive transaction processing.

“The idea is to make a better Bitcoin, to fix the centralization problems,” Cohen told the publication.

Employing a concept called proof-of-time, as opposed to proof-of-work, Chia relies on a two-step block authentication method.

The three “weightiest histories” found by full nodes are relayed to “farmers,” not miners. These find “the best proof of space they have,” after which proof-of-time servers begin validation and publish a verified block to the network.

This procedure should take away mining power from a select few miners, as occurs with Bitcoin, Cohen says.

“It’s technically ambitious and there’s a big meaty chunk of work to do. I’ve done enough raising money and recruiting. Now for the real work,” he added.

While Bitcoin continues to find stability after its latest hard fork was canceled by developers this week, Cohen maintains a late-2018 or later release for his altcoin will still be timely.

He is not alone in his plans, with MegaUpload creator Kim Dotcom likely to beat him to issuing a cryptocurrency, this time for his own decentralized file sharing network. Dotcom’s Bitcache will be 100 percent Bitcoin-supportive, however, having an integrated wallet for users.

Bitcoin has a centralization problem? It has a congestion problem, but not a centralization problem that I'm aware of. I'm not sure how proof-of-time differs from proof-of-stake, but it sounds like PoS also uses what would be termed "farmers" instead of miners, so I'm not entirely certain why PoT would differ or be an improvement, or what the incentive is to use PoT over PoS if PoW leads you to be concerned about large miners controlling too much of the mining market. So far PoW has not scaled very well for mass adoption, which is where the congestion problem comes in. I think any public ledger like bitcoin this is destined to become far too memory intensive to be very effective over the long term, and this leads me to question whether some centralization in payment processing isn't required in order to function fast and securely enough to be useful.

[_nur]

Well, it looks like we have another new player. I don't know how this would end but the project sounds interesting. It sort of reminded me of what Piratebay did.

https://cointelegraph.com/news/bittorrent-creators-chia-could-fix-bitcoin-with-own-altcoin-by-late-2018

BitTorrent creator Bram Cohen has debuted his “solution” to Bitcoin which he says resolves “centralization problems” with the virtual currency.

Speaking to TechCrunch Wednesday, Cohen explained his Chia Network would offer more reliable, eco-friendly mining and security measures.

The developer has been famously critical of Bitcoin this year as the network suffers slow and expensive transaction processing.

“The idea is to make a better Bitcoin, to fix the centralization problems,” Cohen told the publication.

Employing a concept called proof-of-time, as opposed to proof-of-work, Chia relies on a two-step block authentication method.

The three “weightiest histories” found by full nodes are relayed to “farmers,” not miners. These find “the best proof of space they have,” after which proof-of-time servers begin validation and publish a verified block to the network.

This procedure should take away mining power from a select few miners, as occurs with Bitcoin, Cohen says.

“It’s technically ambitious and there’s a big meaty chunk of work to do. I’ve done enough raising money and recruiting. Now for the real work,” he added.

While Bitcoin continues to find stability after its latest hard fork was canceled by developers this week, Cohen maintains a late-2018 or later release for his altcoin will still be timely.

He is not alone in his plans, with MegaUpload creator Kim Dotcom likely to beat him to issuing a cryptocurrency, this time for his own decentralized file sharing network. Dotcom’s Bitcache will be 100 percent Bitcoin-supportive, however, having an integrated wallet for users.

"“The idea is to make a better Bitcoin, to fix the centralization problems,”"


Oh here we go, another illuminated saint that will bring us a better bitcoin. I thought that he would come up with a way to improve bitcoin, but he wants to sell us his own cryptocurrency (another one).

I thought Bram Cohen wasn't a shitcoin scammer. I guess it will be another ICO?... let's wait and see what he has to offer, but everyone that claims to have a solution for bitcoin's problems has not delivered yet.

how do you remove miners from bitcoin?

[Hamphser]

Well, it looks like we have another new player. I don't know how this would end but the project sounds interesting. It sort of reminded me of what Piratebay did.

https://cointelegraph.com/news/bittorrent-creators-chia-could-fix-bitcoin-with-own-altcoin-by-late-2018

BitTorrent creator Bram Cohen has debuted his “solution” to Bitcoin which he says resolves “centralization problems” with the virtual currency.

Speaking to TechCrunch Wednesday, Cohen explained his Chia Network would offer more reliable, eco-friendly mining and security measures.

The developer has been famously critical of Bitcoin this year as the network suffers slow and expensive transaction processing.

“The idea is to make a better Bitcoin, to fix the centralization problems,” Cohen told the publication.

Employing a concept called proof-of-time, as opposed to proof-of-work, Chia relies on a two-step block authentication method.

The three “weightiest histories” found by full nodes are relayed to “farmers,” not miners. These find “the best proof of space they have,” after which proof-of-time servers begin validation and publish a verified block to the network.

This procedure should take away mining power from a select few miners, as occurs with Bitcoin, Cohen says.

“It’s technically ambitious and there’s a big meaty chunk of work to do. I’ve done enough raising money and recruiting. Now for the real work,” he added.

While Bitcoin continues to find stability after its latest hard fork was canceled by developers this week, Cohen maintains a late-2018 or later release for his altcoin will still be timely.

He is not alone in his plans, with MegaUpload creator Kim Dotcom likely to beat him to issuing a cryptocurrency, this time for his own decentralized file sharing network. Dotcom’s Bitcache will be 100 percent Bitcoin-supportive, however, having an integrated wallet for users.

"“The idea is to make a better Bitcoin, to fix the centralization problems,”"


Oh here we go, another illuminated saint that will bring us a better bitcoin. I thought that he would come up with a way to improve bitcoin, but he wants to sell us his own cryptocurrency (another one).

I thought Bram Cohen wasn't a shitcoin scammer. I guess it will be another ICO?... let's wait and see what he has to offer, but everyone that claims to have a solution for bitcoin's problems has not delivered yet.

Theres nothing new on here actually which they would really make an another ICO for sure self proclaiming that they do have the solutions on what do have problems on bitcoin nowadays.This is not new already and there are already lots of attempts and propagandas which we have seen in the past trying out to convince or saying that they do have the solution but unluckily we are still experiencing the same problem as of now.

[HODL_guy]

It's very nice that experienced devs with great experience come to crypto sphere. Healthy competition will make crypto much stronger.

[zoom_rich]

Well, it looks like we have another new player. I don't know how this would end but the project sounds interesting. It sort of reminded me of what Piratebay did.

https://cointelegraph.com/news/bittorrent-creators-chia-could-fix-bitcoin-with-own-altcoin-by-late-2018

BitTorrent creator Bram Cohen has debuted his “solution” to Bitcoin which he says resolves “centralization problems” with the virtual currency.

Speaking to TechCrunch Wednesday, Cohen explained his Chia Network would offer more reliable, eco-friendly mining and security measures.

The developer has been famously critical of Bitcoin this year as the network suffers slow and expensive transaction processing.

“The idea is to make a better Bitcoin, to fix the centralization problems,” Cohen told the publication.

Employing a concept called proof-of-time, as opposed to proof-of-work, Chia relies on a two-step block authentication method.

The three “weightiest histories” found by full nodes are relayed to “farmers,” not miners. These find “the best proof of space they have,” after which proof-of-time servers begin validation and publish a verified block to the network.

This procedure should take away mining power from a select few miners, as occurs with Bitcoin, Cohen says.

“It’s technically ambitious and there’s a big meaty chunk of work to do. I’ve done enough raising money and recruiting. Now for the real work,” he added.

While Bitcoin continues to find stability after its latest hard fork was canceled by developers this week, Cohen maintains a late-2018 or later release for his altcoin will still be timely.

He is not alone in his plans, with MegaUpload creator Kim Dotcom likely to beat him to issuing a cryptocurrency, this time for his own decentralized file sharing network. Dotcom’s Bitcache will be 100 percent Bitcoin-supportive, however, having an integrated wallet for users.

"“The idea is to make a better Bitcoin, to fix the centralization problems,”"


Oh here we go, another illuminated saint that will bring us a better bitcoin. I thought that he would come up with a way to improve bitcoin, but he wants to sell us his own cryptocurrency (another one).

I thought Bram Cohen wasn't a shitcoin scammer. I guess it will be another ICO?... let's wait and see what he has to offer, but everyone that claims to have a solution for bitcoin's problems has not delivered yet.

I like this comment. They present it as trying to fix a problem out of the kindness of their own heart, but they're just looking for a way to make tens of millions for themselves. The thing is that people know this, but look at it as an opportunity because he's the Bittorrent creator, and that gives it hype.

[zoom_rich]

It's very nice that experienced devs with great experience come to crypto sphere. Healthy competition will make crypto much stronger.

I don't think so. It's just a money grab.

[hase0278]

It's very nice that experienced devs with great experience come to crypto sphere. Healthy competition will make crypto much stronger.

I don't think so. It's just a money grab.

I also think that it is just a money grab but I think it is profitable even if that is the case after all many will invest into it, particularly those who would want to support him and it will create a temporary rise for it. Although that is the case, I think it would still be quite a gamble. I also think that his idea might not make crypto stronger. I just hope he wont sell it via ICO because if he did, it would evidently be a money grab scheme.

[hastag_80]

Well, it looks like we have another new player. I don't know how this would end but the project sounds interesting. It sort of reminded me of what Piratebay did.

https://cointelegraph.com/news/bittorrent-creators-chia-could-fix-bitcoin-with-own-altcoin-by-late-2018

BitTorrent creator Bram Cohen has debuted his “solution” to Bitcoin which he says resolves “centralization problems” with the virtual currency.

Speaking to TechCrunch Wednesday, Cohen explained his Chia Network would offer more reliable, eco-friendly mining and security measures.

The developer has been famously critical of Bitcoin this year as the network suffers slow and expensive transaction processing.

“The idea is to make a better Bitcoin, to fix the centralization problems,” Cohen told the publication.

Employing a concept called proof-of-time, as opposed to proof-of-work, Chia relies on a two-step block authentication method.

The three “weightiest histories” found by full nodes are relayed to “farmers,” not miners. These find “the best proof of space they have,” after which proof-of-time servers begin validation and publish a verified block to the network.

This procedure should take away mining power from a select few miners, as occurs with Bitcoin, Cohen says.

“It’s technically ambitious and there’s a big meaty chunk of work to do. I’ve done enough raising money and recruiting. Now for the real work,” he added.

While Bitcoin continues to find stability after its latest hard fork was canceled by developers this week, Cohen maintains a late-2018 or later release for his altcoin will still be timely.

He is not alone in his plans, with MegaUpload creator Kim Dotcom likely to beat him to issuing a cryptocurrency, this time for his own decentralized file sharing network. Dotcom’s Bitcache will be 100 percent Bitcoin-supportive, however, having an integrated wallet for users.

Its great!and if this kind of ideas would happen soon,maybe the co'z of traffic or pending in all transaction in the block chain will minimize as what like they said in segwit 2x implementation but its postponed or cancelled to make the pathway wider in the block chain market.Maybe this owner of bittorrent Bram Cohen  has a bright ideas on how to improve much more the cryptocurrency,thats why he have so many plan,and one of this is this  blockchain traffic and fix the centralization in the market exchange,but its a long  way,but we will wait for that,and we support all your plan in the world of digital currency.

[Hydrogen]

I've followed Bram Cohen for the last 10+ years on livejournal and twitter. He's a smart guy who I like as he often isn't afraid to tell it like it is. Hope he succeeds.

Employing a concept called proof-of-time, as opposed to proof-of-work, Chia relies on a two-step block authentication method.

The three “weightiest histories” found by full nodes are relayed to “farmers,” not miners. These find “the best proof of space they have,” after which proof-of-time servers begin validation and publish a verified block to the network.

This procedure should take away mining power from a select few miners, as occurs with Bitcoin, Cohen says.

Exchanging proof-of-work for proof-of-time, that's a vague way of putting things. I don't know enough about computer algorithms, data structures, etc to begin to guess what his plans are. It sounds like rather than proof of work which utilizes a decent sum of electricity and energy he's opting for a time based verification model, which could utilize less power and possibly be more distributed.

Bram Cohen created bittorrent which is extremely distributed in how it accomplishes things from a networking perspective. Its possible he'll draw on his years of experience in that area to create a distributed networking model which functions in a similar way via crypto?

[ice18]

Maybe he has new and brilliant idea that will solve current problems on bitcoin bitttorrent uses a peer to peer connections to be able to share files to each other so he will apply blockchain and the so called proof of time algo, lets see how he will apply to it.

[balanza96]

Well if you really think about it, Bram Cohen has been in the decentralized peer-to-peer business since before Bitcoin was created.

[Rodge182]

Maybe he has new and brilliant idea that will solve current problems on bitcoin bitttorrent uses a peer to peer connections to be able to share files to each other so he will apply blockchain and the so called proof of time algo, lets see how he will apply to it.

He's not going to solve the current problems of bitcoins instead his making a project that will look like bitcoin, "hoping" to give a solution to its congestion. Yet, this will just turn out as another altcoin in the making. Am I right?

[balanza96]

Has anyone not seen the immense noncompliance from miners to update and fix Bitcoin? It's like a civil war every time someone tries to improve the Bitcoin network.

[jefbigbob70]

This program (BitTorrent) is used by many more people than people who have crypto-currencies, I think he has a chance to make a coin with a large capitalization. Maybe he will do something similar to blockchain but not blockchain.

[figmentofmyass]

Does anyone know how to buy into this project?

as i understand, he privately raised funds to back the project and hasn't done a public offering. in fact, i didn't think there was a public offering planned at all, but if you look at the FAQ:

A: Chia plans a coin sale in Q2 and a network launch by the end of 2018, but this is not set in stone and is dependent on further development.

i don't think that has materialized yet, as we're into Q3 and i see nothing on his twitter or chia's site. i'd keep an eye on bram's twitter if you're interested.

[circlesseeker]

It's very nice that experienced devs with great experience come to crypto sphere. Healthy competition will make crypto much stronger.

I don't think so. It's just a money grab.

I also think that it is just a money grab but I think it is profitable even if that is the case after all many will invest into it, particularly those who would want to support him and it will create a temporary rise for it. Although that is the case, I think it would still be quite a gamble. I also think that his idea might not make crypto stronger. I just hope he wont sell it via ICO because if he did, it would evidently be a money grab scheme.

Agreed. It looks like a money grab, but it can be profitable for a while too like you said. I'm monitoring it.

[player514]

Well, it looks like we have another new player. I don't know how this would end but the project sounds interesting. It sort of reminded me of what Piratebay did.

https://cointelegraph.com/news/bittorrent-creators-chia-could-fix-bitcoin-with-own-altcoin-by-late-2018

BitTorrent creator Bram Cohen has debuted his “solution” to Bitcoin which he says resolves “centralization problems” with the virtual currency.

Speaking to TechCrunch Wednesday, Cohen explained his Chia Network would offer more reliable, eco-friendly mining and security measures.

The developer has been famously critical of Bitcoin this year as the network suffers slow and expensive transaction processing.

“The idea is to make a better Bitcoin, to fix the centralization problems,” Cohen told the publication.

Employing a concept called proof-of-time, as opposed to proof-of-work, Chia relies on a two-step block authentication method.

The three “weightiest histories” found by full nodes are relayed to “farmers,” not miners. These find “the best proof of space they have,” after which proof-of-time servers begin validation and publish a verified block to the network.

This procedure should take away mining power from a select few miners, as occurs with Bitcoin, Cohen says.

“It’s technically ambitious and there’s a big meaty chunk of work to do. I’ve done enough raising money and recruiting. Now for the real work,” he added.

While Bitcoin continues to find stability after its latest hard fork was canceled by developers this week, Cohen maintains a late-2018 or later release for his altcoin will still be timely.

He is not alone in his plans, with MegaUpload creator Kim Dotcom likely to beat him to issuing a cryptocurrency, this time for his own decentralized file sharing network. Dotcom’s Bitcache will be 100 percent Bitcoin-supportive, however, having an integrated wallet for users.

It’s pretty interesting to see the BitTorrent founder being involved in the world of crypto, but with the success and the background he has had, it seems like the crypto and the company could be very successful. In the article linked, he also mentions having an eco-friendly network, which is also a huge plus and is very crucial nowadays to gain traction in the cryptocurrency space. BitTorrent requires a lot of privacy, and if he can implement BitTorrent technologies into his cryptocurrency companies, it can prove to be very useful in the future. Overall, a strong move by the founder of BitTorrent.