BitTorrent developer Bram Cohen is presently firming his feet to launch another cryptocurrency that will work like a greener version of Bitcoin. His recent startup named Chia Network has an aim for making the cryptocurrency acceptable to the financial industry. The 42-year old American computer developer has picked his residential city San Francisco for this new venture.
Most of the big organizations are interested in cryptocurrencies to opt for ICO to raise assets for varied ventures. But Cohen currently has no plan for ICO. He has designed Chia Network with an aim to help the banks and financial institutions in making complete utilization of cryptocurrencies to process international monetary transactions.
The crypto money sector is getting filled up with enthusiasts almost on a daily basis with numerous players venturing into it. Cohen has set up Chia as an option to Bitcoin, the world’s most famous cryptocurrency. His startup is now a neighbour to Securities and Exchange Commission. Although he desires to make a crypto coin that is worthy in the business, it (the coin) won’t be representative what the digital currencies are today. The coin will give its undertaking to balance between the blockchain network and the traditional banks or financial institutions.
In an immediate conversation with Wired, the man behind the formation of BitTorrent said that he enjoys “hard technical problems.” After BitTorrent’s acquisition by Tron, Cohen resigned from his (past) company’s board. He created Chia after looking at the defects of Bitcoin and took his decision to substitutes or alternatives that are in examination less dangerous to our planet, and more satisfactory to the banks and financial institutions.
A press release aired by Cision PR Newswire reported that the newly founded organization is hosting a competition to enhance its verifiable delay function (VDF), a new proof of space and time consensus algorithm.
“VDFs are an 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 guides,” Cohen stated, as mentioned in the press release.
The winner will be given $100,000 denominated in Bitcoin, as the Chia cryptocurrency gets a green signal at sometime next year from now. Meanwhile, Cohen needs to give Chia an alternate methodology and likes to consider 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.