BitTorrent Founder’s New Blockchain Project Announces 100k USD Prize Competition

Chia Network Aims to Become the First Green Competitor to the Bitcoin Blockchain

Chia Network, the blockchain project that seeks to consolidate itself as a green alternative to Bitcoin, has announced a competition that will reward developers with a 100k USD prize for creating use cases for its architecture.

According to a press release, Bram Cohen, Chia Network’s co-founder, was optimistic about the development of the project, commenting that the competition is a way to stimulate the use of the platform and achieve a higher level of exposure of Chia’s VDF consensus algorithm to the developer community:

“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.

A Very Attractive, Yet Challenging Competition

As stated by Chia’s team, the idea is to get the most iterations per second in a controlled environment where inputs are known, and developers must create techniques to get specific outputs.

The “judges” of the competition will be the different Chia employees and advisors. The competition will run for two months and will offer two modalities:

Speed. Entrants for this prize will produce Apache-licensed code and a thorough description of approach that will solve a VDF at a given number of iterations and security difficulty in the fewest seconds on the reference hardware. The fastest implementation will win regardless of the approach.
Security. Entrants for this prize will submit a proof that a particular set of security parameters can be VDFs with security parameters of a particular size can be broken, rendering the VDF insecure at these sizes. The winner will have solved for the largest set of three security parameters.

Chia Network: A Green Consensus Protocol

Chia Network is a project that seeks to use the free space in users’ disks as seeds generation elements to verify the blocks through an algorithm known as Proof of Space. According to Chia’s Team “Proofs of space are of data which is useless for anything but generating proofs of space and making it requires essentially no bandwidth” thus ensuring an alternative that is more efficient regarding energy cost than other algorithms and with the same level of security.

Along with the Proof of Space, Sia is also developing another algorithm known as Proof of Time which distinguishes them from other similar alternatives. Another critical feature of Sia is that it will support Lightning Network so transactions will be fast and economical.

To compete, just contact the Chia team through their Keybase Channel or via Reddit.