One of the brains behind BitTorrent p2p platform, Bram Cohen is again in the news for planning to release a new and unique crypto. This cryptocurrency which the BitTorrent co-founder is set to release would be proof-of-space compliant. According to Cohen, the reason for this is to give BitTorrent a better competitive advantage.
True to his promise to release a different cryptocurrency which would carry the proof of space identity, Cohen has come up with a startup with the name Chia.
The essence of Chia is to market the new crypto to the entire financial industry and at the same time, protect our planet. The head office of this startup is expected to be in San Francisco, the US.
The arrangement would see Per Wired which is its neighbor’s house the Securities and Exchange Commission (SEC) of the US. Cohen, who doubles as the CTO chairman of Chia is said to be glad that they would be having the regulating agency very close to them.
The US SEC is committed to fighting scammers and this probably accounts for why Cohen felt gladdened to have them close to his base. Lately, the focus of SEC has been on ICOs as well as crypto space scamming.
As for Chia Network, it has decided to shun the Initial Coin Offerings (ICOs) but would now be launching via Initial Public Offering (IPO). As the year ends, Chia hopes to file some shares through public exchange platforms with small caps instead of having to sell its coins.
BitTorrent not Doing Badly
BitTorrent which was co-founded by Cohen keeps soaring and at a time won the affection of Facebook who was said to have utilized it in raising the speed at which its internal software distributes updates.
The success recorded in this partnership helped the founder raised some $30 million which he used in developing a startup geared at monetizing BitTorrent Inc. Eventually, Tron bought it in July 2018.
Like other cryptos, Chia Network is also going to be mined. However, the energy it consumes is quite reduced. As such, everyone participating in the network has a high probability of winning since they would have enough space for disk storage.
According to Cohen, the world is already filled with computers whose storage capacities can even be sufficient to start farming. As such the new crypto is bound to function effectively.
Already, Chia is throwing out a challenge to participants to check out how secured its protocols are. Winners of this contest are billed to earn $100,000 worth of bitcoin given that 2019 is the year Chia would unveil its new crypto officially.