(BlockBar) According to Yahoo Finance, BitTorrent founder Bram Cohen released Chia Network’s “Green Paper”, a technical white paper that includes Chia’s dual space proof and time-tested consensus mechanism. Cohen explained, the agreement has not been perfected. To this end, Chia Network is launching another coding competition worth $100,000.
Bram Cohen, the father of BT downloads, wrote BitTorrent, a peer-to-peer file sharing protocol, and developed the first file-sharing program that uses the protocol. He is also the founder of CodeCon, the organizer of the Bay Area p2p-hackers conference in San Francisco, and the author of Codeville. More famously, he personally developed and designed the famous game platform- Steam.
Chia is expected to be a replacement for Bitcoin. Bitcoin requires CPU and GPU to consume a lot of power to verify the blockchain, which causes energy to be exhausted in the Bitcoin mining pool.
For the past two years, Cohen has been concentrating on what he believes to be the future of digital currency – a faster, cleaner, and more decentralized bitcoin version called Chia. It became a possible new and unique consensus mechanism that Cohen called “space and time verification” – choosing high-energy evidence to support the work of network Bitcoin and Ethereum rather than relying on excess hard disk storage space toverify its blockchain.
According to Cohen, “Today, the long-awaited “Green paper” – a technical white paper, which enriches the evidence of a dual space and time, explains the “what needs to be done in order to make a proper Nakamoto-style consensus blockchain,”
Chia abandoned the proof of work of traditional file storage space, but superimposed the time proof layer and prevented a series of attacks on space proof. In addition, Chia has built a “non- outsource” to prevent the formation of mining pools.
As stated by Cohen, the release of Chia’s Green Paper may be an important step in the encryption industry, but the agreement is not yet complete. They decided to host another $100,000 programming contest, and he hoped that the contest would attract developers to compete to create the best solution of the Chia network space verification algorithm. “As much as possible, we’d like for everyone in the world to be aware of these things, because you never know who’s going to turn out to be really, really good at this stuff,” said Chia’s founder. “That’s the whole Point of offering prize money. The best person out there who you’ve never heard of before has the opportunity to win the whole thing.”
Meanwhile, the release of Chia’s green paper will let both developers and academics to get better understanding of the foundation of Chia.
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