The well-known cryptocurrency leader Bitcoin has a brand new rival and it goes by the name of Chia Network. The company is aiming to improve the performance of digital currencies and its creator Bram Cohen is aiming to do so in the future. According to the developer, the new virtual token of payment will offer a more convenient way to operate with money which will not require Bitcoin’s highly electricity-wasting transactions.
It is a well-known fact that a regular transaction of funds using the Bitcoin tokens requires a lot of energy. Few people know that in reality, such transaction wastes the amount of electricity which is needed for an American home of average size to be powered for seven days. Throughout the years many people have attempted to raise the awareness of this issue and to start the conversation regarding it, but with little success. One guy is willing to make a permanent change in the way people interact with digital currencies and the solution is closer.
About the Developer of Chia
Bram Cohen is the person behind the invention of the peer-to-peer file transfer protocol BitTorrent and throughout the years he has proven his level of professionalism and the effort he is willing to put into new ideas. Chia is aiming to redefine the industry through utilizing cheap and abundant unused storage space on hard drives in order to make its blockchain work. The developer’s idea is to fix all issues which have manifested themselves through the use of Bitcoin and to upgrade the digital currency experience for millions of people who rely on it.
There are two leading problems which the world of virtual currency have experienced so far and according to Cohen, they are the effect it has on the environment and the lack of stability which is caused by the small number of Bitcoin miners who have access to cheap electricity exerting outsized influence. So far the digital currency has used proof of work in order to verify the blockchain. Striving to accomplish the best results, on the other hand, Chia is aiming to rely on proof of space in file storage which is already possessed by people but they do not utilize it.
In the team, there is also Ryan Singer, Chief Operating Officer of Tradehill, which is a company involved with bit exchange of Bitcoin. The two of them are expecting the first sales of Chia to take place in Q2 of next year, whereas the complete launch of the virtual currency is expected to happen by the end of 2018. Cohen himself stated that this is rather a stretch goal. His idea is to make the people believe in their idea and trust it enough to make the transition from Bitcoin to Chia and the environmental side of the things is a convincing way to do so.