BitTorrent Founder Bram Cohen has said he wants to create a “storage based” cryptocurrency to fighting “centralization inward Bitcoin mining.”
He says:
“My proposal isn’t genuinely to exercise something to BitCoin. It genuinely has to live on a novel currency. I’m going to brand a cryptocurrency company. That’s my plan.”
While the exact details are nevertheless forthcoming, Cohen manifestly intends to role a Proof-of-Capacity (PoC) algorithm to trim down mining expenditure. Bitcoin, yesteryear contrast, uses a Proof-of-Work algorithm.
Currencies that role PoC rely on stored information banks to verify blocks, which reduces the liberate energy charge required to run the network considerably on the miner’s end.
“Another exercise goodness of storage based things is genuinely that there’s a lot less centralization inward mining. So there’s a lot less trouble almost having a 51% attack,” he continues.
Cohen is a fair few stages behind beau tech mogul Kim Dotcom inward his entry into the cryptocurrency realm, the latter having already demonstrated the latest incarnation of his Megaupload file-sharing site.
Incorporating a Bitcoin-based content distribution organization called Bitcache, the projection makes straight role of Bitcoin wallets to allow content creators to have payments for the fabric they publish.
In grooming for Bitcoin’s latest rival, meanwhile, Cohen says he volition before long cause down spending all his fourth dimension on development.
“In the adjacent few months I’m going to devote myself full-time to the cryptocurrency stuff,” he concludes.