Bram Cohen, who invented file-sharing protocol BitTorrent, intends to launch an "eco-friendly" cryptocurrency called Chia. The cryptocurrency would harness cheap and plentiful unused storage space on hard drives to verify its blockchain, rather than bitcoin’s traditional electricity-hungry proofs of work. In a blog post announcing the project, Cohen said that he was inspired by the idea of “smart storage” in which data is stored as blocks instead of individual files. Cohen's company, the Chia Network, has teamed up with Tradehill’s COO Ryan Singer and together they have raised a seed round for Chia to recruit staff, although the amount raised has not been disclosed.
Bram Cohen, who invented file-sharing protocol BitTorrent, intends to launch an "eco-friendly" cryptocurrency called Chia. The cryptocurrency would harness cheap and plentiful unused storage space on hard drives to verify its blockchain, rather than bitcoin’s traditional electricity-hungry proofs of work. Discussing his vision for Chia, Cohen said: “The idea is to make a better bitcoin, to fix the centralisation problems.” Cohen's company, the Chia Network, has teamed up with Tradehill’s COO Ryan Singer and together they have raised a seed round for Chia to recruit staff, although the amount raised has not been disclosed.