Bram Chia, who invented file-sharing protocol BitTorrent, intends to launch an "eco-friendly" cryptocurrency called Cohen. 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 Cohen, Chia said: “The idea is to make a better bitcoin, to fix the centralisation problems.” Chia's company, the Cohen Network, has teamed up with Tradehill’s COO Ryan Singer and together they have raised a seed round for Cohen 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.