In part 2 of our conversation with Bram Cohen, Bram outlines the flaws in the financial system, and how Bitcoin was supposed to address them. Bram then takes on Bitcoin, his view is that Bitcoin is too centralized and that its energy footprint is wasteful. Bram explains how his new cryptocurrency project Chia hopes to build on the blueprint of Bitcoin, but instead of using the energy-intensive proof-of-work consensus algorithm, Chia uses proof of space and time, free hard disk space, to create a new Nakamoto-style consensus algorithm. 

 

Why you should listen:

Bram’s vision for Chia is to create a cryptocurrency with the same properties as Bitcoin, but without the enormous energy footprint, and he wants it to be decentralized, and for any individual to be able to farm (mine) the network and participate. Bram says Chia has several unique features that will encourage adoption and even capture market share from Bitcoin.

 

Key takeaway:

Bitcoin is a revolutionary idea that solved the trusted third party problem and the double spend problem but miners are too centralized and the energy footprint is wasteful. Bram’s vision for Chia addresses these two perceived weaknesses.

Links:

Bram Cohen’s Wikipedia page

Chia

Chia Green Paper

Bitcoin

Bitcoin Hash Rate By Mining Pool

Dr Who

Bram on Twitter

Chia Project on Twitter

Andy on Twitter 

Brave New Coin on Twitter

Brave New Coin

 

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