BitTorrent Founder Bram Cohen has said he wants to create a “storage based” cryptocurrency to fighting “centralization inward Bitcoin mining.”
The veteran tech entrepreneur told TorrentFreak that a “new currency” is required to tackle what the publication describes every bit “Bitcoin flaws.”
He says:
“My proposal isn’t genuinely to practise something to BitCoin. It genuinely has to hold upward a novel currency. I’m going to brand a cryptocurrency company. That’s my plan.”
While the exact details are withal forthcoming, Cohen patently intends to purpose a Proof-of-Capacity (PoC) algorithm to trim down mining expenditure. Bitcoin, yesteryear contrast, uses a Proof-of-Work algorithm.
Currencies that purpose 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 practise goodness of storage based things is genuinely that there’s a lot less centralization inward mining. So there’s a lot less job organisation nearly having a 51% attack,” he continues.
Cohen is a fair few stages behind boyfriend 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 organisation called Bitcache, the projection makes straight purpose of Bitcoin wallets to allow content creators to have payments for the textile they publish.
In training for Bitcoin’s latest rival, meanwhile, Cohen says he volition presently stimulate 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.
