The founder of the peer-to-peer file sharing service provider that was sold to Tron (TRX) recently, BitTorrent, Bram Cohen is attached to an up and coming cryptocurrency by the name Chia.
The rumored-crypto is taunted to overthrow Bitcoin as the preferred virtual currency in the crypto market. Unlike Bitcoin, Chia does not necessitate massive amounts of power and electricity and has managed to raise more than 3 million US dollars so far without the assistance of an initial coin offering or ICO.
The funds are intended to be used in assisting the startup to develop its blockchain and digital currency that is powered by Proof of Capacity (also referred to as Proof of Space) and Proof of Time protocols.
Most blockchain technologies have Proof of Work in place of Chia’s Proof of Time. According to reports from reliable sources in BitTorrent, the management plans to launch this much-awaited product in Q1 2019.
According to one of the Chia spokespersons,
“This might be the first fully compliant public offering for a crypto company.”
Cohen is quoted as saying:
“The idea behind the Chia network is to make a better Bitcoin and to fix the centralization issues that have been in existence.”
Currently, as per the rough estimate, a transaction done using Bitcoin’s network wastes as much power as it takes to electrify an American household for one week.
BitTorrent creator and legendary coder Bram Cohen sees this as an opportunity. The two key issues Bram sees in Bitcoin’s process is the environmental impact it has and the unreliability that ascends from the few Bitcoin miners that exist with the inexpensive access to power employing outsized influence.
Brief History of BitTorrent
BitTorrent is a P2P file sharing protocol and program that has managed to use the internet to revolutionize the entertainment industry. In 2001, Bram Cohen co-founded the world largest file-sharing network and company BitTorrent Inc which owns BitTorrent software and uTorrent. And then, as we all know, the p2p firm was sold to one of the most promising crypto companies, Tron Foundation, a few months ago.
Born in 1975 in a Jewish household in New York, Bram spent his early years in Manhattan’s Upper West Side, where he acquired basic computer coding skills from his father at the age of six.
Fast forward in 2001, Bram who was working at the time at MojoNation, a thriving dot.com company, quit his job to start working on BitTorrent. His first coding of BitTorrent’s client implementation framework was in Python language, and the peer-to-peer file sharing company quickly gained popularity for its ability to share and host large movie and music files through the internet.
The Chia Platform is an American company based in San Francisco which seeks to improve the infrastructure of digital money. As a company, Chia is in the process of designing a blockchain platform that is based on proofs of time and space in line with its mission to make virtual money more decentralized, more secure, and more eco-friendly.
According to information from Chia network, the platform aims to create a functional and eco-friendly alternative to Bitcoin and at present, is hosting a competition that seeks to advance Chia’s VDF also known as verifiable delay function that will assist facilitate new dawn of Bitcoin’s decentralized consensus.
Unlike Bitcoin’s and Ethereum’s mining procedure that relies on the proofs of work that consume a lot of power and leave the mining procedure be quite centralized, Chia’s “mining or farming” procedure will rely on proof of time and space in building and verifying blockchains that issue virtual currencies.
Participants taking part in the 3-month contest are tasked to develop implementations of Chia’s verifiable delay function (VDF) algorithm that was released this week. The intention behind the competition is to set benchmarks for the network’s security as well as its algorithm. The winner is positioned to go home with USD 100,000 worth of Bitcoin.
Bram is throwing some nice money into blockchain out of what he got by selling BitTorrent to Tron; everyone should be happy. Maybe few might not be that pleased with Cohen’s decision of utilizing the money he made from Tron CEO to come and compete with them, and on top, with an intent to create an even better cryptocurrency than the market king, Bitcoin. What this the reason why he left BitTorrent quickly right after its acquisition by Tron? What do you think?
For the global insights every crypto trader must have, apply for Elite membership!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Flickr
How Cryptocurrencies Will Change Online Gambling in the Future
Anyone who has followed online gambling since the beginning can tell you that things don’t stay the same for long. One of the reasons for this is that technology improves at such a ridiculously fast pace, and innovators in this industry are able to match up with those technological changes pretty quickly.
An innovation in technology that the Internet gambling industry has really learned from is cryptocurrency, with bitcoin in particular leading the way. We’ve seen it emerge as an alternative banking method, but it’s going to change the industry as a whole in ways that people can’t quite understand yet.
A Post-Legality Era
Something that has eluded online gambling since its inception is the idea of a global governing body. As it stands right now, each individual country (and smaller units of jurisdiction) have their own governing bodies that oversee in the industry. A lot of these laws are tied to banking laws, and that’s where the legality of playing in bitcoin casinos becomes such an interesting topic.
In the present, we’re seeing country-based regulatory bodies from places like Malta, Gibraltar and the United Kingdom start to work together and recognize each other’s licenses more and more. That’s taking serious steps towards having a global governing entity, and once that happens, the role of bitcoin is going to be even larger than it is now because it’ll…
VOLUM (VLM) Announces Commencement of Token Generation Event
ESTONIA, May 4, 2019 – VOLUM (the “Company”), a multi-dimensional blockchain technology holding company, is thrilled to announce the commencement of the Volum (VLM) Token Generation Event (“TGE”) beginning on Saturday, May 4. The VLM utility token is the native cryptocurrency powering the VOLUM supply chain and logistics management platform.
Driven by algorithmically intelligent software tailored to logistics and supply chain management, along with Internet-of-Things (“IoT”) integrated functionality, and a backbone of hybrid public and consortium blockchain architecture, the platform is organized around the Volum (VLM) token. The VOLUM TGE will be managed by deploying ERC20 tokens on Ethereum Mainnet to maximize future access to cryptocurrency exchanges.
The VOLUM platform operates as a comprehensive control center for supply chain and logistics management operations. Companies who use this platform will be able to carry out a wide range of blockchain transactions including: Payments, Rewards, Purchase Orders, Legal Contracts, Regulatory Compliance, Taxation, Shipment Management, Letters of Origin, Customs Documents, Inputs/Outputs and Inventory Ordering, Delivery/Parcel Tracking, IoT Monitoring and Reporting, Big Data Analytics, and Inputs and End-Product Tracking/Traceability.
“The total addressable market for a blockchain-based supply chain solution is nearly $54 trillion globally, with the majority of the world’s workers playing some part of this equation” noted Arnaldo A. Detrés, CEO of Bengala Technologies, LLC, the principle blockchain developer working to build the VOLUM platform. “However, blockchain solutions have been unable to…
How to Secure Yourself in Relation to Bitcoin: Top VPN Services
Nowadays, more frequently people opt to use cryptocurrency such as Bitcoin while dealing with financial transactions for its convenience, so its increasing prevalence isn’t round-of-the-mill phenomenon but still, its users need to create fully protected cooltechzone to secure their data.
Recently, a great abundance of VPNs have started to accept it as a way of payment and it definitely makes sense: one buys VPN to retain anonymity on the Web, so why not to use the privacy-focused payment method? Paying for a VPN service with Bitcoins or any other cryptocurrency secures personal data from curious eyes leaving no traces.
What is a VPN?
Virtual Private Network (VPN) is generally presented by the group of linked to each other computers via the Internet. VPN boosts protection and provides a high level of anonymity to all types of Internet connections.
While the connection to the ordinary Wi-Fi networks, a user usually gets access to the Internet directly, thus he becomes vulnerable to the hackers and the malware attempting to steal his personal data. On the other hand, applying VPN one transmits and gets data in encrypted form which makes it protected.
Generally, isn’t hard to trace an Ip-address of any user and to identify his location with sufficient accuracy. With the help of VPN, the attacker will only get the address of the removed computer. Undoubtedly, the safeguard…