BitTorrent’s Inventor Plans New Crypto-Currency

BitTorrent’s inventor Bram Cohen has shared he plans to launch a new crypto-currency company

BitTorrent’s Inventor Plans New Crypto-Currency

 

Bram Cohen is the inventor of BitTorrent. He recently stated on the podcast “This Show” that he has plans to launch a crypto-currency company.His reason for creating a crypto-currency is to deal with the mining inefficiency of Bitcoin in terms of wasting energy.

Cohen argues that there’s a loophole. He says they can work through proofs of work but it requires the warehouse to burn electricity. The loophole is a proof of storage. He believes the problem can be solved by using the surplus storage space on CPUs.

Cohen stated that there’s no need to require computers to burn electricity in order to mine. Instead storage space is actually mining since it sits there and also proves that it’s indeed sitting there. In other words the storage space is sitting online and isn’t doing anything. This is on desktop CPUs and cloud services that have extra storage space. Cohen made the comments during the recent podcast.

Cohen also pointed out that there’s tons of storage capacity available. The value is also much higher than the mining rewards that bitcoin provided. Cohen’s goal for his crypto-currency is to use proof-of-time and proof-of space.

What are these two items? Proof-of-space functions when users want to use big amounts of memory/disk space in order to solve a problem from service providers. This concept is like proof-of-work. A key difference is that computer-bound functions aren’t used.

Cohen noted that there are various technical matters that can be fixed by adding proofs-of-time. Cohen notes that the concept is a bit difficult to explain. He summarizes that proofs-of-time prevents hackers from quickly creating a new fake history. This is a problem that results from the fact that mining doesn’t require power.

Cohen noted that proof-of-time is a type of proof-of-work. The main concept is mining producing zero waste. He noted that one of the advantages of storage-based items is there’s less centralization in the mining. AS a result there’s less of a chance of a 51% attack.

Cohen told “This Show” fans that the benefit isn’t very obvious. Various economic resources could be used for rewards. People will use resource in the process of getting rewards. So n a sense it’s wasteful but the difference is that the waste already took place. Another plus is that it’s leveraged without any extra costs.

It’s possible that Cohen’s idea could work when applied to crypto-currency. He launched BitTorrent in order to deal with problems related to not enough bandwidth to share data via the Internet. Today the platform still lets people send big files without the requirement of having a customized infrastructure.

Before Cohen launches a new crypto-currency company he’ll have to finish some business with the business sector of the distributed software. Cohen stated during the podcast that during the next few months he’s going to focus on crypto-currency full time.

Burstcoin is an altcoin that uses what its developers call proof-of-capacity. This seems to be a version of proof-of-space, which is the term that’s usually used by academics. Cohen pointed out that critics of Burstcoin have regrets the developers don’t admit the drawbacks of time-space in their coding. They argue the coin tries to solve problems by being based on the platform NXT. This is instead of building new products.

Cohen has mentioned his plan to launch a crypto-currency company in the past. At a Stanford conference he talked about the potential of proof-of-time and proof-of-space in a crypto-currency.

Cohen started working on a new protocol/program that would be a game-changer in the entertainment industry and the Internet. The P2P protocol was called BitTorrent. It was also the world’s first file-sharing program that used the protocol of the same name.

Cohen was born in 1975 in New York and grew up in Manhattan. He learned the basics of programming computers at 6-years-old. Cohen started programming computers actively by the age of 10 years old. Cohen studied for 2 years at the State University of New York (Buffalo. He dropped out of school in 1995 due to boredom.

Cohen then worked at various dot-com companies until the late 1990s. He then developed BitTorrent so people could use various sources to download files. This made downloading faster and especially for people who had faster Internet speeds.

Cohen started working on the BitTorrent program in April 2001. Python was the first language used to implement the protocol. BitTorrent became famous for being to share big music/movie files through the Internet. Cohen claimed that his software didn’t break copyright laws. However, the software was soon involved in illegal music/movie swapping.

BitTorrent is in fact a protocol that that works by offloading some file-tracking to a “tracker,” which is a central server. It also uses a concept known as “tit-for-tat.” In order to receive files you’re required to give them. It solves the issue of leeching.

Categories
Cryptocurrency
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