BitTorrent inventor announces eco-friendly Bitcoin competitor Chia

One of the only things I dislike about bitcoin and other cryptocurrencies is the flagrant use of power that doesn't necessarily compute anything.

With the proof of chia being used in storage, does that imply a lower power cost? I'm not sure what proof of time is either...

Does anyone know more about this and can clarify things?

so we are going to go from spending energy for "work" to spending energy producing drives for "space". Time to buy some digital storage stock ;)

> A bitcoin transaction wastes

^H^H^H^H^H^Hcosts -- FTFY. It's not a waste if you actually got something for it. e.g. your chemical ICE in your car produces heat that is useful in cold weather. Not waste heat if it has utility. Electric cars have to spend electrical energy to generate the same heat.

That said, the fact that this keeps coming up would indicate that there's definitely a marketplace for a coin that costs less energy/emissions for the same features.

Waste: use or expend carelessly, extravagantly, or to no purpose.

We don't. But dev teams keep creating them. It's IMO much more appropriate for new coins to make an announcement, provide a whitepaper + source, and start the network at time X.

But I can (somewhat) sympathize with their desire to be rewarded. What if someone just aims their ASICs/GPUs/cloud cycles at their new coin for the first months after the announcement and reaps the lion's share of the rewards? While that seems unfair to them, it is traditionally the fairest/most honest method.