BitTorrent inventor announces eco-friendly Bitcoin competitor Chia

Post by littlestymaar » Wed, Nov 08, 2017, 11:02 PM UTC

goodroot wrote: post #50

I understand the argument regarding power consumption. However, if we're going to green wash ( https://en.wikipedia.org/wiki/Greenwashing ) a cryptocurrency, we need to focus on more than power consumption. Given that power is getting cheaper and cleaner through solar[1, 2], this is asking people to further accumulate more waste and precious metals in the form of fixed drives. This is not eco-friendly and it's dubiou…

Post by [deleted] » Wed, Nov 08, 2017, 11:07 PM UTC

mandelliant wrote: post #75

craigc wrote: post #67

There are already blockchains that do not require proof of work (Lisk, Nav, Dash, NEO, etc) and already storage based blockchains (Filecoin, Storj, Sia, Maidsafe, etc). It is unclear to me what Chia brings to the table that is really new.

The storage based blockchains don't use storage space as a means of verification- they're storage product focused (you buy/rent/use/sell storage space on the platform as a commodity). That's not what Chia does; it seems like its primary use will be store of value/transactions like Bitcoin. It's the "green" alternative to BTC- I wouldn't call Filecoin, Storj, Sia, Maidsafe, etc. competitors to Bitcoin (and I don't thi…

Post by craigc » Wed, Nov 08, 2017, 11:13 PM UTC

placeybordeaux wrote: post #92

craigc wrote: post #67

There are already blockchains that do not require proof of work (Lisk, Nav, Dash, NEO, etc) and already storage based blockchains (Filecoin, Storj, Sia, Maidsafe, etc). It is unclear to me what Chia brings to the table that is really new.

Filecoin and sia are not proof of storage. They are both proof of work, in fact filecoin runs on Ethereum. Not sure about Storj or Maidsafe.

Post by eof » Wed, Nov 08, 2017, 11:19 PM UTC

nickik wrote: post #94

There already is delegated prove of stake algorithms that solves the power consumption problem.

Post by placeybordeaux » Wed, Nov 08, 2017, 11:21 PM UTC

paulgb wrote: post #51

durkie wrote: post #45

so this has been an issue that keeps coming up for a while, but i don't really understand the issue. * As others have asked, how much is bitcoin supposed to use? What's the right amount and why? How is that number better/worse than the amount of resources spent on existing financial infrastructure? * We are rapidly progressing towards an era of free (extremely cheap) clean power. Just today ( https://electrek.co/2017…

The problem is that with a competitive mining market, Bitcoin energy use will rise until the cost of mining a block is equal to the reward for that block (i.e. market equilibrium). So if the cost of energy goes down but the price of Bitcoin stays constant, the amount of energy expenditure will be (approximately) equal. Likewise, if the price of Bitcoin goes up, the amount of energy used will go up accordingly. The re…