So it's nothing new. Ethereum and Peercoin and Nxt do proof of stake.
BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
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Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#12What are "proof of space"/"proof of work" ? How do they compare to proof of work/proof of stake ?
"Beyond Hellman's time-memory tradeoffs with applications to proofs of space" https://eprint.iacr.org/2017/893.pdf
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#13Sounds like IPFS. Why do we need an ICO. Can't we just do it like bitcoin and download a client to start 'mining'?
Because nobody skilled is going to build this without payment? this thinly veiled criticism of ICOs has that obvious logical flaw.
Computational proofs take a long time for the development team to get funded, and this delays go to market strategies. Look at the graveyard of mineable projects before this year's ICO boom, broke underfunded devs with no ability to mobilize a community to fund the tiniest things. Pitiful bounty systems where the payouts can't even motivate the imagined Indian developer.
If you don't think current ICOs align economic incentives well ENOUGH, then discuss that particular nuance instead.
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#14so we are going to go from spending energy for "work" to spending energy producing drives for "space". Time to buy some digital storage stock ;)
Or gridcoin. At least Science is advancing with hydro bills there.
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#15> 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 cost…
Personally, I think it would be morally reprehensible to use energy to keep BTC alive if there are vastly more efficient alternatives that achieve the same goal. Though I am interested in counter-arguments.
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#16> 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 cost…
I like your ICE analogy, but likewise ICEs have gone through a century of constant innovation to make them more efficient. Likewise, Bitcoin may be the first example of a distributed consensus blockchain, but isn't the only way to implement one.
We're just in the process of coming up with alternative ways of doing what Bitcoin does in a more efficient manner, much like what ICE innovation has done and continues to do.
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#17> 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 cost…
Waste: use or expend carelessly, extravagantly , or to no purpose.
IMO it's none of those, and I think I'm being honest and fair here -- not just a bitcoin fanboy.
What's the baseline for a corresponding transaction? Maybe that's a credit card which will cost (not waste here either) 1-2% of the purchase price. But even that's not quite fair because the merchant is taking some risk on this purchase that usually amounts to some additional cost. Also credit cards can't be used to secure transactions of >= millions of USD (and if they did it would be at a significantly higher cost). Bitcoin transactions at the low end of that spectrum are prohibitively expensive, though.
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#18I don't see how this is better. It sounds like we have to waste power running hard drives now. Isn't Ethereum's Proof of Stake better?
I thought so too until I read this http://www.truthcoin.info/blog/pow-cheapest/#is-a-work-indep... and, maybe there's counter arguments? But it seemed like a pretty good argument to me.
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#19Sounds like IPFS. Why do we need an ICO. Can't we just do it like bitcoin and download a client to start 'mining'?
Because nobody skilled is going to build this without payment? this thinly veiled criticism of ICOs has that obvious logical flaw. Computational proofs take a long time for the development team to get funded, and this delays go to market strategies. Look at the graveyard of mineable projects before this year's ICO boom, broke underfunded devs with no ability to mobilize a community to fund the tiniest things. Pitiful…
Also, mining implies PoW, whereas this is not always guaranteed to be the case. It's my favorite, but it's falling out of fashion, unfortunately.
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#20One 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?
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