Chia Network, a tech firm based in San Francisco, released a fresh draft describing a planet-friendly way towards cryptocurrency mining. The paper dubbed “green paper” describes how proof of time and proof of space help develop a Nakamoto based consensus algorithm for the network’s blockchain.
The paper also states how Chia Network wants to do away with mining and adopt “farming” for blockchain verification and issuing cryptocurrency. The proof of time and proof of space replace proof of work methodology used to mine Bitcoin (BTC) and Ethereum (ETH). The draft also states that Chia makes use of proof of space with demonstrable delay functions. This leads to a blockchain network quite in tune with that of Bitcoin’s.
Key Prospects of the Chia Network
CEO of the Chia Network, Bram Cohen presented this idea to Bitcoin in 2017. He aimed to solve the problem of centralization of Bitcoin by making full use of the principle of proof of time. According to Cohen, the key goal was to improve Bitcoin to its users and get rid of centralization through a two-step block verification process.
Sustainable Cryptocurrency Can Now be a Possibility
A recent study suggests that Bitcoin’s total carbon emissions are close to the total amount of carbon emissions generated by the state of Kansas, and are comparable to that released by a tiny populous country. Bitcoins yearly emission of carbon dioxide equals somewhere between 22 and 22.9 megatons roughly equivalent to that of Sri Lanka and Jordan. The report also stated the fact that this number could double if taken into account the various cryptocurrencies. As per a study released by blockchain analyst at PwC, a Big Four auditing firm, renewable sources of energy cannot and will not be able to eradicate Bitcoin’s sustainability issue. Bitcoin transaction’s carbon footprint is tremendously greater than your rustic banking transactions.