Through the hot seed investment, Cohen said he was able to hire the type of developer skilled enough to see the Chia Network cryptocurrency sell to investors.
For many, this is an extremely exciting time for the cryptocurrency market, as a long-hinted Bitcoin alternative could be launched by late 2018. BitTorrent creator, Bram Cohen recently said that the Chia Network may be a “step closer” to solving Bitcoin’s centralization issues.
According to Cohen, the Chia Network has had a very hot seed investment. He was speaking to a well-known technology industry magazine recently when he made these statements. The investment round has enabled the highly anticipated project to kick off, much to the excitement of those investing in cryptocurrency.
Some coverage of my new venture https://t.co/tCER6YKn5R
— Bram Cohen (@bramcohen) November 8, 2017
Through the hot seed investment, Cohen said he was able to hire the type of developer skilled enough to see the Chia Network cryptocurrency sell to investors. The idea behind the Chia Network is to make a better Bitcoin, Cohen told the magazine. The new currency will also hopefully solve centralization problems. He also reiterated his previous criticisms of Bitcoin’s network.
He explained that unlike with Bitcoin where only one node is dealt with, Chia nodes will reproduce the three weightiest histories. These will be fed to farmers and not miners. The farmers will work off proofs-of-space (PoSpace). These will then be sent to proof-of-time servers which will create a valid block for the network. Through its key features of PoSpace and proof-of-time Chia is designed to improve on Bitcoin’s algorithm of proof-of-work.
This will, in turn, avoid the centralization of mining. According to a statement on Chia’s website, the network will build a blockchain based on proofs of space and time. This will make the new cryptocurrency less wasteful. It will also be decentralized and more secure. The Chia Networks proof-of-time concept is designed to make the alternative technology bulletproof whereas proof-of-space can suffer attacks.
Cohen has said that Chia will do smarter things about its legal status. It will do a cluster of technical fixes that users can implement when starting from scratch. While the idea behind the Chia Network is technically ambitious Cohen still has a huge portion of the hard work to do. He believes that he has done enough of the fundraising and recruiting. Cohen now needs to get started on the real work.
Ahead of the Chia Network release, Cohen’s flagship venture, BitTorrent took a market dive when the company ran into management difficulties. This ultimately caused a collapse in within the main structures of the business. Following the collapse, the entrepreneur officially left the project in August. This was ahead of the cryptocurrency reveal but remained on its board. At the time of his move, Cohen stated that the company did not need him to be there day to day.