Proof of Space and Time … Time for Chai?
Our computers are wasteful! Why? Because our CPUs run nearly idle all of the time, and we never really use them to their full potential. Along with this, we have a vast amount of unused disk space — many exabytes of data — across the world. So could we put these wasteful resources to good use, and create a better cryptocurrency than the crumbling Bitcoin network? Well, the Chia blockchain aims to do this, and it aims to create green money in a digital world.
Proof of Space and Time
Well, Bitcoin is now a teenager. While it hasn’t aged that well in terms of the energy it consumes, it has shown the way for a world of trust. But, we all know that its proof of work method is flawed, and that there must be better ways to provide a consensus. One of these is the Chia blockchain network and which uses both Proof of Space (PoS) and Proof of Time (PoT). The PoS method makes uses of the under-allocation of hard-disk space.
With PoS, the ‘farmers’ prove that they have allocated unused disk space for the network. This makes the Chia blockchain network at secure as Bitcoin, but where consumes a great deal less energy. It also overcomes the “rich get richer” problem that we see in the Bitcoin network, and where miners get paid on finding the required hash for a block, and who can then invest these funds in improving their…
