Proof of Capacity's existence got validated by Bram Cohen's Chia

Branko

sr. member

Activity: 2674

Merit: 328

Quote from: moonstruck on May 10, 2021, 08:27:58 AM

Quote from: Branko on April 20, 2021, 03:25:12 AM

Quote from: pinkflower on April 03, 2018, 09:47:46 PM

Quote from: mpenagar on April 03, 2018, 06:10:51 AM

Well, they do not even mention Burstcoin in their paper:

https://eprint.iacr.org/2017/893

Yeah we are aware. They want to make it look like that they are the first in Proof of Capacity. But they do mention and criticize it in the FAQ of their site.

All attack vectors on PoC will be removed once Burst upgrades to PoC2.

PoC2 explained: a needed security upgrade

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So now that Chia (finally) went online, can you compare the two again?

Given that the current (low) estimate of power usage of Chia is closing in on 5MW (1/1000th of Bitcoin), it looks like they definitely failed to make a 'green' coin.

So 1000 times lower is not enough? 5TW is better than 5MW still?

moonstruck

member

Activity: 125

Merit: 35

Quote from: Branko on April 20, 2021, 03:25:12 AM

Quote from: pinkflower on April 03, 2018, 09:47:46 PM

Quote from: mpenagar on April 03, 2018, 06:10:51 AM

Well, they do not even mention Burstcoin in their paper:

https://eprint.iacr.org/2017/893

Yeah we are aware. They want to make it look like that they are the first in Proof of Capacity. But they do mention and criticize it in the FAQ of their site.

All attack vectors on PoC will be removed once Burst upgrades to PoC2.

PoC2 explained: a needed security upgrade

.

So now that Chia (finally) went online, can you compare the two again?

Given that the current (low) estimate of power usage of Chia is closing in on 5MW (1/1000th of Bitcoin), it looks like they definitely failed to make a 'green' coin.

Branko

sr. member

Activity: 2674

Merit: 328

Quote from: pinkflower on April 03, 2018, 09:47:46 PM

Quote from: mpenagar on April 03, 2018, 06:10:51 AM

Well, they do not even mention Burstcoin in their paper:

https://eprint.iacr.org/2017/893

Yeah we are aware. They want to make it look like that they are the first in Proof of Capacity. But they do mention and criticize it in the FAQ of their site.

All attack vectors on PoC will be removed once Burst upgrades to PoC2.

PoC2 explained: a needed security upgrade

.

So now that Chia (finally) went online, can you compare the two again?

chia-coin

newbie

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Like it...

Looking forward to buy chia soon.

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: TorbjornE on April 04, 2018, 04:43:56 AM

The general difference from POS, is it all going to be done by hard drives? And how much will their resource last?

Hard drive mining in PoC will make your hardware last longer than ASIC/GPU/CPU PoW mining because PoC uses less energy, causes less heat and the all the work are done only once and are plotted in the hard drive.

TorbjornE

jr. member

Activity: 148

Merit: 1

The stock photography revolution

The general difference from POS, is it all going to be done by hard drives? And how much will their resource last?

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: mpenagar on April 03, 2018, 06:10:51 AM

Well, they do not even mention Burstcoin in their paper:

https://eprint.iacr.org/2017/893

Yeah we are aware. They want to make it look like that they are the first in Proof of Capacity. But they do mention and criticize it in the FAQ of their site.

All attack vectors on PoC will be removed once Burst upgrades to PoC2.

PoC2 explained: a needed security upgrade

.

mpenagar

newbie

Activity: 25

Merit: 0

Well, they do not even mention Burstcoin in their paper:

https://eprint.iacr.org/2017/893

pinkflower

sr. member

Activity: 868

Merit: 259

Some Burstcoiners will see this as a threat but truthfully, the existence of the Chia Network will only validate Proof of Capacity and other forms or energy saving mining by using hard drives.

If investing in their mini-IPO is allowed in your country, then I dont see why you shouldnt. Chia's research on Proof of Space and Time will be worth the investment.

What I also love about Chia is the prevention of mining pools from forming. If they can do it successfully then we will have the most decentralized cryptocurrency in the world.

Energy-saving Bitcoin rival Chia raises from A16Z, plans mini-IPO

Bram Cohen invented torrenting. Now he’s building a cryptocurrency called Chia that doesn’t waste electricity like Bitcoin, and top investors are lining up. Chia has just raised a $3.395 million seed round led by AngelList’s Naval Ravikant and joined by Andreessen Horowitz, Greylock and more. The money will help the startup build out its Chia coin and blockchain powered by proofs of space and time instead of Bitcoin’s energy-sucking proofs of work, which it plans to launch in Q1 2019.
They’ll be working on an alternative to Bitcoin’s proofs of work, which require CPUs and GPUs that drain huge amounts of electricity in order to verify the blockchain. This has led to massive Bitcoin mining pools that split the proceeds while operating near cheap electricity sources and cold air to cool the mining rigs, like in the Pacific Northwest. These centralized teams of miners threaten to allow manipulation of Bitcoin’s price and network.
Chia ditched proofs of work for proofs relying on file storage space that people often have sitting around unused on their computers and can use for free. Chia layers on proofs of time that thwart a range of attacks on proofs of space. It’s also building in “non-outsourceability” that prevents mining pools from forming. Essentially, anyone in a Chia mining pool could secretly run off with the rewards without sharing them, so no one will want to trust their fellow miners not to rip them off.
Cohen believes these features of Chia will fix both the electricity waste and centralization of Bitcoin.

Topic: Proof of Capacity's existence got validated by Bram Cohen's Chia (Read 241 times)