Eco-friendly bitcoin competitor

Chia is an eco-friendly cryptocurrency that will harness cheap and abundant unused storage space on hard drives to verify transactions on the blockchain.

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Bitcoin has long come under attack for the vast amount of electricity it wastes. Bram Cohen's new currency uses unused hard-drive space (instead of energy-intensive hashes) to verify transactions. 👏👏👏 Excited to see how this plays out. Looks like their token sale is coming next year.
@nickabouzeid Cool, I'm excited about this 🌱
Would be interesting to see how they improve on the concept and if they become more successful than others such as Burstcoin, Siacoin or even Storj
@cprins_ Sia is for decentralized data storage, to ultimately compete with Amazon S3. Hard drive space is used to store encrypted chunks of peoples' files. Sia uses proof-of-work mining as the consensus mechanism, just like Bitcoin. Chia is an alternative to proof-of-work mining, instead using proof-of-space-time. Hard drive space isn't used to store peoples' files – it's instead used to store consensus data. So hard drive space used on Chia cannot be used for anything but storing that data. While hard drive space used on Sia actually stores peoples' files, but still relies on proof-of-work mining. It will be interesting to see what will be more profitable in the long-term – use your extra drive space by being a host on Sia and store files, or use it to store consensus info to "mine" on Chia? If Sia is more profitable, it's likely no one would ever use Chia.
@zachherbert Yeah, so far I definitely see more value (for end users) in Sia and/or Storj
It's a cool idea, but I'd like to know why they're going with a tokensale model instead of a premine for their devs. I don't have anything against the tokensale, just curious.
Greenwashing crypto currency will only last as long as it isn’t popular. If it’s popular, people will just mine more of it, making it no longer green. It’s like if you make the roads wider, more people drive to work and traffic gets worse. Any short term savings on energy will be negated over time.
@lwansbrough The cost of storage decreases over time while the cost of any form of electricity increases. So I'm not sure if short term savings will be negated over time.
@shivekkhurana If mining becomes cheaper because of energy cost savings, miners will mine more to offset those savings and maximize their returns. Assume miners will always maximize their power consumption. Assuming miners can minimize power consumption in a proof of work system is naive, only proof of stake can solve this problem.
This is one to watch.