BitTorrent Creator Has Proposed a New Mining Concept
October 15, 2017
Proof-of-Space is an eco-friendly alternative to Proof-of-Work, that is used by Bitcoin. “Beyond Hellman's Time-Memory Trade-Offs with Applications to Proofs of Space” describes the mining process using computational power as the main resource.
The probability of successfully mining of this way is a proportional to the amount of space allocated divided by the total capacity of the network. In addition, it respects the environment and is more economical alternative to proof-of-work.
It still remains to be seen, however, whether the paper will serve as the basis for a new cryptocurrency.