BitTorrent Creator Has Proposed a New Mining Concept

October 15, 2017

BitTorrent Creator Has Proposed a New Mining Concept

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.

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