The green book provides a description of how space proof and time proof create an “Nakamoto-style” consensus algorithm for blockchain Chia. In particular, Chia proposes to farm, not to mine, to check the blockchains that issue cryptocurrencies, where space proof and time proof replace the work proof principle (PoW) used for mining Bitcoin (BTC) and Ethereum (ETH). ). The document also explains:
Instead of using proofs of work, Chia alternates proofs of space with verifiable delay functions. The result is a chain that is bitcoin-like in many ways, in particular, since synchronization is not required in Bitcoin, and we can prove strict security guarantees, assuming that fair share of the resource (space in Jia, calculations in Bitcoin) is controlled .
Chia CEO Bram Cohen initially debuted his Bitcoin solution at the end of 2017, which he says solves “centralization problems” with virtual currency, using the concept of proof of time. Cohen said: “The idea is to make the best bitcoin to solve the problems with centralization,” relying on two-step block authentication.
As reported in June, Bitcoin-generated carbon emissions are comparable to the entire Kansas City and even a small country, according to a study published in the journal Joule. With annual CO2 emissions estimated at 22-22.9 megatons, Bitcoin is somewhere between Jordan and Sri Lanka in terms of production. The study showed that this level will double if you take into account any other cryptocurrency.
According to a March study by a blockchain specialist at PwC, the auditing firm of the Big Four, renewable energy will not be enough to solve the problem of Bitcoin sustainability. The carbon footprint of a Bitcoin transaction reportedly exceeds that of traditional cashless banking.