BitTorrent Inventor Bram Cohen Will Start His Own Cryptocurrency

By | April 24, 2017

credit: Ijon CC BY-SA 4.0BitTorrent’s inventor is understood for his ardour for puzzles, and extra usually speaking, offering elegant options to complicated factors by way of strains of code.

When Bram Cohen first launched BitTorrent he supplied an reply to the bandwidth scarcity problem, by permitting anyone to distribute massive recordsdata with out having to pay money for costly infrastructure.

In current years Cohen has intently adopted the cryptocurrency boom. Not as a money hungry investor with greenback indicators in his eyes, however as a programmer who sees factors that want solving.

In doing so, Cohen hasn’t shied away from offering his opinions and suggestions. Most recently, he launched a paper and a chat on the Stanford blockchain conference, discussing proofs of residence and proofs of time.

Without going into technical details, Cohen believes that Bitcoin is wasteful. He means that a cryptocurrency that pins the mining worth on residence for storing pretty than processor time will be superior.

In an interview with TorrentFreak’s Steal This Show, Cohen revealed that his curiosity in cryptocurrencies will not be merely abstract. It will be his core focus inside the shut to future.

“My proposal isn’t actually to do one factor to BitCoin. It actually should be a mannequin new currency,” Cohen says. “I’m going to make a cryptocurrency company. That’s my plan.”

By specializing in a storage based mostly solution, BitTorrent’s inventor additionally hopes to deal with completely different Bitcoin flaws, equivalent to a consequence of the 51% attack.

“Another benefit of storage based mostly issues is unquestionably that there’s pretty a bit much less centralization in mining. So there’s pretty a bit much less concern about having a 51% attack,” Cohen says.

“Sometimes people have this misapprehension that Bitcoin is a democracy. No Bitcoin will not be a democracy; it’s recognized as a 51% assault for a reason. That’s not a majority of the vote, that’s not how Bitcoin works.”

While the thought of a storage based mostly cryptocurrency isn’t new, Burstcoin makes use of an identical concept, there’s little doubt that Cohen believes he can do better. And collectively with his standing and contacts inside the Bitcoin developer community, his undertaking is susceptible to understand some eyeballs.

Before diving into it completely, Cohen will first finally end up one other work at BitTorrent Inc. But after that, his full dedication will go into making a superior cryptocurrency.

“In the following couple of months I’m going to commit myself full-time to the cryptocurrency stuff,” Cohen concludes.

The full interview with Bran Cohen is available here, or on the Steal This Show website.

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