News Chia Network creates a $100,000 contest to bolster its...

Chia Network creates a $100,000 contest to bolster its cryptocurrency platform

-

- Advertisment -

Chia Network is launching a $100,000 contest with prizes for developers who use its Proof of Space method to create a more efficient cryptocurrency.

Chia’s “green paper” contends that Bitcoin is inefficient and that if things continue the way they are going, Bitcoin mining will account for a half percent of the world’s energy next year. That’s because Bitcoin transactions and its incentive structure require the use of a lot of computing power.

Chia Network has therefore designed its cryptocurrency platform to be more efficient, using something called Proof of Space and Proof of Time.

The larger goal is to fix problems related to modern banking, with greater efficiency and lower costs than alternatives like Bitcoin.

“We’re making sure that the fundamental building blocks of our protocol are confidence-inspiring and available to all,” said Chia Network founder Bram Cohen in a statement. “By having an open competition, we’re making sure that the absolute best implementation anyone has is available to all.”

Contestants participating in the three-month competition will create implementations of Chia’s proof of space consensus algorithm. The proof of space competition will be split into three tracks for total awards of $100,000 in prize money. The details of the contest are at Chia.net.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which has grabbed the attention of countless people from different countries....

The First Cryptocurrency Bank License Is Now Granted

This is a historic development. A milestone in Bitcoin's path to broad acceptance and recognition. The State...

Yield Farming Program “Volcano” Kicks off Dutch Auction for Cryptokitties KittieFIGHT Game

In the fall of 2017, along with the rallying of Bitcoin and other digital assets, Cryptokitties dominated...

Ministry of Foreign Affairs of Denmark may use Blockchain to tackle corruption

We have already moved to the stage in our lives where technology plays an important role in...
- Advertisement -

What Lessons Can The World Learn From Venezuela’s Newfound Love For Crypto?

It is often the case that great changes are forced out of necessity, rather than a willingness...

How Bitcoin Capitalization Affected In 2020 on the Quarantine Background

Although the weeks of quarantining are gradually easing off, the impact of dealing with the deadly coronavirus...

Must read

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which...

The First Cryptocurrency Bank License Is Now Granted

This is a historic development. A milestone...
- Advertisement -

Read Next
Recommended to you