The ‘green-paper‘ provides a description of how proof of space and proof of time form a “Nakamoto-style” consensus algorithm for the Chia’s blockchain. Moreover, Chia proposes to “farm” instead of ‘mining‘ to verify blockchains that issue cryptocurrencies, wherein proof of space and proof of time take the place of the proof of Work [PoW] principle deployed for the mining of Bitcoin [BTC] and Ethereum [ETH]. The paper adds further:
“Instead of employing proofs of work, Chia alternates proofs of space with the verifiable delay functions. This leads in a chain than in several aspects is somewhat similar to Bitcoin, Especially, as in Bitcoin no synchronisation is required and we can prove rigorous security guarantees assuming a considerable fraction of the resource [space in Chia, computation in Bitcoin] is controlled by honest parties.”
Initially, Chia’s chief executive officer named ‘Bram Cohen’ debuted his solution to Bitcoin in late 2017, that he aforesaid resolves the associated issues of “centralization” with the virtual currency by using the idea of proof-of-time. Cohen added that “the plan is to make a far better Bitcoin, to fix the centralization issues,” relying on a 2-step block authentication methodology.
As ‘reported‘ earlier in June, the carbon emissions generated by Bitcoin can be compared similar to the whole of Kansas town, and even a small country, in line with the study report revealed within the Joule journal. With annual emissions of CO2 are estimated somewhat around between 22 to 22.9 megatons, Bitcoin sits somewhere between Jordan and Sri-Lanka in terms of output. The study prompted that this level would double if every other existing cryptocurrency is also taken into account.
As per March ‘study‘ by a blockchain specialist at Big Four auditing firm ‘PwC’, renewable energy wouldn’t be enough to resolve bitcoin’s sustainability issues. The carbon footprint of a Bitcoin transaction reportedly outpaces that of a conventional non-cash banking transaction.