As the cryptocurrency industry progresses with the passage of time, more and more advancements are being introduced to the platform. Initially, the cryptocurrency industry only offered proof-of-stake and proof-of-work consensus protocols.
However, the industry has now progressed a lot and new projects are coming up with new ways of mining and staking cryptocurrencies. Just recently, Bram Cohen had announced that he will be launching a new project called Chia network.
He confirmed that the new project would serve as a smart transaction blockchain. Bram Cohen is the creator of BitTorrent and is a prominent figure in the world of cryptocurrencies. He recently confirmed that his platform’s token stemming will be launched on May 3rd, and with its launch, the users will be able to perform cryptocurrency transactions. Additionally, the users will also be allowed to perform cryptocurrency trading.
Cohen also revealed that the project will be based on a newer kind of consensus protocol. Instead of going for the traditional protocols, he has come up with the proof-of-space (PoS) consensus protocol.
Although there is still time for the project to be launched, it has already caused a storm in the entire cryptocurrency industry. The crypto-enthusiasts have started gathering on as many solid-state drives (SSD) and hard disk drives as possible.
This has resulted in a huge shortage of supply for both storage hardware in the market while the demand continues to rise. There are two reasons why the crypto-enthusiasts are rallying for the new project.
The first reason is the involvement of Bram Cohen in the project, acting as one of the key members in the project and throughout its progress. The second reason is the feasibility of the project, which would allow users to verify transactions without having to have high-end GPUs.
This would also mean that the miners will no longer have to incur huge electricity bills as the GPUs will not be involved in the program.
From the looks of it, the team that developed the Chia network are experts and highly proficient with their work. Cohen had made the first-ever announcement about the Chia network project back in February 2021. At that time, Cohen had reportedly presented the white paper of the project they were planning to launch in the upcoming months.
After receiving positive feedback from the public and fans of the Bittorrent creator, the development phase of the project had been initiated. After the initial announcement, Cohen announced that the mainnet for the project had been launched on March 19.
As the project hit the mainnet, the users had the ability to gain access to the rewards with the help of farming. At present, the market facing the highest shortage of SSDs and hard drives in China.