Modern Finance
March 17, 2021

Chia - A New Cryptocurrency Launching Soon, Built by Bram Cohen, Founder of BitTorrent

Kevin chats with Bram Cohen, creator of BitTorrent, about his new cryptocurrency, Chia. Chia is an energy-efficient "green" cryptocurrency that utilizes additional hard drive space on inexpensive computers. Chia is launching in just a few days. Kevin has already begun mining ("farming") on their testnet.


Kevin chats with Bram Cohen, creator of BitTorrent, about his new cryptocurrency, Chia. Chia is an energy-efficient "green" cryptocurrency that utilizes additional hard drive space on inexpensive computers. Chia is launching in just a few days. Kevin has already begun mining ("farming") on their testnet. BIO: Bram Cohen (@bramcohen) is the inventor of the P2P BitTorrent protocol, co-founder of CodeCon, co-author of Codeville, and Big Kahuna of green cryptocurrency platform Chia.net.

SELECTED LINKS FROM THE EPISODE

SHOW NOTES

  • Want to help review this show? Here's how. [01:08]
  • Bram's original concept for Chia. [02:56]
  • Proof of work vs. proof of space and time in cryptocurrency, and why Bram favors one over the other. [04:15]
  • Understanding the mechanics of how this works in layman's terms. [06:10]
  • Bitcoin mining, ASIC chips, and the cost of electricity. [07:25]
  • How Chia farming is more sustainable and available to the average user than Bitcoin mining, and what it's doing in the process. [08:30]
  • What is the plot file, and what’s in it? [09:57]
  • Bram explains how "Timelords" operate in Chia farming. [10:30]
  • Where do the winning “bingo” numbers come from? [12:45]
  • What’s the smallest amount of hard drive space someone needs to start farming Chia? [13:19]
  • What is the mechanism behind Chia farming? What happens to the data? [14:21]
  • How is a farmer rewarded for their contribution? [15:52]
  • How does the network process and handle transactions? [16:39]
  • How should people think of this coin? What is it used for? [17:59]
  • There won't be any transactions at mainnet launch. Here's why. [19:22]
  • How many transactions per second will the Chia network eventually be able to support? [20:48]
  • How Chia will be able to support smart transactions better than Bitcoin and other cryptocurrencies. [22:25]
  • What is a colored coin? [23:55]
  • Using Chia for DeFi, here's how Uniswap on Chia could be done. [24:55]
  • How does a rate-limited wallet enhance security? [26:34]
  • Will there be support for pools in Chia? [28:35]
  • On supply of coin, halvings to fixed rewards, and inflation. [30:26]
  • Is there any advantage to farming on SSD vs. standard hard drives? [31:09]
  • Efforts Bram and the Chia team have made in improving plot speeds. [32:06]
  • The rude awakening that prompted me to fix my hard drive plotting. [33:25]
  • What does Bram see Chia looking like three to five years from now? [33:53]
  • Bram’s thoughts on NFTs, and if Chia will support them. [35:01]
  • How do we store large amounts of data on a blockchain (like NFT objects)? More important: should we? [37:15]
  • Bram's thoughts on Filecoin. [39:15]
  • Does Bram know Bitcoin founder Satoshi Nakamoto? Is Bram Satoshi Nakamoto? [40:20]
  • Is Bram bullish on Bitcoin? [41:53]
  • Does being green mean a lot to Bram? [42:28]
  • Why farming Chia makes me feel nostalgic. [42:48]
  • Aspiring Chia whales don't even need warehouses or RAID arrays -- they can farm right from their apartments with homemade rigs. [44:00]
  • Parting thoughts about the perils of celebrating on launch day. [46:42]

PEOPLE MENTIONED