The creator of BitTorrent wants to compete directly Bitcoin :


Seventeen years ago, a protocol for transferring data across the web was put in place by Bram Cohen. Technology, which has become known for its ability to hack audio and video content, has been a small revolution on the web. Today, its creator hopes to revolutionize another protocol, and make a major change on the web that would, this time, transfer money.

From one revolutionary technology to another
If Bram Cohen began his rise on the web thanks to BitTorrent, he thinks today to expand his business by embarking on the cryptocurrency market. Indeed, holding one of the most popular platforms of the web would not be enough for the businessman. His new project focuses on his latest creation: Chia, a startup that owns its own digital currency, and works to make crypto-currencies viable in the financial sector. For Bram Cohen, technical problems are an infinite source of motivation.

The 42-year-old developer, who aims to complete the project as quickly as possible, is thinking of establishing his new startup at Wells Fargo headquarters. The building, which already houses several tenants working in the financial sector, is one of the most famous in San Francisco.

The project of the businessman is audacious to say the least. While regulators encourage cryptocurrency startups not to be restricted by securities, Cohen chooses to position itself geographically with financial institutions of reference. For Chia's president and chief technical officer, however, the SEC's scrutiny of its business is a positive sign.

The organization, which regularly complains about the unstable market crypto-currencies, focuses today on the ICO. Cohen says he wants to go for a separate approach by making a conventional OIC available before the end of 2018. The goal is to list stocks on a small-cap stock exchange. Chia's revenues will enable banks to build efficient systems to use the house's cryptocurrency for international transfers.

A system similar to Bitcoin, but otherwise
The system of this new digital currency is based on two new cryptographic protocols. The first is focused on checking the storage of a computer, when the second is dedicated to protection against fraud. The second protocol should also make it possible to determine which miners obtain rewards by checking the transactions. Once the chia is launched in 2019, it should attract financial institutions because of greater flexibility than bitcoin.

Like Nakamoto's cryptocurrency, Chia is built around a shared, non-modifiable document that recounts past transactions. This currency is also designed to support custom extensions: automate contracts, block funds or implement features ... it offers assets ignored by Bitcoin, yet essential for the financial system. An equivalent of Bitcoin, therefore, but better.
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