Market Today

Eco-friendly Mining Whitepaper by BitTorrent
Editorial Team

Proof of Work (PoW) is an energy-intensive algorithm, as millions of hashes generated by miners do not solve anything. This unreasonable energy consumption is not beneficial to our world.

The novel Proof of Space (PoS) method is a less economically damaging alternative to Proof of Work. The logic behind this algorithm is based on the disk space rather than computational power as the primary resource of mining.

BitTorrent recently published a Whitepaper, entitled “Beyond Hellman’s Time-Memory Trade-Offs with Applications to Proofs of Space,”  that suggests this new eco-friendly computational process.

As the paper explains, the goal of this algorithm is the dedication of the unused disk space on users’ CPUs towards securing a blockchain. The exploitation and the reliance on this pre-existing hardware will make mining accessible to everyone who owns a typical computer. Miners will be able to allocate a part of their unused disk space to the network. The probability of a successful mining of a block of the transaction is calculated as the dividend of the amount of allocated space to the total capacity of the network.

The future will point to the success of the new technology. However, Bram Cohen, the developer of BitTorrent, already has some underlying ideas over this project.