March 17 2021

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

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

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

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About the episode

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.

Bram Cohen

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

Topics covered

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