Short Bytes: BitTorrent inventor Bram Cohen believes that a storage-based cryptocurrency will do better as compared to processor time-based Bitcoin, which has flaws like 51% attack. Due to these reasons, Cohen is planning to create his own cryptocurrency and Bitcoin-alternative. In the upcoming months after completing some work at BitTorrent Inc., he plans to dedicate himself to the cryptocurrency world.Just yesterday, I told you about BitTorrent inventor Bram Cohen’s plans to bring uTorrent to the web browser. He has said that the next release of uTorrent will also have streaming functionality. Today, I’m going to tell you about his another ambition that deals with making a new cryptocurrency.
Talking at the Stanford blockchain conference, Bram Cohen shared his opinions and suggestions, according to TorrentFreak. Over the years, he has followed the developments in the cryptocurrency world closely and considered it a problem that needs solving.
Cohen simply believes that Bitcoin is wasteful. He doesn’t intend to do something with Bitcoin; instead, he wishes to create a new currency, a Bitcoin alternative.
Cohen believes that in future, a cryptocurrency that pins the mining value of storage space (instead of the CPU time) will be superior.
He says that a storage based solution will also address the Bitcoin flaws like 51% attack. For those who don’t know, it’s hypothetical attack that says that if a miner group has more than 50% of the network’s mining hashrate, or computing power, they would be able to prevent future transaction confirmations.
“Sometimes people have this misapprehension that Bitcoin is a democracy. No Bitcoin is not a democracy; it’s called a 51% attack for a reason. That’s not a majority of the vote, that’s not how Bitcoin works,” he stressed.
Cohen has said that after finishing some other work at BitTorrent Inc., he is going to devote himself full-time to the cryptocurrency world.
You can find Cohen’s complete podcast here.