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It's just nuts. Proof of space has been around since 2014 and it has been a flawed consensus mechanism since 2014. I really wanted to believe that Chia had done something different but as far as I can tell from their whitepapers and GitHub, it's just the same old mistakes but marketed to an audience who aren't aware of it's flaws.
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Might as well add to my rant. The thing that really fucks me off about Chia is how close they are to getting it right.
It's not quite accurate to say they are a proof of space chain. They use a combination of proof of space and proof of elapsed time.
When I saw they were I using PoET I hope/expected that they were using it so that a miner who solves a block is unable to solve another block for X minutes. This is a simple way to prevent a storage arms race building up by levelling the playing field a bit. I played with this concept in 2015 with an alg called SPRX11 where a miner was only able to mine one in every 99 blocks, thus preventing pools and increasing decentralisation.
Sadly, Chia have used PoET in a way that means it's basically pointless and still rewards people for hoarding hardware, to a point.
Such a big opportunity missed, unless of course they actually don't give a shit about the environmental impact of their project and are only pretending for PR purposes.
The reality is that the more money miners spend on your project, the more likely miners are to protect your interests. It's a profit decision and nothing less.
For them to say their consensus mechanism is green is insulting tbh.
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Vitalik just donated $1bn of dog tokens to the India covid relief fund, try and do that with western union 😂
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https://twitter.com/elonmusk/status/1392602041025843203
Someone do the craig david meme with electricity for mining and electricity for cars
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They recently signed a deal with the government of Ethiopia to track student performance on the blockchain.
How is this useful?
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IOHK’s Atala PRISM ID will help authorities set up a tamper-proof record of student’s educational performance and single out areas and causes of educational under-achievement.
The system will also offer students blockchain-verified digital qualifications that seek to lower fraudulent university entry and job applications. Furthermore, employers will be able to verify all student grades without relying on third parties.
Additionally, in supporting the initiative, the Ethiopian government is issuing all teachers and pupils with tablets alongside a dedicated internet network.
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Looks like Elon Musk has been reading this thread
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Isn't the incentive to use green energy pretty huge?
Private-equity firm revives zombie fossil-fuel power plant to mine bitcoin
Power plant was left for dead until the cryptocurrency boom came along.
Part of the controversy stems from the fact that Greenidge was once destined for the scrap heap. Its owner had gone bankrupt a decade ago, and the coal-fired power plant was retired and its operating permits abandoned. But then Atlas Holdings bought the plant in 2014 and spent $65 million to convert it to natural gas and get it running again. Greenidge restarted in 2017 and spent the next two years testing its bitcoin-mining strategy. Over time, it sold less electricity to the grid, devoting more and more power to its mining operations.
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Feels bad :/
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Don't worry, Binance and Coinbase are temporarily down, no cashing out for muggles
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Just read China announced a crackdown, its like 2017 all over again
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Has this been posted yet?
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Isn't cannabis and bitcoin pretty much the same thing by now? :)
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@hippy
Anyone? invested in the DENT coin?