Chia Network, a San Francisco-based technology company, recently published a green paper that describes an environmentally friendly way to mine cryptomones.
The Green Paper describes how the proof of space and the proof of time create a “Nakamoto” consensus algorithm for the Chia blockchain. To make a short summary of Chia’s blockchain. The protocol proposes to “cultivate” in our place to verify blockchains emitting cryptomones, except the proof of work (PoW) at the base used in the creation of Bitcoin, is here replaced by proof of space and proof of time.
The document explains in more detail:
“Instead of using work proofs, Chia alternates space proofs with verifiable delay functions. The result is a chain that in many ways is similar to Bitcoin, in particular, because in Bitcoin no synchronization is necessary and we can prove rigorous security guarantees by assuming that a sufficient fraction of the resource (space in Chia, calculation in Bitcoin) is controlled by honest parties.”
Chia’s CEO, Bram Cohen introduced Chia to Bitcoin at the end of 2017. According to him, the protocol using space and time evidence would limit the risk of centralization of cryptocurrencies due to mining farms and the increasing formation of pools. The idea is to make a better Bitcoin, to solve centralization problems, using a two-step block authentication method,” explains Cohen.
As energy consumption is also a sensitive issue for the blockchain and the world population is increasingly focusing on the ecological cause and electricity consumption has doubled in the last two years, it seems crucial to look for solutions to save resources in the production of cryptomills. For example, with an average consumption estimated at 46 billion kWh per year, i.e. as much energy as that absorbed by 159 countries, including some twenty European nations in 2018 according to the Power Compare platform.
As for greenhouse gas emissions such as Co2, the carbon emissions generated by Bitcoin, estimated at 23 megatonnes, represent as many emissions emitted by the city of Las Vegas according to a study by the Technical University of Munich. Another study explains that this level is doubled if we take into account the production of all cryptocurrencies. Here the Chia Blockchain would solve the problems described.