Bram Cohen, the creator of BitTorrent, the world largest file-sharing platform, has recently set his sights on a new mission; creating an improved version of decentralized currency.
BitTorrent is known for hosting millions of pirated songs, movies, and unlicensed content. Bram disrupted the file sharing and entertainment industry with BitTorrent; he now plans to disturb the finance industry with his new digital currency, Chia.
Chia’s goal is to help Banks use cryptocurrencies as a tool for international money transfers. Unlike most blockchain companies, Chia will not be launching an ICO, but instead be raising funds through an IPO, listing shares on a small-cap public stock exchange. Under his new model, participants will compete to win Chia’s cryptocurrencies and process transactions through a process called ‘farming.’ Farming only requires consuming large amounts of disks space, as opposed to accumulating large pieces of mining hardware.
Bram believes Chia is more flexible and eco-friendly than Bitcoin. Chia is designed to support financial systems in ways that Bitcoin is not.
So far, Chia has raised $3.4 million from venture funds like Greylock Partners and Andreessen Horowitz. With Bram’s track record of success in the tech space, Chia looks to have a promising future ahead of it.