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Chia Network Proves Reality of Consensus-Based on Proof of Space; Announces Proof of Space Competition with $100k in Total Prize MoneySAN FRANCISCO, July 9, 2019 /PRNewswire/ -- Chia Network today released a green paper detailing how proof of space and proof of time come together to create a "Nakamoto-style" consensus algorithm for Chia. Later this month, Chia is also launching a competition with the goal of establishing a community of developers aimed at creating the best possible proof of space algorithm, continually enhancing it, and integrating the code into their own projects. "The developer and cryptocurrency communities have been eagerly awaiting Chia Network's technical green paper detailing how proofs of space and time work," said Mitch Edwards, CFO and general counsel of Chia. "As the creator of BitTorrent, Chia Founder Bram Cohen shook up the peer-to-peer file sharing landscape. Now, he's doing the same to the cryptocurrency world. People in the crypto and finance communities want and need to know what Bram and the Chia team are up to." Chia's New Green Paper The Competition: About Building Community "We're making sure that the fundamental building blocks of our protocol are confidence-inspiring and available to all," said Bram Cohen, founder of Chia Network. "By having an open competition, we're making sure that the absolute best implementation anyone has is available to everyone." Entries will be judged by objective benchmarks on reference machines. All three tracks will be open to the public for three months. Individuals and teams will submit their open-source code and according to the instructions in a readme file in a GitHub repository. The technical specifications of the reference hardware will be made available. Contestants will be able to communicate with Chia during the competition via a secure Keybase channel. About Chia Network Chia Network is a San Francisco-based company focused on improving digital money infrastructure. The company is designing a blockchain network based on proofs of space and time to make digital money that is less wasteful, more secure and more decentralized. Chia was founded by Bram Cohen. Bram is the inventor of BitTorrent, the first modern decentralized network protocol and one of the inspirations for the bitcoin protocol. Chia's team has experience across the digital money, cryptography and finance sectors, coming from Stanford University, IST Austria, and Lightning Labs. View original content:http://www.prnewswire.com/news-releases/chia-network-proves-reality-of-consensus-based-on-proof-of-space-announces-proof-of-space-competition-with-100k-in-total-prize-money-300881150.html SOURCE Chia Network |