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Chia Partners With Supranational to Create Industry Leading Proof-of-Space-Time SecurityChia Network, Inc., a new energy-efficient decentralized blockchain founded by Bram Cohen, today announced a partnership with Supranational, a leader in hardware accelerated cryptography, to further secure and scale hardware that makes transactions as safe as proof of work but at a fraction of the energy use. By advancing an already state-of-the-art process, this collaboration brings to life a critical component of proof of spacetime while making it open-sourced, affordable and accessible to everyone, everywhere. At the core of the partnership is industry-leading technology based on a new mathematical proof on the hardware acceleration, and implementation, of "verifiable delay functions" (VDFs), also known as timelords. These VDFs will fundamentally change the future of blockchain as it will become sustainable and secure to the point where it could be the safest way for businesses, banks and even nations to transfer large amounts with confidence. Building on research by Chia founder Bram Cohen (News - Alert), Chia's academic advisors including Dan Boneh and his team at Stanford, Krzysztof Pietrzak of IST Austria and independent work by Benjamin Wesolowski, the upcoming VDFs establish the proof of time and space that makes attempting to attack the Chia blockchain even harder than before. "Timelock cryptography's time has come," said Bram Cohen, Founder and CEO of Chia Network. "The world's best proof of time is about to become the world's fastest, and by extension, safest. To us, it's simple: the future of blockchain requires VDFs, and we're making that happen with Supranational." "Advancing the current state of the art for VDFs is critical for the future of blockchain adoption," said Kelly Olson (News - Alert), Co-Founder at Supranational. "VDFs help bring truly decentralized transactions by generating cryptographically provable randomness. We're proud to have a hand in driving such an important technology that will improve the security, scalability, and energy-efficiency of blockchain networks." Chia and Supranational are targeting the launch of their new VDFs in the second half of 2022. For more information about Chia Network or its new smart transaction programming language, Chialisp, please go to https://www.chia.net/about/. To learn more about Supranational's projects and services, visit https://www.supranational.net/. About Chia Network Chia Network Inc. is a state-of-the-art open-source decentralized blockchain, digital currency and smart transaction platform. Founded by Bram Cohen, inventor of BitTorrent (News - Alert), the Company believes that "digital money" should be easier to use than cash, harder to lose and nearly impossible to steal. Using the first new secure Nakamoto consensus algorithm invented since Bitcoin, Chia operates an eco-friendly, secure and user-friendly system for cross border payments, issuing and exchanging financial assets, lending, escrow payments, institutional custody and distributed identity. Chia's blockchain is based on "Proof of Space and Time" which has a significantly reduced carbon footprint compared to "Proof of Work," used by all other crypto networks. Built on Chialisp, the company's smart coin language, Chia's blockchain allows its users to build and execute secure "smart coin" transactions. The Company is funded by leading venture capitalists including Richmond Global Ventures, Slow Ventures, Andreessen Horowitz (a16z), Naval Ravikant, True Ventures, Cygni Capital, Galaxy Digital, Greylock, MetaStable, Stillmark, DCM (News - Alert), and others. Chia's advisors include Dr. Dan Boneh, Research Partner at a16z and Applied Cryptography Professor at Stanford University; David Frazee, Managing Partner at Richmond Global Ventures; Katie Haun, General Partner at a16z; Dr. Krzysztof Pietrzak, Cryptography Professor of IST Austria. For more information, visit chia.net and connect with us on Twitter (News - Alert) (@chia_project), Facebook, GitHub, Reddit, and LinkedIn. About Supranational Supranational designs and develops hardware accelerated cryptography for verifiable and confidential computing. The team has decades of experience in algorithmic optimization across CPU, GPU, FPGA, and ASIC platforms. Accelerated cryptography developed by Supranational is currently in production in blockchain networks such as Ethereum 2 and Filecoin. For more information visit https://www.supranational.net/ or e-mail [email protected].
View source version on businesswire.com: https://www.businesswire.com/news/home/20211013005324/en/ |
