Most internet savvy people know about BitTorrent and the file sharing method it provides.
The original founder Bram Cohen of BitTorrent has a new software similar to blockchain that is in the works. The software is far less labor intensive to manage and generate coins. The purpose is to reduce the footprint the cryptocurrency market has created on the environment. Chia, is based on proofs that exist in your most common household computers. The proofs do not require the hash or mathematical process to “prove” you have a legitimate bitcoin.
What this means is that as a regular person, you can run their software for less cost and less waste on the environment. If you have done any research on the expenses of cryptocurrency mining you understand that is has an electric bill that was previously reserved for indoor marijuana growers.
Chia will be, In theory, just as secure as the blockchain process for person to person transactions. However, the system is still in the works and needs to be thoroughly written.
Personally, because it doesn’t require a ridiculous amount of energy to mine or what they call “farm” Chia currency, it will take off. Some of how it works: When a farmer finds a new block, they publish that block to the network (Chia money network). Farmers all find the best “proof of space” they have. The three best proofs of space rapidly propagate the change through the whole network, then proofs of time servers start working on top of them. When a proof of time server finishes the proof of time for a proof of space, it publishes the whole thing as a fully validated block, then publishes it to the network to built on top of again. This is similar to how blockchain works, a series of encryptions, codes and equations to “prove” value.
That last paragraph probably makes no sense to anyone that doesn’t understand coding, but just as bitcoin made no sense in the beginning, Bram Cohen and Chia will eventually become a new digital currency.
Technology people, technology.