I wrote an article for California Sunday Magazine about BitTorrent founder Bram Cohen's new cryptocurrency, called chia. It uses the Bitcoin codebase, but Bram is replacing the energy intensive proof-of-work validation algorithm with a combination of proof-of-unused-hard-drive-space and proof-of-wall-clock-time, which does not require much electricity at all.
No one owns the Bitcoin network — the code is open source — so Cohen is free to build off of it to develop his spinoff, Chia Network. With Chia, Cohen aims to replace the energy-greedy part of Bitcoin’s code, which rewards miners for generating trillions of numbers a second, with an energy-efficient system, which rewards miners (or “farmers” in Chia’s parlance) based on the amount of unused hard-drive space they have on their computers and how long they’ve had it. If you opt in, the Chia Network will essentially populate that unused space with bingo cards. If Chia calls the numbers on your card, you’ll be awarded newly minted chia.
The IRS knows about the cryptocoins and wants you to pay taxes on them. The Wall Street Journal reports that the warning letters are going out. An IRS spokesman declined to say whether the letters stem from information turned over by digital-currency platform Coinbase. In mid-March of 2018, Coinbase provided data—under a federal court order—on […]
Pigzbe is a digital “piggy-wallet” for children that uses its own cryptocurrency called Wollo (WLO). It has gotten $100k on Kickstarter, but that’s not where the real money is. According to ICO Bench, $7,200,000 worth of WLO was sold in an initial coin offering. According to Coincodex, WLO is trading at $0.015
With our smartphones serving as the vital tether that links us to the rest of our lives, it’s no wonder how low batteries and power emergencies can occasionally feel like a life-and-death situation. I mean, it’s usually not, of course…but darned if it doesn’t feel that way when your indicator is showing only 5 percent […]
Despite all of our most fervent hopes, it doesn’t appear the specter of COVID-19 will be leaving us anytime soon. If anything, the past few weeks seems to indicate the need for social distancing and other preventative measures will likely continue indefinitely from coast to coast for a very, very, very long time. Of course, […]
For all their amazing growth over the past 25 years, the most impressive thing about the monumental rise of Amazon might be the speed and sophistication of their lightning-fast delivery network. Sometimes it doesn’t even take 24 hours for the idea you ordered to be perched right on your front porch, ready for use. The […]