BitTorrent Inventor Bram Cohen to Start His Own Cryptocurrency

BitTorrent Inventor Bram Cohen to Start His Own Cryptocurrency

New cryptocurrencies often aim to make up for bitcoin’s weaknesses and serve as a better alternative. So far, no cryptocurrency has been able to knock bitcoin out of its #1 spot. Bram Cohen’s upcoming digital currency, however, may stand a chance. He has pointed out several bitcoin challenges in the past and has decided to solve those problems with his own cryptocurrency instead of encouraging bitcoin to change.

BitTorrent Inventor Bram Cohen to Start His Own Cryptocurrency

Experts Look Into Cryptocurrency

Bram Cohen is the inventor of BitTorrent, one of the leading torrent companies. He has had an interest in BTC for a while now and has finally planned to create his own cryptocurrency. Showing how serious he is about this venture, Cohen announced he would step away from BitTorrent in order to focus on developing his digital currency. Cohen is known for offering good solutions to complex problems through lines of code and having a passion for puzzles. It’ll be interesting to see what solutions he comes up with for bitcoin’s weaknesses.

BitTorrent is an example of Cohen solving a complex problem. At the time bandwidth scarcity interfered with transferring large files. BitTorrent, however, made it easier for Internet users to distribute large files without paying for expensive infrastructure. At the Stanford blockchain conference in January 2017, Cohen delivered a presentation in which he discussed proofs of space and proofs of time. According to Cohen, one of the problems with bitcoin is it’s wasteful. He theorizes it would be better to base a cryptocurrency’s value on storage space instead of processor time.

BitCoin Challenger Shows Success

Another BTC challenge Cohen brings to light is the possibility of a 51% attack. A 51% attack is when a group of miners who own over 50% of the network’s mining hashrate attack the blockchain. They could prevent transactions from being confirmed by attacking the blockchain. While in control of the network, the miners could also reverse completed transactions, resulting in double-spent coins. It shouldn’t be hard for this currency to take over, considering Bitcoin’s problems.

Cohen’s upcoming digital currency may be able to give bitcoin a run for it’s money. Even if it doesn’t challenge BTC for its #1 position, Cohen’s cryptocurrency will likely be one of the top altcoins in the market. It will be worth keeping your eye on. After wrapping things up at BitTorrent within the next few months, Cohen will dedicate himself full-time to developing a cryptocurrency based on everything he has learned and the flaws in bitcoin. Two key BTC flaws he plans on solving with his cryptocurrency are the possibility of a 51% attack and how the currency is valued.

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