Chia network is on the road to creating a blockchain that is based on the proofs of space as well time to make crypto that is less wasteful, more secure, and more decentralized. However, it now seems that everything will happen under a new CEO.
Pioneer of Decentralized Internet takes over
BitTorrent creator Bram Cohen is the new CEO of Chia Network. The creator of the P2P BitTorrent protocol takes over from co-founder Ryan Singer, who stepped down from the company stating that he needs to focus on family priorities.
Cohen has been around since August 2017 when he left BitTorrent, and now he’s taking the wheel at Chia. Unlike other cryptos which are mined, the networks’ tokens are generated via “farming,” which reflects its more ecological approach.
Moreover, they claim to be similar to bitcoin with the only difference being a resource not computing power but rather disk space, meaning proofs of space replace bitcoins’ proofs of work; therefore, disk-space is the primary resource.
Great things take time. We hope to launch Mainnet as soon as it’s done. Software development is difficult to predict beforehand as it’s often over budget/behind schedule. We will continue to release open source software & updates regarding our IPO plans on https://t.co/KhR8izOzfK pic.twitter.com/sO8bPJGiUg
— Chia Project (@chia_project) May 15, 2019
The Journey
Chia started testing the approach in October last year and has been running the optimization contest with the community as well as open-sourcing the best implementations. Its second contest began in April.
Subsequently, the network is funded by three leading investors; Naval Ravikant, Greylock Partners, and Andreessen Horowitz. Furthermore, thus far, the company has raised $3.4 million over one round in a seed round raised in March last year. Its cryptocurrency is ‘enterprise-grade’ and its farming instead of mining distinguishing it from the more energy intensive forms for securing crypto networks.
The Extent of Transition
Amid the reshuffle, Mitch Edwards, Chia’s CFO and general counsel will as well take on the existing business development relationships. Before joining Chia, Edwards served as Overstock.com acting CEO.
Moreover, he has also had an extensive career in technology that includes a stint in the same roles at Core Scientific and BitTorrent. Now, with the Cohen leading Chia, and given his record, the company should indeed be optimistic going forward, but as always, its only time that can tell.
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