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BitTorrent Inventor Bram Cohen Will Start His Own Cryptocurrency

Bram Cohen, the creator of BitTorrent, has showed deep interest in cryptocurrency in the past, and now it looks like he is going to start his own. From a report: Without going into technical details, Cohen believes that Bitcoin is wasteful. He suggests that a cryptocurrency that pins the mining value on storage space rather than processor time will be superior. In an interview with TorrentFreak’s Steal This Show, Cohen revealed that his interest in cryptocurrencies is not merely abstract. It will be his core focus in the near future. “My proposal isn’t really to do something to BitCoin. It really has to be a new currency,” Cohen says. “I’m going to make a cryptocurrency company. That’s my plan.” By focusing on a storage based solution, BitTorrent’s inventor also hopes to address other Bitcoin flaws, such as the 51% attack. “Sometimes people have this misapprehension that Bitcoin is a democracy. No Bitcoin is not a democracy; it’s called a 51% attack for a reason. That’s not a majority of the vote, that’s not how Bitcoin works.”

Read more of this story at Slashdot.

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