Modern Finance breaks down all things bitcoin, cryptocurrency, finance hacks & tips, decentralized finance (DeFi), yield farming, NFTs, robo-investing, and more. Join entrepreneur and technology venture capitalist Kevin Rose as he interviews experts and the entrepreneurs building modern finance tools. Time Magazine calls Kevin one of the "Top 25 Most Influential People on the Web," and Bloomberg lists him as a "Top 25 Angel Investor." Kevin has appeared on the Jimmy Fallon Show, Charlie Rose Show, as well as the print covers of Businessweek and Inc. Magazine.
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episode 2: Chia - A New Cryptocurrency, Built by Bram Cohen, Founder of BitTorrent
Bram Cohen (@bramcohen) is the inventor of the P2P BitTorrent protocol, co-founder of CodeCon, co-author of Codeville, and Founder/CEO of green cryptocurrency platform Chia.net.
SHOW NOTES
- Want to help review this show? Here's how. [01:08]
- Bram's original concept for Chia. [02:56]
- Proof of work vs. proof of space and time in cryptocurrency, and why Bram favors one over the other. [04:15]
- Understanding the mechanics of how this works in layman's terms. [06:10]
- Bitcoin mining, ASIC chips, and the cost of electricity. [07:25]
- How Chia farming is more sustainable and available to the average user than Bitcoin mining, and what it's doing in the process. [08:30]
- What is the plot file, and what’s in it? [09:57]
- Bram explains how "Timelords" operate in Chia farming. [10:30]
- Where do the winning “bingo” numbers come from? [12:45]
- What’s the smallest amount of hard drive space someone needs to start farming Chia? [13:19]
- What is the mechanism behind Chia farming? What happens to the data? [14:21]
- How is a farmer rewarded for their contribution? [15:52]
- How does the network process and handle transactions? [16:39]
- How should people think of this coin? What is it used for? [17:59]
- There won't be any transactions at mainnet launch. Here's why. [19:22]
- How many transactions per second will the Chia network eventually be able to support? [20:48]
- How Chia will be able to support smart transactions better than Bitcoin and other cryptocurrencies. [22:25]
- What is a colored coin? [23:55]
- Using Chia for DeFi, here's how Uniswap on Chia could be done. [24:55]
- How does a rate-limited wallet enhance security? [26:34]
- Will there be support for pools in Chia? [28:35]
- On supply of coin, halvings to fixed rewards, and inflation. [30:26]
- Is there any advantage to farming on SSD vs. standard hard drives? [31:09]
- Efforts Bram and the Chia team have made in improving plot speeds. [32:06]
- The rude awakening that prompted me to fix my hard drive plotting. [33:25]
- What does Bram see Chia looking like three to five years from now? [33:53]
- Bram’s thoughts on NFTs, and if Chia will support them. [35:01]
- How do we store large amounts of data on a blockchain (like NFT objects)? More important: should we? [37:15]
- Bram's thoughts on Filecoin. [39:15]
- Does Bram know Bitcoin founder Satoshi Nakamoto? Is Bram Satoshi Nakamoto? [40:20]
- Is Bram bullish on Bitcoin? [41:53]
- Does being green mean a lot to Bram? [42:28]
- Why farming Chia makes me feel nostalgic. [42:48]
- Aspiring Chia whales don't even need warehouses or RAID arrays -- they can farm right from their apartments with homemade rigs. [44:00]
- Parting thoughts about the perils of celebrating on launch day. [46:42]