BitTorrent founder Bram Cohen joins Bitcoin industry to develop better cryptocurrency

Bitcoin and BitTorrent ^[1] are two revolutionary technologies from different eras, but they share some commonalities. They are both decentralized peer-to-peer networks that have revolutionized their respective fields. With the success of BitTorrent, its founder Bram Cohen has announced plans to explore the Bitcoin industry.

Bram Cohen is already familiar with cryptocurrencies, having been in the space for a while. He is now focusing almost all of his attention on the space, and he is starting work on a new cryptocurrency.

Cohen will reportedly develop his own cryptocurrency that will address the challenges facing the Bitcoin network today. He believes that Bitcoin in its current form is simply "wasteful" and proposes an alternative approach to create a more stable and scalable cryptocurrency platform.

According to a quote from the technology magazine TorretFreak, Cohen:

“My proposal is not actually to do something for Bitcoin, but a new cryptocurrency. I’m going to start a cryptocurrency company. That’s my plan.”

His cryptocurrency solution will likely be based on Proofs of Space and Proofs of Time, which is different from the Proof of Work (PoW) and Proof of Stake (PoS) algorithms currently used in cryptocurrencies.

Cohen also presented a paper on this topic at the Stanford Blockchain Conference.

He also mentioned the benefits of cryptocurrency-based storage, including a solution to the 51% attack on the Bitcoin network. When Cohen talked about the 51% attack on the Bitcoin network, he said:

“Sometimes people misunderstand Bitcoin as a democracy. No, Bitcoin is not a democracy; that’s why there are 51% attacks. 51% is not a majority vote, that’s not how Bitcoin works.”

Cohen is expected to begin his new cryptocurrency work in the coming months, once he finishes his responsibilities at BitTorrent.

In recent months, the cryptocurrency revolution has gathered pace. The cryptocurrency industry, currently led by Bitcoin and Ethereum, has gathered a large number of players, who are working on a variety of alternative blockchain solutions. Most of these solutions are designed to solve specific problems and overcome the drawbacks faced by existing platforms. Cohen's new cryptocurrency will also be one of them.

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1. BitTorrent is a content distribution protocol developed by Bram Cohen. It uses an efficient software distribution system and peer-to-peer technology to share large files (such as a movie or TV show), and allows each user to provide upload services like a network redistribution node. Ordinary download servers provide download services to every user who makes a download request, but BitTorrent works differently. The distributor or file holder sends the file to one of the users, who then forwards it to other users. Users forward their own parts of the file to each other until each user's download is complete. This method allows the download server to handle multiple large file download requests at the same time without taking up a lot of bandwidth. ↵