BitTorrent Inventor is Planning to Create his own CryptoCurrency Company

BitTorrent inventor Bram Cohem says that " i am gonna make cryptocurrency company. This is my plan." According to him he wanna address the issue on inefficiency of mining Bitcoin when it come on wasting energy.

As we all know that mining takes so much energy. If you wanna mine on your own as fast as possible you must have a great CPU or more advance tech. This cost you money and if you dont have you are wasting your time because if your mining too slow, it might not even pay your bill for consuming energy.

“There is a loophole,” Mr. Cohen says. “You can get them to work with proofs-of-work, but then this involves these warehouses burning electricity. But there is a loophole in that, which is proof-of-storage.” Cohem believes this issue can be solved by using the extra storage space on computers.

“…Instead of computers burning electricity to mine, you have storage space that is implicitly mining because it’s sitting there, and proves it’s sitting there.” The storage space is already “sitting online not doing anything” on desktop computers and cloud offerings with extra storage capacity, according to Mr. Cohen.

He also says “There is a lot of storage capacity out there, and its value is much greater than bitcoin mining rewards handed out.”

So guys what do you think about his concept?

Source:
https://cryptoinsider.com/inventor-bittorrent-plans-cryptocurrency/