Proof-Of-Space - new solution, new problem

[MrSpasybo]

The new cryptocurrency is called Chia, and it was created by Bram Cohen (Chia Network), who is best known for developing the peer-to-peer BitTorrent protocol. As Tom's Hardware reports, Chia uses a proof of space time model rather than Bitcoin's proof of work model. That difference means Chia relies on storage rather than processing performance to mine, and it means a lot less wasted electricity in the process.

Although Chia isn't being traded yet, prospective miners in China are preparing by purchasing as many hard drives and SSDs as they can afford, meaning all 4TB to 18TB drives are in high demand. Pricing is already expected to increase, and ultimately we are probably going to see shortages, unless manufacturers can react quickly enough to keep up. Performance SSDs are already selling out, and manufacturers are set to respond by both restricting sales to miners and increasing production where possible.

Source: Chia Cryptocurrency Expected to Cause Hard Drive and SSD Shortages

Currently, this Chia project is attracting the attention of the community, especially the miners community. And the Chinese miners community cannot stay out of this race, the same way they were, and are, in the arms race in POW.

In the race to serve POW, gamers & designers lost GPU territory, they will lose fortress HDD & SSD ^^

I don't really understand the value of free space in Chiaa's mining system. Free space has no value in Chia's ecosystem, would it be better if miners receive a reward for the space they use to store platform data (software, movies, music...) as GoogleDrive on blockchain.

What do you think about this protocol? Will it become popular to replace POW in the future?

[Zed0X]

~ Will it become popular to replace POW in the future?

Will it become popular? If the Chinese would support it, I guess so. Will it replace POW? I don't know. POW will always have a place in the space as long as BTC remains the king of cryptocurrency. Miners will continue to mine because it's rewarding and they earn not only from the block rewards but also from the transaction fees.

[TomPluz]

I am not familiar with Chia and its potential however if this can mean a lot less electricity to be in use then maybe the mining business can spread also to other countries which can not compete with China because of high electricity cost. For example, i am in an Asian country, but mining is not making a take-off here in my place because we have a high electricity cost compared to China. Maybe Chia can be providing the mining opportunity other countries are looking for. Proof-of-Space is definitely something new to me.

[Fivestar4everMVP]

I think if China and the rest of the community of miners around the world support it, its definitely going to be popular most especially if the chia coin becomes very valuable in the market.
I think the crypto industry is an open space where every one and anyone is free to invent or build anything he or she feels will make the industry better for all, if it gets accepted, then boom, we all have another potential coin to invest in and as such, more money flows into the industry and more money is made too.

[KryptoBull]

The Chinese always have enough ways to surprise us with their inventions, I think in the future we will be able to mine crypto with computer mouse & keyboard
In my opinion, POS should be applied instead of POW, in addition IOTA's Tangle technology should also be considered because there is no need for miners.

[robert20]

I have already seen this type Proof of Space system on a video from a channel called Linus Tech Tips about 1 or 2 years ago so i dont think it is something new. It is not so popular yet and existing Proof of Space systems are not much profitable but if many people start usiong Chia and the price increase then it can get a bit popular but I dont think is has the power yet to replace POW or POS system

[Senin]

These plans to mine Chia cryptocurrency were prior to the recent Chinese government's ban on cryptocurrency mining in that country. After this ban, it is unlikely that there will be a great demand for high-performance hard drives in China. Miners will now disperse around the world in search of a more favorable place for mining cryptocurrency.
POW will eventually become less and less used in cryptocurrency due to the raised problem of energy consumption in mining. At the same time, bitcoin will get a lot. Perhaps because of this, he could even lose his current position as the leader of the cryptocurrency.

[robert20]

By now proof of stake is the best solution of pow. Because pow requires high power. Proof  of space is also not worth it. It consumes much energy and other resources. We should rather focus on developing proof of stake more in the future. Proof of staje is the fastest and least resource consuming system for now.

[KryptoBull]

Currently, the Chinese market is very excited about Chia, especially when blockchain POWs are banned. I don't know if the Chinese government wants to ban Chia, but to me, this protocol is just a technology experiment, it will not be able to replace POS because it still requires useless hardware.