What is Proof-of-Space?

Small introduction to a new technology of cryptocurrecny minning
21 September 2017   2847

The creator of the BitTorrent protocol Bram Cohen published a new concept of mining called Proof-of-Space. The new method is an environmentally friendly alternative to the energy-intensive Proof-of-Work method, which is used in the Bitcoin network. 

The document "Beyond Hellman's Time-Memory Trade-Offs with Applications to Proofs of Space" describes the process of mining using the computer's disk space, rather than its computing power.

With this approach, the probability of mining a block is proportional to the sum of the allocated space divided by the total network capacity. This method, according to the authors, will be more environmentally friendly than Proof of Work, and more profitable.

At the moment, however, it remains unclear whether this concept will form the basis of any new digital currency. In April, Bram Cohen announced the creation of a new cryptocurrency, based on the Proof-of-Capacity algorithm, which is also based on the principle of using free disk space. Since then, nothing has been heard about the project, however.

Proofs of space (PoS) were suggested as more ecological and economical alternative to proofs of work, which are currently used in blockchain designs like Bitcoin. The existing PoS are based on rather sophisticated graph pebbling lower bounds. Much simpler and in several aspects more efficient schemes based on inverting random functions have been suggested, but they don’t give meaningful security guarantees due to existing time-memory trade-offs.
 

Official whitepaper

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Vinnik Extradtion to France to be Supported by SCoG

Alexander is holding the hunger strike for 24 days and lost around 9 kilos
19 December 2018   21

Following the trial court of the city of Thessaloniki, the Greek Areopagus decided to extradite Alexander Vinnik, suspected of laundering $ 4 billion through the BTC-e cryptocurrency exchange, to France. Thus, the appeal of Russian lawyers was rejected, reports TASS referring to the chairman of the court Angelique Aliferopoul.

After the announcement of the verdict, Alexander Vinnik declared that he would continue the hunger strike against the arbitrary rule of the Greek authorities, which began in mid-November.

I have been starving for 24 days. Yesterday I was weighed; according to the documents, I lost 8 kg. But they did not immediately begin to weigh me, only on the third day. So I lost 9 kg. If I'll be extradited to Moscow, I will stop starving.
 

Alexander Vinnik

Suspected

Alexander Vinnik was detained in Greece at the request of the American authorities on July 25, 2017. In June 2018, Vinnik was arrested in absentia in Russia on charges of cyber fraud on a large scale.

At the moment, there have been several court decisions on the extradition of Vinnik - at the request of the United States, at the request of France and two decisions at the request of Russia. The final decision on the case will take the Minister of Justice of Greece.