What is Proof-of-Space?

Small introduction to a new technology of cryptocurrecny minning
21 September 2017   1306

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

You can learn more in the whitepaper

Genesis Conference to be Held in London

Genesis Conference will cover research and development, regulation, economics and applications issues, taking place in London on February 22
21 February 2018   28

Genesis London Conference will take place on February 22, tackling the most pertinent issues in blockchain space: research and development, regulation, economics and applications.

Genesis London is a platform for researchers, developers and generally anyone interested in blockchain, and its priority is to share knowledge, facilitate productive discourse and filter out the hype.

Location: The CityPoint building, 1 Ropemaker St, London, EC2, UK
Date and time: 9:30AM - 8PM, February 22, 2018

The agenda of the conference includes Privacy and Confidentiality Techniques for Blockchains; Permissioned Business Blockchain Applications and Use-cases; Scalable, Transparent and Post-quantum Secure Computational Integrity, with Applications to Cryptocurrencies; A Rational Protocol Design Treatment of Bitcoin, and more.

The headline speakers include Patrick de Laive, co-founder of TNW; Margarita Khartanovich, head of insight at Binary District; Jack Gavigan, chief operating officer at ZCash; Jeremy Kahn, technology writer for Bloomberg, and many more.