Consensus Based on Proofs of Space and Time
In this presentation, Bram Cohen (Chia Network) provides an overview of the concepts of Proofs of Space and Proofs of Time. Analogous to the physics formula “work=force*distance,” Proof of Work can be replaced with Proofs of Space and Proofs of Time, resulting in a blockchain with much more distributed and larger resources that secures and uses vastly less energy. Bram walks through what these primitives are, how they are combined securely in Chia, and how the same techniques can be applied to Proof of Stake.
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