BTCgreen strives to become the green cryptocurrency alternative to Bitcoin. While Bitcoin uses the Proof of Work (PoW) cryptographic method to validate transactions, which is extremely energy-consuming. BTCgreen is a fork of Chia and uses Proof of Space and Proof of Time (PoST) consensus algorithm.
BTCgreen Network Goal
BTCgreen is a Eco-Friendly Bitcoin Alternative
We are inspired by the outstanding technical work and idea of the Chia Network project. Given the recent concerns about Bitcoin’s energy consumption, mixed with our belief that there is always a better/smarter way to achieve results, we decided that we want to be a part of the solution.
The Chia Network created their native currency driven by the belief that “cryptocurrency should be easier to use than cash, harder to lose, and nearly impossible to steal”.
In general, mining requires rigs that consume significant amounts of energy and require additional infrastructure investments, such as hardware, broadband connectivity, and other essential components, which together contribute to an overall high carbon footprint. This is where BTCgreen is different. Cryptocurrencies can be green.
It will take 21 years for the rest of the network participants to farm as much of Chia (XCH) cryptocurrency as the company behind it received from Chia genesis block. This is where BTCgreen Coin is different. BTCgreen has a small pre-farm that was 30,000 xbtc.
PoW vs. PoST
Proof of Work (PoW) cryptocurrencies burn huge amounts of electricity. Furthermore, they tend to become centralized due to the concentration of hardware manufacturing and ownership and concentration of cheap energy, making PoW inaccessible to ordinary users and susceptible to various attacks. On the other hand, Proof of Stake (PoS) has many forms, each with its own pros and cons. Some common weaknesses are: concentrated control of funds by exchanges; concentration of delegation; reliance on checkpoints and subjectivity (a requirement to be online periodically); inaccessibility to regular users; slashing risk; clock synchronization assumptions, networking assumptions, and other security assumptions. Proof of Space - Chia has previously articulated its technical vision, the so-called PoST consensus model. This paper outlines Chia’s vision for sustainability.
Proof of Space
As per the Chia Proof of Space Construction, a Proof of Space protocol is one in which:
a Verifier can send a challenge to a Prover, and the Prover can demonstrate to the Verifier that the Prover is reserving a specific amount of storage space at that precise time.
The Proof of Space protocol has three components: plotting, proving/farming, and verifying.
Plotting - the process by which a prover, who we refer to as a “farmer”, initializes a certain amount of space. A farmer can be any person who has at least 239 GiB (or 256 GB) available to reserve on their laptop, or an enterprise prepared to allocate a large volume of unused storage space. There is no upper limit. Plotting takes on the order of hours or days, and is performed only once. The initialized space is occupied by a file called a “plot”. Creating plots takes some time and CPU power. One can move plots from one machine to another without any restrictions. Some people build dedicated plotting machines that are optimized to perform the plotting process quickly, and then move the plots to a less powerful machine to perform the harvesting. Farming - Farming is the process in which a farmer receives a sequence of challenges to prove that they have legitimately put aside a defined amount of storage. In response to each challenge, the farmer checks their plots, generates a proof and submits any winning proofs to the network for verification. Verifying - after the farmer has successfully created a proof of space, the proof can be verified by performing a few hashes and making comparisons between the x-values in the proof.
Proof of Time
BTCgreen will be using Chia’s innovative PoST consensus algorithm, which is an attempt to improve on PoW-based blockchains with a new twist. Instead of consuming massive amounts of electricity and wasteful single-purpose ASIC hardware to validate transactions, Proof of Space leverages the over-provisioned exabytes of disk space that already exist in the world today.
Proof of Time requires actual “wall clock” time to pass between blocks. Proof of Time is implemented by a Verifiable Delay Function (VDF) that takes a certain amount of time to compute but is very fast to verify. The key idea of a VDF is that it requires sequential computation, so having many parallel machines or CPUs/GPUs/ASICs (as in PoW mining) does not create a benefit, and therefore electricity waste is minimized.