Bram Cohen, the author of BitTorrent, has become the CEO of Chia Network. The company had two co-founders Bram Cohen and Ryan Singer, last-mentioned stepped away from his position to focus on family priorities.
In August 2017, Bram Cohen moved from his first project BitTorrent to create an alternative to Bitcoin known as Chia, which is designed as a currency which will use a decreased amount of energy.
Although this company is largely under the radar, some very serious crypto investors are still watching it.
Naval Ravikant, Andreessen Horowitz and Greylock Partners have backed this new company and it has already raised over $3.4 million, according to CrunchBase.
Former CEO of Chia Ryan Singer confirmed that he is no longer a part of the network.
Chia, according to the network, is an “enterprise-grade” cryptocurrency. It says its consensus model is “farming” and not mining. This term is used to define that Chia uses less energy than the majority of other currencies. Chia has also started testing its approach by running an optimization contest with its community and open-sourcing the best implementations from October 2018. The second contest has started in April 2019.