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And considering he invented the ubiquitous peer-to-peer file transfer protocol BitTorrent, you should take him seriously. Essentially, Chia will harness cheap and abundant unused storage space on hard drives to verify its blockchain. The two main issues he sees in bitcoin are in environmental impact and the instability that arises from the few bitcoin miners with the cheapest access to electricity exerting outsized influence.
Bitcoin uses proofs of work to verify the blockchain.
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Chia instead relies on proofs of space in file storage, which people often already have and can use for no additional cost. It combines this with proofs of time that disarm a wide array of attacks to which proofs of space are susceptible. After inventing torrenting in the early s and briefly working on Steam for Valve, Cohen had been at BitTorrent building a new protocol for peer-to-peer live video transfer.