Bram Cohen has big plans for cryptocurrencies
Bram Cohen, the inventor of BitTorrent, has set his eyes on cryptocurrencies, says he's going to start his own.
Over the past few years, cryptocurrencies have become more and more popular, with BitCoin's value surpassing that of gold at one point. It's only natural that this phenomenon is going to attract loads of people, including some that are ready to do something to enrich the community.
In an interview with TorrentFreak, Cohen expressed his interest in starting up his own cryptocurrency after spending the past few years closely following the evolution of this new trend. The main goal isn't to make money, it seems, but to fix some technical problems that need solving.
"My proposal isn't really to do something to BitCoin. It really has to be a new currency. I'm going to make a cryptocurrency company. That's my plan," Cohen says. He adds that he plans to focus on starge based solutions in order to lower the concern about having a 51% attack.
"Sometimes people have this misapprehension that Bitcoin is a democracy. Not Bitcoin is a democracy; it's called a 51% attack for a reason. That's not a majority of the vote, that's not how Bitcoin works," he added.
Kickstarting the project soon
It seems that it won't take forever to see some results, as Cohen plans to devote himself full-time to cryptocurrency in the next few months, although he has to finish up some work at BitTorrent Inc.
This work may have something to do with the release of the new uTorrent version where the torrent downloader will actually work within people's browsers, including the streaming features.
That being said, it remains to be seen just how far Cohen will take his plans for a new cryptocurrency and how the world will react. Given his status and contacts, however, we may see results sooner rather than later.