I am not a Bitcoin miner nor am I a Chia coin farmer, and my knowledge and experience in both are very shallow. But I recently became interested in the 2 main activities of Chia – plotting and farming, because they both involved storage. I am writing this blog to find out more and document about my learning experience.
[ NB: This blog does not help you make money. It is just informational from a storage technology perspective. ]
Proof of Space and Time
Bitcoin is based on Proof-of-Work (PoW). In a nutshell, there is a complex mathematical puzzle to be solved. Bitcoin miners compete to solve this puzzle and the process uses high computational processing to solve it. Once solved, the miners are rewarded for their work.
Newer entrants like Filecoin and Chia coin (XCH) use an alternate method which is Proof-of-Space (PoS) to validate and verify the transactions. Instead of miners, Chia coin farmers have to prove to have a legitimate amount of disk and/or memory space to solve a mathematical puzzle, conceptually similar to the one in Bitcoin mining. In the beginning, this was great for folks who have unused disk space that can be “rented” out to store the crypto stuff (Note: I am not familiar with the terminology yet, and I did not want to use the word “crypto tokens” incorrectly). Storj was one of the early vendors that I remember in this space touting this method but I have not followed them for a while. Their business model might have changed.
[Preamble: I was a delegate of Storage Field Day 15 from Mar 7-9, 2018. My expenses, travel and accommodation were paid for by GestaltIT, the organizer and I was not obligated to blog or promote the technologies presented at this event. The content of this blog is of my own opinions and views]
Cohesity SpanFS impressed me. Their filesystem was designed from ground up to meet the demands of the voluminous cloud-scale data, and yes, the sheer magnitude of data everywhere needs to be managed.
We all know that primary data is always the more important piece of data landscape but there is a growing need to address the secondary data segment as well.
Like a floating iceberg, the piece that is sticking out is the more important primary data but the larger piece beneath the surface of the water, which is the secondary data, is becoming more valuable. Applications such as file shares, archiving, backup, test and development, and analytics and insights are maturing as the foundational data managementframeworks and fast becoming the bedrock of businesses.
The ability of businesses to bounce back after a disaster; the relentless testing of large data sets to develop new competitive advantage for businesses; the affirmations and the insights of analyzing data to reduce risks in decision making; all these are the powerful back engine applicability that thrust businesses forward. Even the ability to search for the right information in a sea of data for regulatory and compliance reasons is part of the organization’s data management application.