Microsoft took the Permacoin to try and bitcoin ratio
Microsoft Research Institute and University of Maryland have jointly proposed Permacoin this virtual currency to compete with bitcoin. Before solving mathematical problems produced by calculating the virtual currency Bitcoin, occupy a large amount of computing power and resources. Unfortunately, because of the security model subject to bitcoin, a large number of computing power waste, except for the coins to produce something useful.
Now, Microsoft Research Institute and the University of Maryland, jointly published a white paper, describes the use of bitcoin mining resources can be reused, or more precisely, a new digital currency -Permacoin.
When the user when data storage file downloads from the huge pool of data, it will generate Permacoin. Permacoin mining will rely less on computing power, rely more on storage space. Permacoin algorithm will detect the stored data, then according to the availability and cohesion, users will be granted a certain amount of permacoin.
In addition, the Permacoin algorithm also added additional security features, to ensure that the data is not stored in the cloud storage system of massive space, while preventing the Permacoin network was hacked.
Now, Permacoin is the whole idea of virtual currency, archival data storage and open, beneficial to all mankind, hardware and storage will have investment value in the real world, this value is generated by the system are widely distributed in a decentralized and distributed data protection to realize. This information then security against various threats.
Although this is just a proposal, the idea of Permacoins may allow us to get a glimpse of the future development direction of digital currency, and how to make contributions to the real world.