Microsoft (MSFT) Proposes 'Useful' Alternative to Bitcoin

Microsoft is proposing an alternative to Bitcoin.

Engadget observed Wednesday that Microsoft and the University of Maryland have partnered to proposed an alternative virtual currently, Permacoins. The basic idea is that you earn the currency for doing something. When mining for Bitcoin, the miner receives nothing in return unless Bitcoin is found; time and energy are wasted for (potentially) nothing in return.

Permacoin would reward for doing something useful and it's main goal is this: distributed storage of archival data.

The Microsoft Research paper is embedded below for a more detailed look at the idea. Shares of Microsoft are lower in early trading.

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