This consensus algorithm is based on providing proof of storage space. Every node has to provide a valid proof of the capacity in order to submit a block to the network and claim reward. The algorithm makes it impossible for any node to generate capacity proof without having the corresponding storage size, and this proof can be verified by every node that participates in the consensus process. Block is accepted by the network only if both the block data and the proof of capacity are valid.
This new thing will not be enough to end the ongoing halving party of bitcoin markets. Even anything may not be having such power to end this as bitcoin is the pioneer which means people believe into it regardless of whatever technology or revolutions you will be bringing in. I am not saying these just for your new algorithm but there were similar innovations had been introduced here but none of them sustained against bitcoin's evolution.