Chia is using its own blockchain named: Chia Network. Chia Network is a blockchain startup founded in August 2017 and The Mainnet Launched on March 17, 2021, to create a decentralized blockchain and smart transaction platform. Chia Network was created by Bram Cohen, the inventor of BitTorrent. It also includes executive leadership from Gene Hoffman, the former founder and CEO of eMusic.com and Vindicia, and Mitch Edwards, the former acting CEO of Overstock.
The Chia blockchain was built to improve the global financial and payment systems; Chia is the world's first enterprise-grade digital money. It aims to operate an eco-friendly, more secure, and user-friendly payment system for cross-border payments, issuing financial assets, lending, escrow payments, institutional custody, and distributed identity.
Chialisp is Chia’s new on-chain programming language that is powerful, easy to audit, and secure. It will make cryptocurrency easier to use than cash. Reference smart transactions currently available are: Atomic swaps, Authorized payees, Coloured coins, rate-limited wallets, and distributed identity wallets.
Chia Blockchain has Digital Currency
Chia Network has a digital currency called Chia, as well as the ticker symbol XCH. Chia’s new innovative Nakamoto consensus algorithm removes the energy demands of Proof of Work from the system. It uses a hard disk drive (HDDs) or solid-state drives(SSD) unused storage space, making it energy efficient and operates on high-speed storage instead of power-hungry graphics cards.
Farming Chia in the Blockchain
Chia coins can be made in two ways:
• Farming rewards for farmers.
• Result of a transaction.
Chia Farmers are currently rewarded with a fixed amount of 2 XCH per block, with 16 blocks expected every 5 minutes. Every three years, the coin base reward amount is halved. The fees coin amount varies because it includes a base amount and the sum of all transaction fees for the block.
Farming Chia (XCH) is done by using unused storage space on a hard disk drive (HDD) or solid-state drive (SSD). However, unlike bitcoin miners, which require a powerful processor such as a GPU or CPU, Chia Blockchain only requires a large amount of computer storage space to have "create plots" and disk space on your computer or laptop to put other disks and win a block while chia farming.
Chia uses Proof of space and time consensus protocol that removes the energy demands of Proof of Work from the system and uses some free storage space on your hard drive. As a result, less energy will be consumed than in bitcoin, which consumes a significant amount of energy.