Chia Network (XCH) Price
1 Chia (XCH) price is currently worth $192.08 at the time of writing, with a market cap of $239,754,346 and an estimated trading volume of $31,223,891. It's also ranked #159 in the market cap category, with a market cap dominance of 0.02 percent within the entire cryptocurrency markett.
Chia entered the crypto market on May 4, 2021, for $670.44 per 1 Chia (XCH) and reached an all-time high of $1,645.12 per 1 Chia (XCH) on May 15, 2021, before falling to an all-time low of $162.89 per 1 Chia (XCH) on July 20, 2021.
Chia Network has a cryptocurrency called Chia (XCH) and its available at various trusted exchanges:
- Houbi Global with a ticker pair symbol of XCH/USDT
- XT.COM with a ticker pair symbol of XCH/USDT
- Gate.io with a ticker pair symbol of XCH/USDT
- OKEx with a ticker pair symbol of XCH/USDT
- HitBTC with a ticker pair symbol of XCH/USDT
About Chia Network
Bram Cohen, the inventor of BitTorrent, founded the Chia Network. Chia Network creates a better blockchain and smart transaction platform. It also aims to improve the global financial and payments systems and it was the first enterprise-grade digital money. Chia is using the first new Nakamoto consensus algorithm since Bitcoin. Called Proof of Space and Time.
Chia Network is a San Francisco Based Company that was valued at around $500 million in the funding round with the participation of Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Naval Ravikant, Collab+Currency, and DHVC.
Chia network doubles its evaluation after raising $61 million from investors including Richmond Global Ventures and Adressen Horowitz.
What makes Chia different
Chia is using Chialisp, a new smart transaction programming language that is powerful, easy to audit, and secure. It will unlock the security, transparency, and ease of use that cryptocurrencies promise because it uses LISP-like language to encumber and release funds with smart contract capabilities.
Richmond Global Ventures managing partner David Frazee said the Chia coin is auditable, secure, and regulatorily compliant, making it user-friendly for monetary authorities and multinationals.
Chia has a new innovative Nakamoto consensus algorithm that removes the energy demands of Proof of Work from the system. Compared to other cryptocurrencies, Chia has significantly better security due to its more decentralized blockchain. You may also comment or review the Chia Consensus Document.
Uses Proof of space and time
Chia uses proof of space and time, whereas Bitcoin uses proof of work. Chia mining does not necessitate high-end processors or a large amount of energy; instead, hard drives are required to mine chia cryptocurrency which utilizes unused storage on almost any computer as a "plot" and refers to this process as "Farming."
The Chia model is based on proof of space, in which the user allocates a specific amount of storage space on their computers, and the software assigns a unique number to each section of that space. When the currency network needs to validate a new transaction, it chooses one of these unique numbers at random, and the computer associated with that segment validates the transaction. The idea is that instead of using computing power in a race, a lottery system is used.
In terms of power consumption, the model made Chia greener than proof-of-work systems and more accessible, as most users have unused storage space on their devices. So It consumes less energy-intensive and is less expensive compared to buying powerful CPUs or GPUs.