Is Chia Network (XCH) Legit

We can say that Chia is legit because it was developed to improve the blockchain and smart transaction platform, and it was built using Chialisp. This new smart transaction programming language is powerful, easy to audit, and secure. Chia uses PoST to ensure that block times have consistency between them and increases the overall security to call the blockchain.

Chia has an official website to let you check their FAQ, Green Paper, Download Chia Software, and many more. Chia Network has a cryptocurrency called Chia (XCH) and its available at various trusted exchanges:

  • OKEx  with a ticker pair symbol of XCH/USDT
  • 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
  • HitBTC with a ticker pair symbol of XCH/USDT

Factors that make Chia Network legit

Chia has Network Strategy

Chia Network is the first for-profit company to manage a pre-farm and plans to be the first publicly tradable “near exchange-traded fund” cryptocurrency. Chia Network believes that as Redhat and MySQL AB were required to drive corporate adoption of Linux and MySQL, Chia Network will be the source for support and training as sovereigns, financial institutions, and corporations consider using cryptocurrency daily.

Chia Network will leverage the storage ecosystem to drive adoption among corporations and end-users, as harddrive manufacturers and storage server vendors are likely to bundle space farming into their offerings.

For more details about the strategy and approach, you may read the Business White Paper.

Open-source Farming

Chia Network is an open-source blockchain technology that allows anyone to create a new wallet with no intervention from the Chia Network. Gene Hoffman told that “Unlike most projects, coin ownership has nothing to do with the protocol – this is not Proof of Stake, and the chart of coin ownership percentages in the Whitepaper is a worst-case scenario, as we expect to use shareholder distribution to migrate XCH out to a broad public shareholder base.”

This means that the public should have more XCH than the company much sooner than 21 years and that the token is not a critical component of the consensus model in any case.

Chia Network has a digital currency Chia (XCH); rather than processing power, you can farm Chia (XCH) using unused storage space on a hard disk drive (HDD) or solid-state drive (SSD).

However, unlike bitcoin miners, which requires a powerful processor such as a GPU or CPU, Chia Blockchain only requires a large amount of computer storage space to have a "number of plots" and disk space on your computer or laptop to put other disks and win a block while chia farming. There is 21 million chia (XCH) reserved for pre-farming. You can use the Chia Farming Calculator to determine whether or not you will be profitable.

Chia Total Supply and Market Capitalization

XCHscan has a table and pie chart showing Chia’s distribution from block and uncle block mining rewards to arrive at the current total Chia supply. The price of Chia (XCH) in USD is also shown in the table. It calculates the market capitalization using both the total supply of Chia and the current price in USD, as shown in the pie chart.

Currently, Chia has a Total Supply of 22,247,977.31 XCH and a Market Capitalization of $233,152,405.1. Breakdowns by supply type:

  • Genesis(Pre-farm) 21,000,000 XCH at Percentage of 94.39 %
  • Block rewards: 1,247,977.31 XCH at Percentage of 5.61%

Chia, an eco-friendly crypto

Bitcoin, the first cryptocurrency, has a problem: it consumes enormous amounts of electricity, emitting as much carbon dioxide as a medium-sized country, which is not good. Chia, a new environmentally-friendly cryptocurrency that uses less electricity, aims to avoid this environmental issue. But how? Because Chia uses Proof of space can be thought of to prove that you have some unused storage space on your hard disk drive. As a result, less energy will be consumed than bitcoin, which consumes a large amount of electricity.

Company Background

Bram Cohen, the inventor of BitTorrent, founded the Chia Network. 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.com. The Company went Public earlier this Q2 2021 to hold an Initial public offering(IPO) to the investors to get the Chia (XCH) without buying a digital asset.

Numerous investors contribute to the legitimacy of Chia Network. Naval Ravikant, the co-founder of AngelList and one of Chia's early backers, told Coindesk via email, "I backed Chia because I've known Bram for a long time, and he is one of the greatest living protocol designers (BitTorrent), right up there with Satoshi and Vitalik."

Chia Network has social media accounts where you can contact them at any time to keep yourself updated :

GitHub: @Chia-Network

Twitter: @chia_project

Facebook: @ChiaProject

Instagram: @chia_projectMedium: @chia.net