Chia Network is a blockchain startup founded in August 2017 to create a better blockchain and smart transaction platform. It was built by the Chia Core team to improve the global financial and payment systems; Chia is the world's first enterprise-grade digital money.
It also has crypto called Chia, as well as the ticker symbol XCH. You can start mining Chia(XCH) using hard disk storage space rather than processing power, as with Proof of Work cryptocurrencies such as Bitcoin. Chia is the first newly introduced Nakamoto consensus algorithm since Bitcoin.
Who is the core team behind Chia Network (XCH)?
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 Chia blockchain has an active open-source developer community that has made numerous contributions to the codebase. Many people contribute to the Chia blockchain in research, peer reviews, development, testing, documentation, and translation.
What is the blockchain programming language used in Chia Network (XCH)?
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.
Chialisp is powerful, easy to audit, and secure because it uses LISP-like language to encumber and release funds with smart contract capabilities.
Why is Chia (XCH) called the greenest cryptocurrency?
Chia touts its decentralized blockchain and smart transaction platform as more energy-efficient than competing systems. The mainnet launched on March 17 and began enabling transactions on May 3.
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. It consumes less energy and is less expensive.
Proof of Work
POW (Proof-of-work) is the protocol used by the Bitcoin network. It involves data that necessitates a significant investment in resources and must meet certain requirements.
Bitcoin uses the SHA256 proof-of-work function, originally designed to keep spam emails out of people's inboxes. This entails miners (computers that run the network and "mine" new Bitcoin) solving computational puzzles, each with a unique solution, and the first person to complete it wins the prize.
This necessitates the purchase of costly equipment and consumes a large number of computing resources. When a miner receives new Bitcoin, it shows that they have invested resources in it and are not simply producing it for the sake of producing it. Proof of Work is both expensive and energy-intensive.
Proof of Space and Time
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.
Is Chia Network (XCH) better than other cryptocurrencies?
Compared to other cryptocurrencies, Chia has significantly better security due to its more decentralized blockchain. Chialisp is Chia's new smart transaction programming language that is powerful, easy to audit, and secure and will unlock the security, transparency, and ease of use that cryptocurrencies promise.
Chia is also adopting more modern cryptographic tools to enable richer smart transaction capabilities. Chia is taking a new and superior approach to funding, building, and supporting a blockchain via an eventually public, for-profit, open-source development company that holds a pre-farm. Chia will use its pre-farm (Strategic Reserve) to ease the coin's volatility to mitigate bubbles and crashes and drive Chia's adoption.
Who funded Chia Network?
Chia Network has raised $61 million last May 2021. The proceeds from the financing will accelerate Chia Network’s mission to operate a more energy-efficient, secure, and user-friendly payment system for governments, financial institutions, corporations, and consumers worldwide.
The Company is funded by leading venture capitalists, including Richmond Global Ventures, Andreessen Horowitz, Slow Ventures, True Ventures, Naval Ravikant, Galaxy Digital, Greylock, Cygni Capital, Breyer Capital, MetaStable, Stillmark, DCM, Collab+Currency, DHVC, and others.
The Company’s Advisors include Dr. Dan Boneh, Research Partner at Andreessen Horowitz and Applied Cryptography Professor at Stanford University; and Dr. Krzysztof Pietrzak, Cryptography Professor of IST Austria; and Katie Haun, General Partner at Andreessen Horowitz.
How much is 1 Chia worth in US dollars?
1 Chia (XCH) is currently worth $183.23 at the time of writing, with a market cap of $220,663,218 and an estimated trading volume of $35,040,142. It also ranked #159 in the market cap category, with a market cap dominance of 0.02 percent.
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.
Are you planning to buy Chia (XCH)?
Investors, Traders, and Crypto Holders can purchase Chia (XCH) at the following crypto exchanges: