Thirteen years after Satoshi Nakamoto’s whitepaper was released, the world has learned much from the Bitcoin experiment. Research progress in cryptography has also advanced. Chia has set out to harness this experience and stand on the shoulders of giants like Merkle, Rivest, Hellman, Finney, Wuille, Boneh, and others to apply new cryptography, some of which Chia helped invent and refine, to create the next chapter of the journey that Bitcoin started.
Chia is a cryptocurrency and blockchain with smart contract capabilities. It was designed from the ground up to make cryptocurrency easier to use (and harder to lose) than cash. Its mainnet was launched on March 19, 2021, and the development of its ecosystem is ongoing, with primitives released for CATs, NFTs, Offers, and DIDs. Chia is the first new Nakamoto consensus since Bitcoin and utilizes many of Satoshi’s previously unarticulated insights like the fact that natural log governs key blockchain constants related to work difficulty resets. Its new Nakamoto consensus, Proof of Space and Time, is vastly more energy efficient than Proof of Work.
Chia is designed to improve on Proof of Work-based blockchains with a new Nakamoto consensus algorithm called Proof of Space and Time. Instead of consuming massive amounts of electricity and wasteful single-purpose ASIC hardware to validate transactions, Proof of Space leverages the over-provisioned exabytes (EB) of disk space that already exist in the world today.
They are extending average hard drive lifetimes by giving them a second life after the datacenter. In partnership with the storage industry, they are moving the entire storage market to a circular economy of drive recycling.
Chia Network’s blockchain relies upon a new Nakamoto consensus algorithm called Proof of Space and Time. These new methods do not consume the significant amounts of electricity and single-purpose hardware that Proof of Work requires. Chia Network’s blockchain (and chia coin) is a “green,” eco-friendly alternative to Proof of Work. Unused storage space is a widely distributed, ASIC-resistant, and over-provisioned commodity.
Chia farming has already become more decentralized than Proof of Work or Proof of Stake and significantly less energy and resource intensive. At the peak, there were approximately 700,000 full nodes and as of October 15, 2021, there were approximately 200,000 – 300,000 full nodes active on the blockchain using about one-three-hundredth of the electricity that Bitcoin’s Proof of Work currently consumes annually.
Who are the founders of Chia network (XCH)?
Bram Cohen is the Director, Chairman, Chief Executive Officer, and Founder of Chia Network. Mr. Cohen is the inventor of BitTorrent, which is the most used protocol for peer-to-peer file sharing over the internet, and is often accused of being Satoshi Nakamoto – a claim he denies.
Misha Graboi is the Chief Financial Officer. Before Chia, Misha Graboi was CEO of Delta-V Global Management, a consultancy focused on asset management firms.
What is Chia network (XCH) used for?
Build
They are already investing in and supporting developers of all shapes and sizes as they build on top of the base layer blockchain to create the next generation of applications.
Purchase physical products
Someday people might buy coffee in San Francisco with chia.
Develop transfer mechanism
Banks and payment networks will be able to create funds transfer mechanisms that are secure, fast, and not reliant on any third party – including Chia Network. Also, Chialisp, the smart transaction platform, will let them place the restrictions and controls they need on their transactions or Chia Asset Tokens (CATs) issued assets while letting the underlying value be secured by, and transferable over, a decentralized global network of programmable digital money.
Trade
Chia digital money (XCH) is more tradeable and compliant across all markets as XCH is a commodity and not an illegal unregistered security in the United States.
Cross-border transactions
Chia network thinks banks, government, and DeFi collective will use it to build new financial technologies, solve cross-border payments, and invent a new future that doesn’t require trusting the layers of middlemen. They explicitly aim to disintermediate SWIFT, DTCC, and services like Western Union.
How is Chia network (XCH) unique?
Chia is doubling down on Bitcoin and adopting and helping Bitcoin adopt new technologies like bech32m, graftroot, and taproot. Its transaction rates and block sizes are effectively more than double Bitcoin’s, based simply on more modern engineering and its coins use a refined version of Bitcoin’s unspent transaction outputs (UTXO) model called the Coin model.
Chia is creatively tackling the important challenges to the broad adoption of digital money and public blockchains globally; including a unique plan to leverage the corporate, and later public company form, to build public buy-in, and more importantly trust, in this new internet of markets through transparency, control, and regulatory compliance.
They are committed to having governments, multilateral organizations, enterprises, and other entities reap the efficiencies and benefits of using Chia through technological advancements and scaling global open-source software support business, following in the footsteps of pioneers RedHat and MySQL.
Chia Network was formed to drive the adoption of the Chia blockchain and digital money and to provide controls, trust, and transparency in how they use their resources for that purpose. Chia Network intends to sell software services and support for its open-source blockchain and smart transaction software to governments, financial institutions, corporations, and large buyers and sellers of storage.
They also foster the grassroots development of DeFi, DEX, cross-border payments, and new end-user wallet innovations to accelerate the development of applications only made possible through secure, decentralized programmable money as their tools allow developers to create user-friendly applications and wallets.
How many Chia network coins (XCH) are in circulation?
The Company created 21 million chia at the mainnet launch (Chia Network’s Strategic Reserve or pre-farm) and considers them part of the pro-formal balance sheet.
How is the Chia network secured?
Chia network is already the most decentralized blockchain by node count ever and believes its blockchain and smart coin platform offer advantages over existing competing platforms. Its blockchain is more open and accessible than existing financial institutions, much more energy efficient than Proof of Work blockchains, better designed for secure smart financial transactions than Ethereum, and more decentralized than Proof of Work and Proof of Stake (POS) chains.
Chia network support of the development and commercialization of Verifiable Delay Functions (VDFs) is a source of potential solutions to some Proof of Stake problems highlighted by projects like Ethereum 2’s initial adoption of an RSA-based VDF. VDFs create a source of randomness to mitigate attacks where a validator can influence their election to validate.
How do I buy Chia network (XCH)?
The XCH token can be used for a wide range of purposes, like staking and governance.
XCH tokens can be easily purchased by following the following steps.
Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy XCH through your trading account by swapping with BTC, ETH, or USDT pairs.
Which Cryptocurrency Wallet Supports Chia network (XCH)?
The PTPWallet platform supports many cryptocurrencies, with XCH soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.
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