What Is Chia?
Chia (XCH) is a coin circulating on Chia Network – a radically new blockchain platform created by BitTorrent's inventor Bram Cohen. Chia is governed by Chia Network Inc., a company with a plan to go public and an ambitious goal to make Chia an “enterprise-grade digital money”. Chia Network is a so-called Level 1 solution, like Bitcoin or Ethereum, since it doesn’t utilize the existing infrastructure and the whole network is built from scratch, including Chialisp – a smart transaction programming language. The main feature making Chia different is the new consensus protocol called Proof of Space and Time. It demands that the network’s participants either use the empty space on their hard drives for farming (as it’s called, instead of Chia mining) or solve more computationally-intensive puzzles (for “time”). Farmers can join the network with as little as 100 Gb of space. This makes Chia farming a lot more accessible for the average person than Bitcoin or Ethereum mining, which demands using special equipment and carries massive energy costs. Very low energy usage is another advantage of Chia, which prides itself on being green.
Chia hasn’t had an ICO and instead was pre-farmed for a while before its mainnet’s launch in 2021, after which its transfers became available. There is no cap on the total amount of Chia, but it’s expected to undergo halvings every 3 years.
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