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Chia Fundamental Analysis
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.
Chia Live Price Chart
Chia enabled trading on May 3, 2021, which saw the currency off to a great start, surging to the all-time high of ~$1934. Later the price floundered a little, but still, Chia enjoyed high prices through most of the first half of May, especially towards mid-month – probably in the aftermath of Elon Musk’s remarks about the Bitcoin’s energy consumption, thanks to Chia’s clever positioning as a green alternative to Bitcoin. Despite reaching such great heights (more than $1600 on May 15), later Chia prices plummeted to the lows in the $600 - $700 range in a matter of days, which might have been caused by the news of the hard drive shortages caused by farming, together with the initial wave of interest subsiding. That being said, in the middle of June 2021, Chia’s price began to consolidate, mostly trading between $350 and $450, which may indicate that an uptrend is coming soon. Together with the Chia team’s ambitions, such as doing an IPO in the near future, this makes Chia the one to watch.
Chia Technical Analysis
Chia Price Prediction
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