What Is Chia Network (XCH)?
Chia Network ( XCH ) is a layer 1 blockchain that uses its own custom-designed programming linguistic process called Chialisp and a novel consensus mechanism called proof-of-space-and-time ( PoST ). The combination of these two allows the blockchain to use less energy without compromising network security. In contrast to most other blockchains, Chia Network is a public, for-profit, clear source company that aspires to become listed on NYSE or NASDAQ. Its blockchain is aimed at enterprise consumption, which is why Chia Network plans to have XCH on its balance tabloid in case of a list. Chia Network ’ s beginning proof-of-time function was released in 2019, with the first beta version of its blockchain launch in 2020. Chia Network achieved full functionality, including wallet functionality, transactions and smart contracts, with its mainnet launch in 2021 .
Who Are the Founders of Chia Network?
Chia Network ( XCH ) was established in Delaware in 2017 by Bram Cohen, the founder of the popular peer-to-peer charge sharing platform BitTorrent. The project is headed by an know senior management team, including former NASDAQ CEO Gene Hoffman as head operating military officer ( COO ) and former Overstock.com CEO Mitch Edwards as headman fiscal military officer ( CFO ). Chia Network is besides backed by an celebrated number of cryptocurrency -focused venture capitalists. It raised $ 61 million in fund in May 2021 with the engagement of leading VCs that included Andreessen Horowitz, Slow Ventures, Naval Ravikant, Galaxy Digital and others.
What Makes Chia Network Unique?
Chia Network ( XCH ) improves upon proof-of-stake ( PoS ) and proof-of-work ( PoW ) by using a less electricity-intensive consensus mechanism. The network achieves Nakamoto consensus by combining proof-of-space ( PoS ) with proof-of-time, ( PoT ) which both function in distinct manners. Proof-of-space requires miners to keep unused storage on their hard magnetic disk drives. In this scenario, miners install extra software that allocates free space, which is then used to solve a challenge – exchangeable to puzzle-solving in proof-of-work ( PoW ). The software stores a collection of cryptanalytic numbers on the miner ‘s magnetic disk and, upon block creation, a challenge number from the previous block is taken. Miners scan their numbers to check if they have a number close up to the challenge phone number that is required. On the early hired hand, proof-of-time demonstrates the passage of clock through confirmable Delay Functions, in a means that is exchangeable to the Solana ( SOL ) blockchain. The Timelords – nodes that document time – ensure that fourth dimension is correctly documented for solving the proof-of-space functions. In summation, Chia Network has its own programming linguistic process called Chialisp. This is an on-chain program linguistic process that is smart contract-compatible and takes most important components of Ethereum ( ETH ), Solidity, and Bitcoin Core but keeps Bitcoin ‘s UTXO exemplary. Doing so allows for coincident transactions alternatively of consecutive, making Chia Network a flying and more energy-efficient blockchain compared to its rivals .
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Check out Polkadot ( DOT ) — another blockchain for the multichain future. Read our deep prima donna into Avalanche, another layer 1 blockchain. Get the latest crypto news and latest trading insights via the CoinMarketCap web log .
How Many Chia Network (XCH) Coins Are There in Circulation?
The current supply of XCH is 22,582,025. 21 million XCH were pre-farmed to help fund the creation and administration of Chia. According to the Chia Network ( XCH ) whitepaper, farming rewards follow this schedule :
- 64 chia will be created every 10 minutes for the first three years after launch
- 32 chia will be created every 10 minutes in years four through six after launch
- 16 chia will be created every 10 minutes in years seven through nine after launch
- Eight chia will be created every 10 minutes in years ten through 12
- Four chia will be created every 10 minutes for every year after year 12
That means the network itself controls most XCH and merely 21 years from mainnet launching, the agrarian rewards will catch up with the size of the strategic reserve.
How Is the Chia Network Secured?
Besides following a unique access in combining an adapted proof-of-work consensus mechanism with proof-of-time, Chia Network ( XCH ) is governed by a traditional corporate structure. It eschews the crypto-native exemplary of a decentralized autonomous organization ( DAO ) in favor of being a traditional joint-stock pot. Chia Network intends to list the company ‘s equity on a malcolm stock exchange, as it believes that this model aligns incentives better than early models. As such, ownership of coins has no influence on the administration of the Chia blockchain, which is a discrete set about to the model of early public blockchains .
Where Can You Buy Chia Network (XCH)?
Chia Network ( XCH ) is available on Huobi, Gate.io, Uniswap ( V2 ), KuCoin and OKEx .
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