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What is Chia (XCH)?
Chia —— The First Enterprise-Grade Digital Money
- Chia was incorporated in August of 2017 by Bram Cohen, the best network protocol engineer alive and the inventor of BitTorrent aiming to develop an improved blockchain and smart transaction platform.
- The team built the Chia Network to improve the global financial and payments systems. Chia is the first enterprise-grade digital money.
- Chia is using the first new Nakamoto consensus algorithm since Bitcoin. Called Proof of Space and Time. Proofs of Space and Time replace energy intensive “proofs of work” by utilizing unused disk space.
- Chialisp is Chia’s new smart transaction programming language that is powerful, easy to audit, and secure. Reference smart transactions currently available are: atomic swaps, authorized payees, recoverable wallets, multisig wallets, and rate-limited wallets.
- XCH is Chia's currency symbol, which is the mining token.
Chia Key Metrics
| Recent Price | $765.68 |
|---|---|
Market Cap | $16,473,339,331.10 |
Circulating Supply | No Data |
Total Supply | 21.514.760 XCH |
Max Supply | 84,048,000 XCH |
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About Chia
Chia was incorporated in August of 2017 to develop an improved blockchain and smart transaction platform. The team built the Chia Network to improve the global financial and payments systems. Chia is the first enterprise-grade digital money which is using the first new Nakamoto consensus algorithm since Bitcoin. Called Proof of Space and Time, it was created by Bram Cohen, the best network protocol engineer alive and the inventor of BitTorrent. Chia has a newly developed, innovative blockchain programming language called Chialisp, which is powerful, easy to audit, and secure. Chialisp is a superior on-chain smart transaction development environment that will unlock the security, transparency, and ease of use that cryptocurrencies promise. Reference smart transactions currently available are: atomic swaps, authorized payees, recoverable wallets, multisig wallets, and rate-limited wallets.
Chia Network supports the development and deployment of the Chia blockchain globally. Chia Network supports chia developers and supports the enterprise use of chia with software support and chia lending.
Chia Team
Chia Network was founded by the creator of BitTorrent, Bram Cohen. It also includes executive leadership from the former founder and CEO of eMusic.com and Vindicia, Gene Hoffman and the former acting-CEO of Overstock.com, Mitch Edwards. The Chia blockchain has an active open-source developer community with many contributions to the codebase. Many individuals contribute towards the blockchain in areas which include research, peer reviews, development, testing, documentation, and translation.
Chia Technical Features
Chia is using the first new Nakamoto consensus algorithm since Bitcoin. Called Proof of Space and Time, it was created by Bram Cohen.
Proof of Space is a cryptographic technique where provers show that they allocate unused hard drive space for storage space. In order to be used as a consensus method, Proof of Space must be tied to Proof of Time. PoT ensures that block times have consistency in the time between them and increases the overall security of the blockchain.
- Proof of space can be thought of as a way to prove that you are keeping some storage unused on your hard-disk drive. Users of the Chia blockchain will “seed” unused space on their hard-disk drive by installing software which stores a collection of cryptographic numbers on the disk into “plots.” These users are called “farmers.” When the blockchain broadcasts a challenge for the next block, farmers can scan their plots to see if they have the hash that is closest to the challenge. A farmer’s probability of winning a block is the percentage of the total space that a farmer has compared to the entire network.
- Proof of time requires a small period of time to pass between blocks. Proof of time is implemented by a Verifiable Delay Function that takes a certain amount of time to compute, but is very fast to verify. The key idea of a VDF is that they require sequential computation, and since having many parallel machines does not yield any benefit, electricity waste is minimized. There will likely be relatively few VDF servers (“Timelords”), as the fastest one will always finish first and it takes only one fast and fair Timelord on the network to complete a block and move the chain forward.
