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Chia Network - Green money for a digital world! Proof of Space and Proof of Time. Great oportunity! (SSD,HDD mining)

Chia Network Inc. (“Chia"), a new energy efficient decentralized blockchain created by Bram Cohen (the inventor of BitTorrent), launches its revolutionary digital currency, chia. The green digital currency, chia (as “XCH”), is expected to gain widespread digital exchange listing, and rapid worldwide adoption in the financial, corporate, commercial, and governmental sectors. Founded in 2017 in the U.S. with a global workforce, Chia Network’s protocol seeks to become an alternative to traditional financial networks. It strives to provide a secure, energy-efficient network for modern finance and payments.
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Chia is green money

XCH is Chia Network's native digital currency. Chia is created as a reward to chia “farmers” (the analogue to Bitcoin’s or Ethereum’s “miners”). The protocol uses an improved and simplified implementation of Bitcoin’s unspent transaction output (UTXO) model. These simplifications actually increase the flexibility and programmability of coins. Chia farming rewards 2 XCH per block for the first three years as the incentive mechanism that supports its new Nakamoto consensus. “The first chia transaction is an exciting milestone which furthers our long term mission to provide environmentally sustainable financial freedom. I am incredibly proud of our team and our reinvention of Bitcoin’s approach to the ‘everything is a coin’ model. We will continue to enhance the features of Chia and Chialisp in the areas of coloured coins, digital identity wallets, and NFT (non fungible token) support. This is just the beginning of our journey to become the core of a new financial architecture," shared Bram Cohen.

Chia is a blockchain based on proofs of space and time to make a cryptocurrency which is less wasteful, more decentralized, and more secure.

The traditional Bitcoin Proof of work (PoW) system requires a great deal of work from the miners to verify transactions and to add them to the blockchain. The amount of resources that are used for PoW mining raised the question if these resources can be used in a better and more useful way. The number of projects trying to solve this problem are emerging in recent months.

Protocol — Proof of Space and Proof of Time

Instead of traditional systems like Pow or PoS, Chia will be build as blockchain based on Proofs of Space and Proofs of Time. Miners, or “farmers”as they are called in Chia network, will use proof of space, co-ordinated with another consensus algorithm, proof of time, to mitigate known attacks on previous proof of space based blockchains.

A Proof of Space demonstrates that an amount of vacant disk space is allocated to a task by answering queries at low latency and amortised costs. A hard disk will have empty space filled with randomly generated proofs. Farming (Chia’s form of mining) works by taking a snapshot (seeding) of the storage available on your hard drive(s). Based on the storage as a percentage of storage available on the network, you will be given lottery type payouts for the amount you are willing to farm.

Chia will support Lightning Network out of the box in addition to its blockchain, so payment speed will depend on whether there is an available lightning path. Bram Cohen is Lightning Labs advisor and word is that Elizabeth Stark (CEO and Co-founder of Lightning Labs) suggested that Bram and Ryan Singer start a Chia company together. Elizabeth is also a founding advisor of Chia.

Chia tokens

All the Chia tokens will be premined on mainnet launch and their total number will not be finite. The coins in circulation will continues to increase at the fixed rate of annual mining but the proportion of coins minted each year perpetually goes down as a percentage of the total coins in existence. It will take approximately 153 years for the amount of Chia to double after network launch.

Chia tokens will be used as a digital currency.

Funding

Initial seed funding round took place in Q1 2018. and raised a $3.4 million by AngelList’s Naval Ravikant and joined by Andreessen Horowitz, Greylock and more.

Greenpaper (whitepaper)

Chia will not have a traditional whitepaper according to Bram Cohen. They will rather have a serie of technical papers published across different refereed journals.

List of published Chia papers:

Beyond Hellman’s Time-Memory Trade-Offs with Applications to Proofs of Space
A better Bitcoin — Chia network
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Team

While Chia is still expanding and actively hiring more people, the current team consists of 10 people, 6 of which are developers and 4 members are on the business side.

Bram Cohen, Founder and CEO at Chia Network

Bram Cohen | LinkedIn

Ryan Singer, Co-founder at Chia Network

Ryan Singer - Co-Founder, President - Chia Network | LinkedIn

Ali Shadle, Director Of Operations at Chia Network

Ali Shadle - Director of Operations + Corporate Secretary - Chia Network | LinkedIn

Mariano Sorgente, Software Engineer at Chia Network

Mariano Sorgente - Software Engineer - Chia Network | LinkedIn

Elizabeth Stark, the founding advisor of Chia network, CEO and Co-founder of Lightning Labs

Social media :

Webpage: https://chia.net/

Twitter: https://twitter.com/ChiaNetworkInc

Verdict

The project is trying to make a more energy efficient, environment friendlier and more decentralized digital currency. PoW system will be replaced by PoSpace with additional PoTime to mitigate previous security issues with earlier PoSspace systems.

Bram Cohen is a true star of this project, a P2P pioneer and BitTorrent creator, active contributor of the bitcoin development community and advisor of the Lighting labs. Chia is still hiring the people and we are yet to see the first results. It is too bold to think that Chia will replace Bitcoin, but a cheaper and more energy effective digital currency may find its use. If the company plan goes through, company listings on stock exchange and dividends paid through Chia tokens may form the bridge between traditional stock markets and crypto world.

Get involved friends as soon as possible! Green revolution is coming:)