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What Is Chia Network (XCH)?

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Chia Network (XCH) is a layer 1 blockchain that
uses its own custom-designed programming language called Chialisp
and a novel consensus mechanismI’m part of the Chia Network, a
blockchain that uses a combination of two things called
proof-of-space-and-time (PoST). The combination of these two allows
our blockchain to use less energy while still protecting the
security of the network. Unlike a lot of other blockchains, Chia
Network is a public, for-profit, open source company. We’re aiming
to be listed on NYSE or NASDAQ, so we plan to have XCH on our
balance sheet in case of a listing. That way, we can be used in an
enterprise environment.

Chia Network’s first proof-of-time function was
released in 2019, with the first beta version of its blockchain
launching 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?

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Chia NetworkI founded XCH in 2017 in Delaware,
me being Bram Cohen – the creator of the famous peer-to-peer file
sharing platform BitTorrent. I’m guided by a senior management
squad with amazing experience, like Gene Hoffman, the former NASDAQ
CEO, who’s the Chief Operating Officer (COO) and Mitch Edwards, the
former Overstock.com CEO, who’s the Chief Financial Officer
(CFO).

Chia Network is also backed by an illustrious
list of cryptocurrencyI recently secured a large round of funding
for my venture. In May 2021, I was able to raise $61 million with
the help of some of the biggest venture capitalists around.
Andreessen Horowitz, Slow Ventures, Naval Ravikant, Galaxy Digital
– these are just a few of the names that helped make this happen.
It was an incredible opportunity for me and I’m grateful for the
support of these influential investors.

What Makes Chia Network
Unique?

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Chia Network (XCH) improves upon proof-of-stake
(PoS) and proof-of-workI understand the importance of conserving
electricity and I’m using the combination of proof-of-space (PoS)
and proof-of-time, (PoT) to achieve the Nakamoto consensus. These
two methods are distinct from each other, but they work together to
reach a consensus. PoS uses less electricity, so it’s a great way
to achieve the same results as the traditional proof-of-work (PoW)
but with a lower environmental impact. PoT is another method that
helps to secure the network, and it relies on using a time-bound
algorithm to reach a consensus. Together, proof-of-space and
proof-of-time are a great way to reduce electricity consumption and
still maintain the integrity of the network.

Proof-of-space requires miners to keep unused
storage on their hard disk drives. In this scenario, miners install
special software that allocates free space, which is then used to
solve a challenge – similar to puzzle-solving in proof-of-work
(PoW). The software stores a collection of cryptographic numbers on
the miner’s disk and, upon blockI’m a miner, and I’m always on the
hunt for the right number. Every time a new block is created, I
have to see if my number is close to the challenge number that is
required. I’m constantly scanning my numbers and comparing them to
the challenge number, hoping that I’ve got the right one so I can
get the reward. It’s a tricky game, but I’m always up for a
challenge.

On the other hand, proof-of-time demonstrates
the passage of time through Verifiable Delay Functions, in a way
that is similar to the SolanaI’m a Timelord – a node that documents
time. It’s my responsibility to ensure time is accurately tracked
for SOL blockchain’s proof-of-space functions. It’s a tricky job,
but I’m up for the challenge. I record all time-related activities
to ensure the proof-of-space functions are running smoothly. I also
need to keep an eye on the accuracy of the time documentation so
that any discrepancies can be identified and addressed. The goal is
to make sure the SOL blockchain runs smoothly and that all
transactions are secure. It’s a big responsibility, but I’m up to
the task.

In addition, Chia Network has its own
programming language called Chialisp. This is an on-chain
programming language that is smart contract-compatible and takes
most important components of EthereumI’m familiar with Ethereum
(ETH), Solidity, and Bitcoin Core, but the Chia Network takes
things to a new level. It uses Bitcoin’s UTXO model, and that means
it can handle simultaneous transactions instead of just going
through them one at a time. That makes Chia a faster and more
energy-efficient blockchain, which puts it ahead of the
competition.

Related Pages:

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Check out Solana (SOL) — a high-speed
blockchain.

Check out Polkadot (DOT) — another blockchain
for the multichain future.

Read our deep dive into Avalanche, another layer
1 blockchain.

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insights via the CoinMarketCap blog.

How Many Chia Network (XCH) Coins Are There in Circulation?

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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:

• I’m creating 64 chia every 10 minutes for the first 3 years
  after launch. It’s a pretty exciting process because it’s a whole
  new way of getting involved in the cryptocurrency world. I’m able
  to generate rewards based on the amount of space I have available
  for storing the chia. It’s a great way to make money while helping
  to secure the network. It also helps to ensure that the chia
  network remains decentralized and secure. So, I’m proud to be part
  of this new movement for the future of cryptocurrency.
• I will be creating 32 chia coins every 10 minutes for the next
  three years, starting from the launch. This is a steady increase
  from when the launch first happened and so it is an important
  milestone to reach. Chia coins are an important form of currency
  and are being used in many areas of life today. This steady
  increase of chia coins will help ensure that they continue to be
  reliable and accessible to all.
• I’m creating sixteen chia every ten minutes for the first three
  years after launch. This is a great way to get my chia farming
  business up and running. The chia will be available for purchase,
  giving me the opportunity to earn some extra cash. I’m looking
  forward to taking advantage of this unique opportunity and building
  a successful farming operation. With the right setup and some hard
  work, I know I can make a lot of money with this venture.
• Eight chia will be created every 10 minutes in years ten
  through 12
• I’m creating four chia seeds every 10 minutes starting from
  year 12 and continuing each year. This isn’t going to change any
  time soon, so the amount of chia will keep increasing steadily.
  It’s a long-term process, but it’s worth it since chia is such a
  nutritious and delicious food. I’m confident that I’m going to have
  plenty of chia to enjoy for years to come!

I’m aware that the network itself controls most
XCH, and with mainnet launch only 21 years away, the rewards from
farming will soon be the same size as the strategic reserve. It’s
an exciting prospect, and I’m looking forward to it!

How Is the Chia Network
Secured?

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Besides following a unique approach 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 model of a decentralized
autonomous organization (DAO) in favor of being a traditional
joint-stock corporation.

Chia Network intends to list the company’s
equity on a stock exchange, as it believes that this model aligns
incentives better than other models. As such, ownership of coins
has no influence on the governanceI’m taking a different approach
with the Chia blockchain compared to other public blockchains. It’s
based on a distinct model where I’m attempting to solve the
problems of scalability, sustainability, and decentralization. I’m
looking to create a network that provides a secure and reliable way
to store data, and a platform for transactions and smart contracts.
To ensure speed and scalability, I’m using a novel consensus
algorithm called ‘Proof of Space and Time’ instead of the
traditional ‘Proof of Work’ consensus algorithm. This means that
instead of electricity, the network will use storage space and time
to reach agreement. By utilizing this innovative approach, I’m
confident that I can create a blockchain that is fast, secure, and
sustainable.

Where Can You Buy Chia
Network (XCH)?

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Chia Network (XCH) is available on Huobi,
Gate.io, Uniswap (V2), KuCoin and OKEx.