 | Chia Network (CHIA) |
BWGreen money for a digital world. We’re building a blockchain based on proofs of space and time to make a cryptocurrency that is less wasteful, more decentralized, and more secure.
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What is Chia Network
Chia Network is a decentralized open source global blockchain which is less wasteful, more decentralized, and more secure than Bitcoin. It is inspired and similar to the Bitcoin blockchain, but in Chia, the resource is not computing power, but disk space. To achieve this, the “proofs of work” used in Bitcoin are replaced by “proofs of space”, so disk-space becomes the main resource and proofs of time to come to a decentralized “Nakamoto-style” consensus that validates transactions.
What is Chia?
Chia is the first enterprise-grade digital money. We are building the Chia Network to improve the global financial and payments systems. Chia is using a new consensus algorithm for a new blockchain called Proof Of Space and Time being created by Bram Cohen, the best network protocol engineer alive and creator of BitTorrent.
Why is Chia better?
Compared to other cryptocurrencies, Chia is vastly less resource intensive and will have improved security due to it’s far more decentralized blockchain. Chia is adopting more modern cryptographic tools to enable richer smart transaction capabilities. Additionally, Chia will use it’s strategic reserve to ease volatility of the coin.
What is Proof of Space and Time?
Proof of Space is a cryptographic technique where provers show that they allocated unused hard drive space. In order to be used as a consensus method, Proof of Space is tied to Proof of Time. This ensures that block times have regular times between them, and increases the overall security of the blockchain. Farming rewards via Proof of Space are directly proportional to the amount of space you have in the Network.
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” Chia is not planning an ICO. Instead, our goal is to take the company public on American markets before we launch the network. This way, shareholders can share risk and return with management with transparency and disclosure. The Chia digital money is meant to be a useful payment instrument and not an investment opportunity. Chia intends to complete a fully compliant SEC registered IPO and will come to market as market-timing is amenable.”