Chia Network
Green money for a digital world
Full story available at https://coinsolidation.io/reviews/chia-network/
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.
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
- …
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
Ryan Singer, Co-founder at Chia Network
Ali Shadle, Director Of Operations at Chia Network
Mariano Sorgente, Software Engineer at Chia Network
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 lead by Brad Cohen, 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.
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