Fasten your seatbelts: Here comes Chia – from Mining to Farming
A new blockchain and smart transaction platform that is easier to use, more efficient, and secure.
Chia Network develops a blockchain and smart transaction platform created by the inventor of BitTorrent, Bram Cohen. It implements the first new Nakamoto consensus algorithm since Bitcoin in 2008. Proofs of Space and Time replace energy intensive “proofs of work.”
The Chia blockchain and consensus algorithm aims to provide a more environmentally friendly, decentralized, and secure alternative to proof of work or proof of stake, while maintaining some of the key properties that make Nakamoto consensus desirable. The full description of the algorithm can be reviewed in the Chia Network Green Paper.
Mining was yesterday now Farming
Chia mining is known as farming. If you want to get involved, you should have a larger amount of storage space on HDD or SDD – plus a generous amount of RAM.
The network rewards users based on the storage space they make available. The more space you offer, the greater the likelihood and amount of a reward from the network when a new block is generated for the blockchain. Writing and reading times also play a role. The system is based on the idea that data carriers are much more accessible to users than graphics cards, for example.
It works like this: investors need to plot a minimal file size of 101 gigabyte (GB) by using a hard drive, ideally a solid-state drive (SSD), to read and write about 2 terabyte of data and then save the file’s final directory at a normal hard disk drive (HDD); after that, a plot is created and can then be used to farm XCH.
The Chia transactions were activated yesterday Monday at 7:00 p.m. Chia can now be bought and sold. At the moment there are only a few exchanges like OKEx that offer the Chiacoin XCH for trading.
Want to know more about Chia? https://Chia.net
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