Chia Network is a blockchain and smart transaction platform. Chialisp is its smart transaction programming language. The blockchain is powered by the Nakamoto-style consensus algorithm since Bitcoin was released in 2008. Proof-of-work (PoW) is replaced by proof-of-space-and-time (PoST) by using disk space. Chia Network supports the global development and deployment of the blockchain, as well as chia developers and the enterprise use of chia by offering software support and chia lending.
Chia Network was established by Bram Cohen, the creator of the BitTorrent network. Its executive leadership also includes the former founder and CEO of eMusic.com and Vindicia, Gene Hoffman. The blockchain possesses an open-source developer community with different contributions to the codebase. Various individuals contribute to the Chia blockchain in areas including research, peer reviews, development, as well as testing, documentation, and translation.
The layer 1 blockchain utilizes its own programming language, Chialisp, and a consensus mechanism called proof-of-space-and-time. The company's public, for-profit, open-source blockchain is aimed at enterprise use, and there are plans to have XCH on its balance sheet in case of a listing. Its proof-of-time function was launched in 2019, and the beta version of its blockchain was launched in 2020. The network achieved complete functionality, including wallet, transactions, and smart contracts, alongside its mainnet launch in 2021.
Chia Network (XCH) enhances the PoS and PoW through the utilization of a lower electricity-intensive consensus mechanism. Chia network achieves Nakamoto consensus through the combination of proof-of-space (PoS) and proof-of-time, (PoT) both of which function in different manners. With PoS, miners keep unutilized storage on their hard disk drives. They install software that allocates space, which is utilized in solving a challenge, which is identical to puzzle-solving in PoW.
The software keeps a collection of cryptographic numbers on the disk, and following block creation, a challenge number from the former block is taken. Users are able to scan their numbers to find out if they possess a number near the required challenge number. Proof-of-time portrays the passage of time via Verifiable Delay Functions, similar to Solana (SOL). The Timelords, which are the nodes that document time, make sure that time is accurately documented for solving the proof-of-space features.
Chia Network plans to release NFTs for different reasons, like the inaugural Chia Friends collection. NFTs minted by the Network will utilize the official DID. Chia Network stems from the founder's “green” concept. Farming was the chosen metaphor for filling disk space and monitoring it for winning sprouts. This led to the choosing of a grain with the network's properties, and Chia was chosen by the team.
Chia Network possesses its own programming language termed Chialisp. It is an on-chain, smart contract-compatible, programming language that takes aspects of Ethereum (ETH), Solidity, and Bitcoin Core and uses Bitcoin's UTXO model. This allows simultaneous transactions rather than sequential.
Chialisp is a secure LISP-like language with smart-contract capabilities, used for encumbering and releasing funds.The language is based on Lisp and is utilized on the Chia blockchain as it dictates the manner and the time that coins can be spent.
Chia Network's native token is XCH. It fucntions as the main incentive mechanism supporting Nakamoto consensus. XCH block rewards will ensure Chia network's economic security via the alignment of the interest of the network's "farmers" with what is good for the protocol. Farmers earn block rewards when they complete PoST transactions for Chia network. XCH tokens are utilized for the payments, including natively as transaction fees like gas.
Different wallets exist for Chia token. The project keeps a wallet as an aspect of its full-node software. Chia maintains and offers a light-wallet. Third-party wallet applications like Goby and Nucle are maintained independently from the network and remain open source.
Within Chia Network, mining is termed farming. The farmers, who are also the miners in the blockchain, utilize unused storage on laptops, desktops, or corporate networks and get Chia in return as incentives for securing the network. Additionally, the Chia node software lets the users allocate unused storage into plots. The computer then farms on behalf of the user, while the software tracks the rewards.
The network's consensus aims to offer characteristics like transaction blocks that arrive every 52 seconds, in order to result in dependable, predicted block timings. There is an accumulation of confirmations, which supports the assurance that a transaction is finished. Farming is enhanced by awarding sixty-four XCH to thirty-two farmers every ten minutes for the first three years. Chia also possesses four halvings of farming benefits after three years.
The Chia network plans to issue a colored coin termed CAT (Chia Asset Token). Colored coins are recognized for their token issuances of alternative coins, assets, and stablecoins. Chia Asset Tokens, or CATs, are fungible tokens created from XCH that exist on Chia’s blockchain. These tokens can be separated or mixed and are utilized as an alternative to a token of equivalent value such as gold, oil, and others. CATs possess the feature of being “marked” in such a manner that they cannot be utilized as standard XCH. However, it is allowed to “retire” CATs, which then “melt” back into XCH.
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March 25, 2019