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Chia Network (blockchain)

Chia Network (blockchain)

Chia Network is a decentralized peer-to-peer blockchain protocol relying on proof of space and proof of time concepts for achieving consensus.

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Contents

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.

Platform

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.

Chialisp

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.

XCH Tokens

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.

Timeline

June 6, 2021
Chia Network raises a $61,000,000 series D round from Andreessen Horowitz, Breyer Capital, Collab+Currency, DHVC, Richmond Global Ventures, Slow Ventures and True Ventures.
May 2021
Chia's mainnet is fully launched to the public, alongside the ability to transact XCH on-chain.
August 11, 2020
Chia Network raises a $5,000,000 venture round from Slow Ventures.
April 2020
Chia Network releases beta version 1.0.0 to the public.
June 2019
Chia Network launches its Proof of Space software library publicly on GitHub.
July 9, 2018
Chia Network raises a $300,000 seed round.
March 28, 2018
Chia Network raises a $3,400,000 seed round from Naval Ravikant.
July 2017
Chia Network is incorporated in Delaware.

Funding Rounds

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Patents

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Further Resources

Title
Author
Link
Type
Date

Altcoin Created by BitTorrent’s Cohen To Combat “Bitcoin Flaws”

William Suberg

https://cointelegraph.com/news/altcoin-created-by-bittorrents-cohen-to-combat-bitcoin-flaws

BitTorrent Creator’s Chia Could ‘Fix’ Bitcoin With Own Altcoin By Late 2018

William Suberg

https://cointelegraph.com/news/bittorrent-creators-chia-could-fix-bitcoin-with-own-altcoin-by-late-2018

BitTorrent inventor announces eco-friendly bitcoin competitor Chia

Josh Constine

https://techcrunch.com/2017/11/08/chia-network-cryptocurrency/

Building a Sustainable Blockchain, With Your Help - Chia Network - Medium

Chia Network

https://medium.com/@chia.net/building-a-sustainable-blockchain-with-your-help-efb5911cceb3

Web

March 25, 2019

Chia Consensus

Bram Cohen

https://docs.google.com/document/d/1tmRIb7lgi4QfKkNaxuKOBHRmwbVlGL4f7EsBDr_5xZE/edit

Web

References

chia.net
Is a
Organization
Organization
Investor
Investor
Company
Company
Cryptocurrency
Cryptocurrency

Company attributes

Industry
Peer-to-peer
Peer-to-peer
Blockchain
Blockchain
Cryptocurrency
Cryptocurrency
Metaverse
Metaverse
Cryptocurrency exchange
Cryptocurrency exchange
Cryptocurrency wallet
Cryptocurrency wallet
Blockchain and cryptocurrency
Blockchain and cryptocurrency
Location
San Francisco
San Francisco
California
California
United States
United States
B2X
B2B
B2B
CEO
Bram Cohen
Bram Cohen
Gene Hoffman
Gene Hoffman
Founder
Bram Cohen
Bram Cohen
Pitchbook URL
pitchbook.com/profiles...222110-11
Parent Organization
Chia Network (blockchain)
Chia Network (blockchain)
Subsidiary
Chia Network (blockchain)
Chia Network (blockchain)
Number of Employees (Ranges)
50 – 99
Number of Employees
70
Full Address
Montgomery St San Francisco, California, US
Investors
Andromeda Capital
Andromeda Capital
a16z crypto
a16z crypto
Richmond Global Ventures
Richmond Global Ventures
Collab+Currency
Collab+Currency
Andreessen Horowitz (a16z)
Andreessen Horowitz (a16z)
True Ventures
True Ventures
Slow Ventures
Slow Ventures
Breyer Capital
Breyer Capital
...
Founded Date
August 15, 2017
Email Address
hello@chia.net
chia@fticonsulting.com
Phone Number
+16509242785
+16282225925
Total Funding Amount (USD)
69,700,000
Latest Funding Round Date
June 6, 2021
Competitors
Blur
Blur
Celo
Celo
Filecoin
Filecoin
Spacemesh
Spacemesh
Business Model
Commerce
Stock Symbol
XCH
Exchange
Crypto.com
Crypto.com
KuCoin Exchange
KuCoin Exchange
Huobi
Huobi
Gate.io
Gate.io
OKX
OKX
MEXC
MEXC
LBank
LBank
ZB.com
ZB.com
...
CFO
‌
Misha Graboi
Key People
Bram Cohen
Bram Cohen
Gene Hoffman
Gene Hoffman
Latest Funding Type
Series D round
Series D round
Patents Assigned (Count)
1

Cryptocurrency attributes

Consensus Mechanism
‌
Proofs of Space
Ticker Symbol
XCH
Maximum Supply
22,582,025
Block Explorer URL
xchscan.com
chiaexplorer.com
spacescan.io
Block Reward
2

Other attributes

Country
United States
United States
Owner of
Chia  (company)
Chia (company)
Contact Page URL
chia.net/contact/
Partner Organizations
CoinMarketCap
CoinMarketCap
Related Technology
Chialisp
Chialisp
Related Industries
Cryptocurrency
Cryptocurrency
Blockchain
Blockchain
Smart contract
Smart contract
Company Operating Status
Active
CoinGecko ID
chia
Cryptocurrency Symbol
XCH
Latest Funding Round Amount (USD)
61,000,000
Wikidata ID
Q105508272
Creator
Bram Cohen
Bram Cohen
Source Code
github.com/Chia-Netw...blockchain
Blog
chia.net/blog
Total Supply
22,582,025
Circulating Supply
3,698,845
Official Name
Chia
Date Invented
2019
Medium URL
medium.com/@chia.net
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