‘Eco-friendly’ cryptocurrency Chia officially launched

Users can now trade and transact with the new “eco-friendly” and “easy to farm” cryptocurrency, Chia (XCH), according to the project’s website.

The newest digital asset was created by Bram Cohen, the inventor of BitTorrent and it is based on the so-called “proofs of space and time” consensus algorithm that is an alternative to the commonly used proof of work (PoW) and proof-of-stake (PoS).

Because of its algorithm, the XCH does not require extensive amounts of electricity and high-end hardware, and even substantial caches for itself. It’s the main reason why it is claimed to be friendly to the environment and easy to farm.

The core of new monetary architecture

In an announcement cited by Cryptoslate, Cohen said they are very excited to launch Chia’s new blockchain and smart transaction platform which is “easier to use, more energy-efficient and more secure than existing digital money alternatives.”

As it solves the shortcomings of PoW around centralization, electricity consumption, and poor programmability, the blockchain has what it takes to be the core of a new monetary architecture.

Chia’s farming algorithm depends on high-capacity solid-state drives (SSDs) or hard drives (HDDs). Its developers claimed that it was created to become the “user-friendliest” cryptocurrency that can revive home mining that was made unavailable by industry-grade mining facilities.

How does it work?

To start farming Chia (XCH), a special app needs to be downloaded by users to their storage drive and then launch.

The app will then “seed” the drives with software that will allot cryptographic data into the specific “plots” on SDDs and HDDs. These new plots will be given new blocks that depend on the amount of space the user has allocated for the network.

A server called “Timelord” will verify these blocks and will award users with Chia. Simply speaking, the larger user’s drives are, the bigger the profit that they can earn.

 

Image courtesy of Chia Network/YouTube Screenshot

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