Bitcoin's rival has entered the arena.

[Kristaal 817]

 

What is chia coin 

The new cryptocurrency is called Chia, and it was created by Bram Cohen (Chia Network), who is best known for developing the BitTorrent protocol from peer-to-peer. The company was named after The Green Factory to reflect their desire to create an environmentally friendly digital currency network

 

How chia coin works 

Chia relies on the concept of "proof of time and place" using storage spaces called "piece of land," where network users perform a process called "farming" unused space on drives by installing software that stores a set of encryption numbers on the disk, then chia users check the blocks to see what number is the closest "hash," which successfully completes the mining process, then passes the result to a separate server, known as "Time Lord."
The disk space can be on a mobile phone, laptop or corporate network, as long as you connect unused disk space to the network, the reserved disk space has installed software that has a range of encryption numbers. To create a new block, a farmer must provide a "hash" closer to the block being streamed by Blockchain.
 And then , the probability of a farmer winning a block as well as a coin bonus depends on the amount of disk space or pieces of land they allocate to the network.

 

 

Advantages and features of chia coin

* Chia uses evidence of the spacetime model instead of proving Bitcoin's  model , This difference means Chia relies on storage rather than processing performance for mining, and that means less wasted energy in the process.

* This currency is somewhat similar to other cryptocurrenies in that it provides a simplified, fast, intermediate financial exchange, high commissions and at the same time high security.
But they are clearly different from currencies like bitcoin, ethereum and others in terms of the method of documenting that conversions are legitimate, not fraudulent and actually non-existent.

* Chia hopes to create a decentralized currency that is easy , fast and stable enough for  daily transactions 

* Chia's biggest advantage over other cryptocurrenies is the unique consensus mechanism that underpins the decentralized currency model. Both PoW and PoS (share proof) are subject to manipulation by individuals with higher .

My opinion about chia coin

The chia coin will launch on May 3rd 2021 So it's too early to judge the future of this currency, but since the origin of the currency is Chinese and the total number of Internet users has reached 989 million at the end of 2020  in China alone out of 4.8 billion users around the world , so. Internet users in China alone is 63.33% of all users worldwide, This could significantly support the chia coin when it launches after few days  .

Edited April 30, 2021 by Kristaal