Chia network a new project that is getting a lot of hype some are even calling it the next bitcoin.
At this time there are currently 9523 currencies listed on the coin market cap but how many of those are actually good projects?
The idea is fantastic a greener way of mining by simply using people’s unused space on their hard drives and the Chia team is unbelievable.
Chia founded by BitTorrent creator Bram cohen. if you aren’t aware of BitTorrent and just how much of an impact it had on the internet and entertainment industry here’s take a look.
Before BitTorrent downloading movies and music on the internet was a challenging process,
to say the least having to use underground chat services like IRC(Internet Relay Chat) or downloading 50 zip files from random file-hosting sites in Russia was the norm.
then came along BitTorrent protocol which allowed users the ability to download anything with just a simple click.
the technology was groundbreaking it was essentially the first blockchain technology.
users would run the application which fragmented the files allowing people to download while simultaneously uploading to other users who were downloading from them at the same time at a VPN
this basically made the entire process anonymous.
it was a disaster for the entertainment industry. Bram single-handedly changed the landscape of file sharing.
some of their other team members include Mitch Edwards former CEO of overstock.com a publicly-traded
company that does over 2.5 billion dollars in revenue per year.
he also a chief financial officer for razer one of the largest gaming hardware manufacturers and accessory manufacturers in the world.
and CFO at Skullcandy a massive headphone and audio company.
lastly, you’ve got gene Hoffman who created e-music now you may not have heard of the music.
it’s the original iTunes and still operates today 23 years later after acquired by universal music.
without a good team, you’re just an idea and unfortunately, ideas don’t succeed on their own.
chia wants to create a fast easy to use and mine and easy to validate cryptocurrency.
The negative impact and perception the crypto world is getting with the amount of energy being used to mind things like bitcoin.
so instead they want to use what they call proof of space and proof of time.
this technique takes unused hard drive space to prove that they can validate it is then tied to proof of time.
which ensures the block times have consistency which increases security significantly.
it actually sounds quite similar to the way the bittorrent worked
this allows users or farmers to seed their hard drives which puts cryptographic numbers into specific plots.
which are then validated this replaces the extremely energy intensive proof of work model that projects like bitcoin use.
so by simply downloading their app you can start mining(Farming) you can do this with on any device that has unused hard drive space.
That could be a laptop desktop or even your phone then as their software runs.
You have a chance to be rewarded in chia for validating and securing the book securing the blockchain.
so what is their plan moving forward they plan on taking the company public on an american stock exchange.
This allows shareholders to share their risk and return with management and with full transparency.
Goals of Chia
The goal of this project is to become a widely used currency a way to cheaply and quickly send funds around the world.
If you live in north america or europe sending money is fast and easy
however in other places sending money is still incredibly expensive.
can you imagine in the year 2021 that you can’t just send money to anyone in the world.
instantly and for cheap look bitcoin is a giant dinosaur at this point.
Now unless you have a mining warehouse with hundreds of thousands of expensive graphic cards you wouldn’t be able to probably mine a single satoshi.
chia hopes to fix this by using hard drives which are easy to obtain.
it could be a real contender to shake up the entire cryptocurrency space.
another thing to point out is that China has taken a very big interest in this project
good reason if they can lower the amount of energy they use lower the cost.
We could very well see a massive shortage in hard drives over the six to nine months as people around the world stock up to be able to start farming chia.
AWS, Google, or IBM could disrupt this if they started mining with their supercomputers.
which would definitely impact the average person farming again just something to mention.
when reading their quote-unquote green paper you can tell these guys aren’t just doing this for financial gain
all of them are wealthy from other projects they genuinely seem to want to fix this energy problem and create green crypto.
they will start the main net with 21 million XCH which is a node to bitcoin.
This will take 21 years for the supply to double however Hoffman believes it will be closer to probably six years.
READ MORE : The Purposes of Frontend Frameworks
Leave a Reply