Chia was developed by Bram Cohen, who is behind the peer-to-peer BitTorrent protocol.
Many have compared Chia to Ethereum and Bitcoin. Like Bitcoin and Ethereum, the Chia network has its own on-chain programming language, known as Chialisp.
Chialisp operates similarly to Ethereum’s Solidity in that it enables smart transactions. Chialisp is designed to make decentralized application technologies such as colored coins, multi-signature wallets, and recoverable wallets.
The Chia Network is meant to be as broad as possible so that validators (miners) do not have to purchase more expensive equipment as with Bitcoin and Ethereum.
Rather than using a Proof of Work (PoW) model, Chia uses a Proof of Space and Time model (PoST).
Instead of relying on processing performance to mine, it uses storage. This has several benefits, including reducing the amount of electricity that is wasted in the process of mining!
The Chia project may make it easier and safer to validate transactions than other blockchains. The network's consensus mechanism could also help solve certain centralization issues experienced in PoW and PoS blockchains.
The Chai cryptocurrency mainnet was released in March 2021. This is in line with its plans to enable transactions on May 3, allowing for the tokens of the project to be traded by users.
The closer we get to the date of transactions being enabled, the more demand for storage components appears to grow
Many have compared Chia to Ethereum and Bitcoin. Like Bitcoin and Ethereum, the Chia network has its own on-chain programming language, known as Chialisp.
Chialisp operates similarly to Ethereum’s Solidity in that it enables smart transactions. Chialisp is designed to make decentralized application technologies such as colored coins, multi-signature wallets, and recoverable wallets.
The Chia Network is meant to be as broad as possible so that validators (miners) do not have to purchase more expensive equipment as with Bitcoin and Ethereum.
Rather than using a Proof of Work (PoW) model, Chia uses a Proof of Space and Time model (PoST).
Instead of relying on processing performance to mine, it uses storage. This has several benefits, including reducing the amount of electricity that is wasted in the process of mining!
The Chia project may make it easier and safer to validate transactions than other blockchains. The network's consensus mechanism could also help solve certain centralization issues experienced in PoW and PoS blockchains.
The Chai cryptocurrency mainnet was released in March 2021. This is in line with its plans to enable transactions on May 3, allowing for the tokens of the project to be traded by users.
The closer we get to the date of transactions being enabled, the more demand for storage components appears to grow