SOUTH SAN FRANCISCO, CA – News Direct – Chia Network

Highlights

  • Chia reinvents digital money with energy efficient rewards for farming at home

  • The number of Chia Blockchain full nodes is around 2,000 in the past 24 hours and has exceeded 12,500 since launch

Chia Network Inc. (“Chia”) today announced its revolutionary green blockchain, new digital currency “Chia” and a new groundbreaking programming language for intelligent chain transactions called “Chialisp”.

Chia’s blockchain is a global decentralized open source network that operates a payment processing system using Chia, its native cryptocurrency. The company expects its blockchain to be used for a range of transactions, including cross-border payments, the issuance of financial assets, and the stable issuance of coins. Chia intends to sell software service and support for its open source blockchain and smart transaction software to governments, financial institutions, corporations, and large storage buyers and sellers.

“We are very excited to bring Chia’s new blockchain and intelligent transaction platform to market that is easier to use, more energy efficient and more secure than existing digital money alternatives. Chia’s blockchain improves Proof of Work’s shortcomings in terms of centralization, power consumption and poor programmability and can become the core of a new currency architecture, ”said Bram Cohen, CEO of Chia.

As of March 2021, Chias Blockchain has roughly 2,000 full nodes in the last 24 hours and 12,500 full nodes since launch compared to Ethereum with 6,800 full nodes. According to Bram Cohen, having a robust number of independently operated nodes is seen as essential to Chia’s success as its fundamental value depends on its ability to remain decentralized. Through farming, even the smallest farmer running a node can win rewards for validating the network. Running a knot is also a safer way to self-manage chia.

“Bram Cohen is one of the greatest protocol designers alive (BitTorrent).

The story goes on

right up there with Satoshi and Vitalik ”- Naval Ravikant

Chia is the answer to Bitcoin’s climate problem

Banks and currencies are vulnerable to routine shocks from government mismanagement, global financial crises, and are generally powered by outdated technology. Bitcoin was introduced during one of those banking crises to address these lingering problems. Bitcoin now consumes around 64 terawatt hours per year, an energy consumption that is comparable to that of Switzerland. This energy consumption is controversial and could worsen with increasing Bitcoin adoption and increasing energy prices. In addition, the Bitcoin script is very limited, slow to develop, and generally requires significant changes to the Bitcoin protocol that can take years to deploy. These delays and restrictions have hampered the establishment of custody and controls on the Bitcoin blockchain.

Ethereum shares Bitcoin’s reliance on “wasteful” mining and has additional problems. Almost every Solidity Smart contract deployed that has attracted large balances has been compromised in some way. The Solidity scripting language makes writing software easier than saving it. Ethereum is best known for the fundraising mechanism known as the “ICO,” where the fundraiser creates new tokens on the Ethereum network to sell for Bitcoin and Ether – many of which have unsafe legal requirements.

Environmentally green chia (XCH) aims to save the planet

Chia’s blockchain offers functional and ecological advantages for the existing platforms of Bitcoin, Ethereum and Ripple. The Chia blockchain is more open and accessible than existing financial institutions, more efficient and less wasteful than the Bitcoin and Ethereum blockchain, and better suited for secure intelligent financial transactions than the Ethereum blockchain, while being more decentralized than Bitcoin, Ethereum or Ripple.

Chia’s blockchain replaces “Proof of Work”, the consensus method of Bitcoin and Ethereum, with the first of its kind “Proof of Space and Time”, which uses significantly less energy and leads to a more decentralized and more secure blockchain. Proofs of Space uses unused storage space, rewards owners of empty storage space for “farming” and Proofs of Time increase the security and time predictability of the network.

Since Bitcoin uses Bitcoin Script and Ethereum Solidity to program transactions, Chias Blockchain uses Chialisp. Chialisp is a newly developed blockchain programming language and on-chain environment for developing intelligent transactions that offers the security, transparency and ease of use that cryptocurrencies promise. Applications running on Chia’s blockchain are said to have features that are suitable for banking. The primary focus on initial implementation is on core functions such as financial controls, payment processing and settlement, and managing the issuance of various assets.

One of the main uses for chia is in international payments – especially in regions whose governments or financial systems are particularly volatile. The company expects the Chia blockchain and Chialisp to enable a range of transactions, including facilitating cross-border payments, issuing financial assets, and stable coin issuance with first-class custody and control.

Chia – the easiest digital money to manage – is “the people’s choice”.

Compared to the existing modern financial platforms, Chia is the easiest digital money to manage. Unlike the tech-savvy skills required to join a mining community, all people can “grow” chia at home for a fraction of the cost. For more information on chia farming and the Chia Farmer Reward Plan, please see Chia Business Whitepaper.

Earn your Chia (XCH) rewards today

It’s straightforward to install the Chia blockchain for Windows, macOS, and many other platforms as well. Download the Chia blockchain and start earning your Chia (XCH) rewards now. To learn more about Chia’s blockchain, please watch the company’s mainnet launch video.

Exchange trading – stay tuned

Please allow for an initial six-week period during which transactions will be frozen and farmers will only receive agricultural rewards. The Chia blockchain will soften the final transaction functions in a version 1.1 during this period. The soft fork must be updated before the six weeks are up. Read all about it in Chia’s release notes.

Via Chia Network

Chia Network Inc. was founded by Bram Cohen, the inventor of the BitTorrent protocol. Chia is a cutting edge open source platform for decentralized blockchain, digital currency and smart transactions. With the first new Nakamoto secure consensus algorithm invented since Bitcoin, Chia aims to operate a greener, safer and more user-friendly payment system for cross-border payments, financial asset issuance, lending, escrow payments, institutional custody and distributed identity. Chia’s “Proof of Space and Proof of Time” based blockchain reduces waste in “Proof of Work” based blockchains. Chia’s blockchain is designed to run Chialisp, the newly developed on-chain programming language for intelligent transactions. With this blockchain, users can create and execute smart contracts as well as activate peer-to-peer applications. Chia believes that “digital money” should be easier to use than cash, harder to lose, and almost impossible to steal. The company is funded by leading venture capitalists including Slow Ventures, a16z, Naval Ravikant, Galaxy Digital, Greylock, True Ventures, MetaStable, Stillmark, DCM and others. The company’s consultants include Dr. Dan Boneh, research partner at a16z and professor of applied cryptography at Stanford University; and Dr. Krzysztof Pietrzak, cryptography professor at IST Austria; and Ms. Katie Haun, general partner at Andreessen Horowitz. Investor Relations Contact: Gretchen Lium. Further information is available at https://chia.net and on Twitter (@chia_project), Facebook, GitHub and LinkedIn.

Contact details

Gretchen Lium

+1 303-638-9185

gretchen@chia.net

Company website

https://www.chia.net/

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