What is Chia Network?

Chia Network develops a blockchain and smart transaction platform created by the inventor of BitTorrent, Bram Cohen. It implements the first new Nakamoto consensus algorithm since Bitcoin in 2008. Proofs of Space and Time replace energy intensive “proofs of work.” (Source)

1. Eco-friendly cryptocurrency

First of all I would like to mention that Chia Network is Eco-friendly cryptocurrency. To imagine, power consumption of one HDD is about 10 W. Power consumption of one common Bitcoin ASIC miner is from 1300 W to 3300 W. If you want to know more about Bitcoin energy consumption, check this great article https://techcrunch.com/2021/03/21/the-debate-about-cryptocurrency-and-energy-consumption/

Let say that situation about Bitcoin energy consumption is now “OK”. Bitcoin is now consuming less energy than our current financial system, but cryptocurrencies will continue to grow and at one point we will find out that Bitcoin is consuming electricity enormously, more than more than we would expect. In 2019, the Bitcoin network alone consumes as much energy as Switzerland. (Source) Does it really have to be that way? No!

Chia

2. Possibility to farm (mine) for everyone

Yes, in Chia Network a mining process, like we know from Bitcoin, is called farming. Green, eco farming. Do you want to be a Chia farmer? You can be!

Farming Chia is basically for everyone. Not like a mining Bitcoin, Bitcoin mining is high energy consuming process and if you want to mine at home, you will probably pay more for electricity then you will earn. Electricity cost in China is very low, that is a reason why Bitcoin is mostly mined there.

What do you need and how to farm the Chia? I can recommend you to check an official website https://www.chia.net or subscribe to newsletter at bottom page part and wait for my next article.

3. Great project team

Chia Network was founded by the creator of BitTorrent, Bram Cohen. It also includes executive leadership from the former founder and CEO of eMusic.com and Vindicia, Gene Hoffman and the former acting-CEO of Overstock.com, Mitch Edwards. The Chia blockchain has an active open source developer community with many contributions to the codebase. Many individuals contribute towards the Chia blockchain in areas which include research, peer reviews, development, testing, documentation, and translation. (Source)

4. Strong community

Chia Network has a really big and supportive community, especially I can recommend reddit community, available via a following link https://www.reddit.com/r/chia/

Join the Chia reddit channel and feel free to ask for help about Chia Network, share your suggestions, Chia farm or whatever you think that will grow you (your farm), community or the project.

Bonus

At the end I will share with you other cryptocurrency projects based on Proof of Space (Capacity).

1. Burstcoin – The Pioneer of Proof-of-Capacity

2. Bitcoin HD – New type of cryptocurrency based on Proof of Capacity.

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