What is Chia Network (XCH)? Everything you need to know about the XCH token

• General overview of Chia Network (XCH)
• What is Chia Network (XCH)?
• Features of Chia
• Chia network technology and highlights
• Chia Network's project development team and investors
• Detailed overview of the XCH token
• What are XCH tokens used for?
• XCH Token Basic Information
• XCH Token Distribution Schedule
• The safest place to store, buy and sell XCH tokens today
• Should you invest in Chia Network?
• frequently asked Questions
• summary

Chia Network (XCH) was once dubbed the "Green Bitcoin" project when it hit the $1,000 threshold in May 2021 and has attracted a lot of attention from speculators and global miners. So what is Chia Network? The recent downtrend has seriously affected the project, so does the XCH token still have potential? Let's study with TraderH4 about Chia Network in the article below to find the answer!

General overview of Chia Network (XCH)

First we will learn about Chia Network overview, technology, highlights and development team of the project. 

What is Chia Network (XCH)?

Chia (XCH) is a Layer 1 blockchain platform that uses Chiasp's native programming language and a new consensus mechanism called proof of space and time (PoSTn) to support the creation and execution of blockchains. Smart Contracts . 

The project was founded and conceived by Bram Cohen in August 2017 and officially launched in May 2021.

Although Chia is implementing the consensus principles in Bitcoin, there is an improvement to create a new consensus protocol Proof of Space Time (PoST) that increases system security and achieves consensus in the verification of Bitcoins. transaction. Besides, Chia Network is a decentralized network with open source code and ambition to make payments more efficiently than the two big Proof-of-Work (PoW) giants, Bitcoin and Ethereum.

Features of Chia

Chia Network not only solves the inadequacies in the inefficient payment system, but also offers a transparent solution and has stronger security than previous old platforms. Besides, in the longer roadmap, Chia also wants to become an alternative solution of the media financial system. So what is special about Chia Network?

• Ability of extension

Scalability is one of the dilemmas of many blockchain platforms. Especially Ethereum with the outstanding problem of gas fees suddenly increased due to a spike in transaction processing requirements, leading to network congestion. After The Merge event in September 2022, perhaps the thorny problem of Ethereum will be able to be solved.

Meanwhile, Chia Network has used a special consensus mechanism called Proof-of-Spacetime, which requires less resources, is scalable, secure, and has a higher speed than Proof. -of-Work (PoW) and Proof-of-Stake (PoS).

• Energy saving 

Although using the same idea as Bitcoin, Chia Network does not require huge power sources like Bitcoin. Chia can do this based on the Space (Proof-of-Space) mechanism, which saves electricity, is more optimized than the old PoW platforms, and is also reusable, helping to reduce power by a factor. amazing way. 

Chia network technology and highlights

Besides impressive scalability and energy savings, Chia Network has many other highlights including: 

• Proof-of-Spacetime (PoST ) Algorithm

The PoST of the Chia Network platform is quite different from many projects on the market. Usually platforms will use PoW or PoS, but Chia uses PoST. Thanks to the use of this algorithm, miners do not need to rely on the power of hooks with large CPU/GPU like conventional PoW projects. To put it simply, if we want to mine Bitcoin, Ethereum, we must use a graphics card, or a dedicated device, while Chia Network is mining with a hard drive, which is less power-intensive. Perhaps it is for this reason that Chia Network is dubbed the green Bitcoin. 

Besides, PoST is also a combination of PoS (Proof-of-Space), taking advantage of the ability to store resources to replace the power of graphics cards, and PoT (Proof-of-Time) to create consistency. time consistency with the security capabilities of the entire platform. 

• Ability to store data

The storage capacity of Chia Network is also quite impressive, thanks to a technology called Plotting. Plots are spaces capable of storing approximately 100 GB+ on disk. When the nodes in the Chia Network can work, they need Provers or Verifiers. They are closely related, Provers is required to provide archival evidence after receiving the request from Verifier. In particular, Verifiers is a very simple data lookup process that can work even without an internet connection. 

• Smart Coin feature

Smart Coin is also a prominent feature of the Chia Network. Similar to ERC-20, Smart Coin is a digital asset that allows developers to issue Altcoins, Stablecoins in Chia's network. However, the difference with ERC-20 is that Smart Coin is only used as an internal vault or payment channel. Smart Coin has some outstanding features such as: Multi-sig, atomic swap, authorized payee list, withdrawal escrow, withdrawal rate limit, paper wallet, digital ID wallet Digital and Colored coin.

• Chialisp & Chialisp Virtual Machine

Chia Network also uses a separate programming language, called Chialisp. This is an extremely powerful coding language, good security, easy to audit. Besides, Chia Network builds a virtual machine called the Chialisp Virtual Machine (CLVM, which is responsible for compiling and executing smart contracts on-chain written in Chialisp transparently.Chialisp & Chialisp Virtual Machine is quite similar to Solidity . and EVM on Ethereum .

• Mining

Mining blocks on Chia Network to receive XCH tokens is considered to be quite simple and easier than PoW tokens. Instead of having to buy expensive specialized mining tools, you just need a computer with a little pro configuration and download the Mining program to start your mining journey.  

Chia Network's project development team and investors

Project development team

The Chia project development team are all experienced and respected figures in the blockchain space. As follows: 

• Bram Cohen co-founder of Chia Network. He is the creator of BitTorrent - a famous file sharing platform around the world and was later acquired by the Tron Foundation for US$140 million.
  
  In addition to Bram Cohen, the current leadership team of Chia Network are also big figures in the financial industry such as the current CEO and chairman of Chia is Gene Hoffman - former CEO of NASDAQ or Mitch Edwards is CFO. Chia's principal, also a former CEO of Overstock.com.
• Ryan is also the co-founder of Chia Network. Previously, Ryan was also a popular Startup character when he was one of the co-founders of the first US exchange (TradHill) and a multi-signature security company (CryptoCorp)…

Investors

Up to now, even though it is new to the market, Chia Network has made 5 rounds of funding and raised 70 million USD. Some big investors of the project include a16z, Richmond Global Ventures, Slow Ventures…

Detailed overview of the XCH token

In this section, we will learn about the Chia Network project's XCH token in detail. 

What are XCH tokens used for?

XCH is the project's utility and governance token. This token is mainly used to incentivize users to join the Chia network and is also used as a currency to interact with every feature in the Chia Network ecosystem. 

XCH Token Basic Information

• Name: XCH
• Symbol: XCH
• Blockchain: Split Network
• Standard: N/A
• Contract: N/A
• Type: Utility, governance
• Total Supply: 25,785,086 XONLY
• Supply of circulation: 4,785.086.00 XCHON

XCH Token Distribution Schedule

XCH tokens plan to be distributed as follows:

• In the period from 2021 to 2023, 64 XCH will be minted / 1 time and an average of 10 minutes / time. 
• In the period 2024 - 2026, the level of minting also decreases to only about 32 XCH per minting (10 minutes/time).
• In the period 2027 - 2029, the reward is reduced to only 16 XCH for each minting (10 minutes/time). 
• In the period of 2030 - 2032, the number of tokens collected for each minting is only 8XCH. 
• Finally, starting from 2033 onwards, miners only receive 4XCH per minting (10 minutes/time). 

The safest place to store, buy and sell XCH tokens today

Chia Network issues Chia Wallet. So to be safe you should store on this wallet platform. In addition, you can also store XCH tokens on the hot wallet of the exchange that listed this token. 

According to information on CoinMarketCap, as of the time of writing, the XCH token has been listed and supported for trading on many major exchanges today, such as: Huobi Global, OKX, KuCoin, Gate.io, MEXC… And The currency pairs traded with XCH tokens are also quite diverse such as: XCH/USDT, XCH/BTC, XCH/ETH… With a token that has only been present for over a year in the market, this is a remarkable effort. . 

Should you invest in Chia Network?

Currently, the Crypto world is facing the dilemma that mining PoW coins/tokens is energy-intensive, harmful to the environment, while PoS projects are facing the problem. security when hackers constantly attack on vulnerabilities and steal a lot of money. Therefore, the idea of ​​using the PoST consensus protocol is really innovative. 

However, if you follow the price chart, perhaps the XCH token will disappoint people when volatility is too strong, like a pump project, when the price is close to reaching $ 1,600 in May 2021 and also only over $200 left in October when BTC set an all-time high. There was even a time in 2022 when the price of this token fell to $28, split nearly 60 times from its all-time high. 

The project also launched the mainnet not long ago, it will probably take a lot of time to build and develop its ecosystem. It is not fair for Chia Network to be on the market for just over a year compared to Ethereum which has been around for more than 7 years. So, let's wait and see how the development team will build Chia Network in the near future. If you are not ready, you can completely join as a miner to receive rewards using only your computer. 

frequently asked Questions 

Below is a summary of frequently asked questions about the Chia Network project and the XCH token. 

• Is mining XCH simple?

As TraderH4 shared, mining blocks in the Chia Network is much simpler and more user-friendly than Bitcoin or Ethereum. You just need to equip a computer with lots of hard drives, then visit Chia's homepage to download the Mining program and you are ready to earn XCH tokens (supports multi-platform Mac and Windows).

• Is XCH mining software free?

This software is completely free but only support for computers and not for mobile devices. 

• What competitors does Chia Network have?

Some names to mention such as: Casper, Mina, ICP ...

• How does Chia Network affect the HDD and SSD supply market?

The birth of the Chia project immediately created a craze for HDDs and SSDs. In China and surrounding areas, at times, hard drives with capacities from 4TB to 18TB are always out of stock. In Hong Kong, the average selling price of hard drives increased significantly between $26 and $76. Even a Chinese equipment manufacturer announced that it will make a series of dedicated SSD hard drives for XCH mining.

You can follow the Chia project on a number of channels such as:

Where can the Chia project be tracked?

Website / Medium / Twitter / Reddit / Github

summary

The article on TraderH4 has completed sharing details about Chia Network and the XCH token – dubbed the green Bitcoin. The new project will only come to market in 2021, there is still a lot of time to build and complete the project. However, with the unique technology that has been conceived for nearly 4 years before launching to the market and a reputable development team, Chia Network will probably regain its form in the near future. Let's accompany TraderH4 to update other potential projects in the Crypto market!

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