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Chia Network IOU (XCH) Secures Listing on Gate.io

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by Kofi Ansah · 3 min read
Chia Network IOU (XCH) Secures Listing on Gate.io
Photo: Depositphotos

The Chia Network was designed to be as broad as possible so that miners do not have to purchase more expensive equipment as with Bitcoin and other digital coins. Today XCH tokens are getting listed on Gate.io.

Chia Network IOU is getting listed on Gate.io with trading starting on Apr.30, 2021, 07:00 UTC. The Gate.io team noted that Chia tokens (XCH) are not yet transferable as it is still in the pre-minting phase. All Chia tokens circulating are pre-deposit from miners which are backed by their respective mining pools. There are about 21410,000 Chia Tokens (XCH) in current supply with 21000,000 in control of the Chia team whereas 410,000 is already minted. 

 

Chia Network is however easier to use, secure, and more efficient as it doubles as a new blockchain and a smart transaction platform. Chia was developed by Bram Cohen, the author of the peer-to-peer BitTorrent protocol. Chia has gained comparisons to top crypto projects including Bitcoin and Ethereum. Just like Ethereum and Bitcoin, the Chia network is equipped with its on-chain programming language, Chialisp which is designed to create decentralized application technologies such as, multi-signature wallets, recoverable wallets, and colored coins. The Chia Network was also designed to be broad as possible so that miners do not have to purchase more expensive equipment as with Bitcoin and other digital coins.

 

Its steady rise in the crypto space has led to many positive developments around it this year. Earlier this week, iMD Companies, Inc. (OTC: ICBU), announced that the company was channeling its focus and resources on farming Chia cryptocurrency coins. iMD Companies Inc. first revealed their plans in March and has since been working on building Servers for plotting and farming Chia coins. The company also stated that their facilities have been winning chia tokens or coins almost every day since the start of their operations. 

 

“Our facilities have been winning Chia coins nearly every day from the start of our operations. iMD has continued to expand our servers and hard drive storage capacity on a weekly basis to reach our initial goal of over a petabyte (1000 Terabytes) on the Chia mainnet in May. We are continuing our move of farming Chia (Chia.net) at an optimum rate,” the company said in a statement. 

 

The company added that this is the perfect time to ‘stake their claim’ in the trillion dollar crypto industry as the finance world is gradually moving towards decentralizing currency and focusing on farming Chia coins right from the beginning of their operations seems like the perfect thing which will help grow their business model with cryptocurrency.

 

Chia Plotting and farming require relatively low power as compared to that of other coins such as BTC and have seen many countries embrace it. China is diversifying half of all their BTC mining and farming to Chia. Chia’s platform is also specifically built for the finance world, another feature that has caught the attention of many crypto powerhouses. 

 

Altcoin News, Blockchain News, Cryptocurrency news, News
Kofi Ansah
Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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