Founded by Bram Cohen, the inventor of the BitTorrent network, Chia Network is the first green and eco-friendly blockchain that strives to improve transaction speed, provide a secured energy-efficient network, and revolutionize the financial and payment system. With its own Chialisp programming language and so-called “Nakamoto consensus”, Chia removes the energy demands from the system providing a far more decentralized platform, ensuring it remains far more secure than other projects.
The innovative Nakamoto algorithm is a combination of Proof of Space and Proof of Time. Proof of Space is a cryptographic technique to prove that miners (called farmers) are keeping unused storage on their hard disk drives. Meanwhile, the Proof of Time consensus algorithm ensures that block periods have consistency in the time between them to increase the security of the network. Chia Network ties Proof of Space with Proof of Time, thus solving issues faced by Proof of Work and reducing electricity consumption.
Chia Network enables users to customize custody and clearing arrangements. Due to the Chialisp language, chia controls match and exceed internal accounting controls. Users can be sure their funds are safe from accidental loss, theft, or hacking with various risk tolerance levels in an auditable manner.
The protocol expects to scale out a global open-source system that supports businesses, institutions, corporations, and governments worldwide. With Chia Network’s permissionless and decentralized blockchain, governments and financial institution infrastructure will be enhanced. Banks and payment networks will be able to create funds transfer mechanisms that are secure, fast, and not reliant on any third party, including Chia Network.
The Chia Network has been consistent in the development of its ecosystem. Just last week, it was reported that the project released its official pooling protocol.
