Chia is created by none other than the creator of BitTorrent Bram Cohen and today it was introduced in the market globally.
The all new digital currency is all set to be listed worldwide as medium of digital transaction. The creators intend to process safe and energy conserving network for payments and transactions.
The miners are called Chia “farmers” in this scenario. The protocol uses a direct derivative of implementation of Bitcoin’s UTXO model. However there are some differences between the primary model (Bitcoin) and the derivative model (Chia); The difference being that Chia farming provides 2 Chia or XCH per block for the beginning 3 years as an incentive mechanism.
Adding on to that the creator of Chia stated that “I am incredibly proud of our team and our reinvention of Bitcoin’s approach to the everything is a coin’ model. We will continue to enhance the features of Chia and Chialisp in the areas of coloured coins, digital identity wallets, and NFT (non fungible token) support. This is just the beginning of our journey to become the core of a new financial architecture.”
Chialisp refers to the Chia network of smart coin tech based on the functional language “lisp”.
Further adding on Chia’s network blockchain will allow the users to modify and create possession arrangements and also to provide a extra security from accidental losses, theft or hacking in a very easy manner.
To explain the concept of Chia farming let’s start with the purpose to be achieved by farming; The aim is to use unused space disk space to help substantiate financial transactions. Chia farming is an energy-conserving process enabling your computer to perform other tasks. To begin Chia farming Visit Chia Network GitHub and download the Company’s blockchain software.
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