Project

Chia

πŸ’« About

What is this network?

The Chia Network is a public blockchain designed for real-world utility. It is built to address the challenges of conventional blockchains and enable widespread use. The network is based on three non-negotiables for worldwide adoption: Security (Trustless Decentralization), Compliance (Consumer Protection), and Sustainability (Environmental Impact). The network uses a unique consensus mechanism called Proof of Space Time (PoST), which drastically reduces the energy requirements of Proof of Work based blockchains like Bitcoin. The network's native programming language is Chialisp, designed with security and auditability in mind.

How can I mine tokens?

In the Chia Network, the process of mining is referred to as "farming". To farm Chia, you can start with just a personal computer or laptop of any kind. All you need is a processor with a clock speed of 1.5 GHz, 2 GB of RAM, and a 1 TB SSD or HDD. Users need to download the "Chia Blockchain" client from the project’s official website or directly from GitHub. Then you create a wallet and save a private key, after which you can start the farming process by clicking the β€œCreate Plot” button. Farming one block gives a reward of 64 Chia tokens. The speed of farming depends on the disk storage capacity used.

Any geographical restrictions?

There are no specific geographical restrictions mentioned for the Chia Network. The network is decentralized and operates across over 150 countries. Any geographical restrictions, if any, would be noted in specific contexts such as job specifications.

How can I optimize my mining rewards?

To optimize your farming rewards in the Chia Network, you need to maximize your disk storage capacity. The more hard drive space you have, the more random numbers you will store. This translates to a higher chance of winning the next farming block. It's also worth noting that using a combination of SSDs and HDDs can be beneficial, as SSDs speed up the graphic process, while HDDs are better at storing the graphs.

How can I use the network?

The Chia Network can be used for a variety of applications. It offers a superior toolkit to current technologies, addressing challenges for real-world adoption: markets, process integrity, global trading, digital identity, custody, payments, and more. You can also build dApps, Games, and More on the network. Furthermore, you can farm and earn Chia (XCH) with your computer hardware and unused storage space.

Who governs this network?

The Chia Network is a public and open-source network, even though it is a for-profit endeavor. It was launched by the founder of the decentralized torrenting client, BitTorrent. The network is backed by cryptocurrency venture capitalists.

Funding

The Chia Network had a successful launch and raised about $61 million in funding in May of 2021.

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