Chia NetworkXCH Price

Founded in 2017 by the creator of BitTorrent, Chia was developed with the mission to design a blockchain and smart contract platform that improves upon market competitors. In particular, it is designed to build on the global payments system in a more sustainable and secure way. Chia is open-source and welcomes contributions from developers as well as its community to areas such as research, peer review, translation, and more. In this manner, it is a very malleable blockchain that can be adapted and influenced by the people who use it.

Chia uses an innovative consensus mechanism known as Proof of Space and Time:

Proof of Space involves validators proving that they have excess hard drive storage space that can be used. This extra space is used to store “plots” which contain cryptographic numbers that are used in the consensus process. In order to provide network security, Proof of Space is linked with Proof of Time.

Proof-of-Time works by producing blocks in the chain with a uniform amount of time between each new block. It uses a Verifiable Delay Function in order to work. They are verified by “timelords”. Only one “timelord” needs to complete the block in order for it to be confirmed on the chain.

What is noteworthy about Chia Network?

Chia has developed its very own smart contract programming language Chialisp. The language is powerful, secure, and easy to use. Essentially, it is an on-chain environment where app developers can efficiently create applications to suit their needs.

The Chia network also has CATs, these are Chia Asset Tokens. CATs can be created and/or traded directly on the blockchain. Rules can be included together with the coins, such as rules for minting. CATs can be created in many forms, including stable coins, stock issuance tokens, voting shares.

XCH is the platform’s native token. It functions as a utility token.