SOUTH SAN FRANCISCO, CA | March 24, 2021 06:05 AM Eastern Daylight Time
Chia Network Inc. (“Chia”) today introduced its revolutionary eco-friendly blockchain, its new digital currency known as “chia,” as well as a new breakthrough smart transaction on-chain programming language called “Chialisp”.
Chia’s blockchain is a global open-source decentralized network that operates a payment settlement system using chia, its native cryptocurrency. The Company expects its blockchain will be used in a range of transactions, including cross border payments, issuing financial assets, and stable coin issuance. Chia intends to sell software service and support for its open source blockchain and smart transaction software to governments, financial institutions, corporations, and large buyers and sellers of storage.
“We are very excited to launch Chia’s new blockchain and smart transaction platform which is easier to use, more energy efficient, and more secure than existing digital money alternatives. Improving upon Proof of Work’s shortcomings around centralization, electricity consumption and poor programmability, Chia’s blockchain has the potential to become the core of a new monetary architecture,” said Bram Cohen, Chia’s CEO.
As of March 2021, Chia’s blockchain has approximately 2,000 full nodes in the last 24 hours and 12,500 full nodes since launch as compared to Ethereum with 6,800 full nodes. According to Bram Cohen, a robust amount of independently-operated nodes is considered essential to the success of Chia, as its fundamental value relies upon its ability to remain decentralized. Farming will allow even the smallest farmer running a node a chance to win rewards for validating the network. Running a node is also a more secure way to self-custody chia.
“Bram Cohen is one of the greatest living protocol designers (BitTorrent),
right up there with Satoshi and Vitalik” —Naval Ravikant
Chia is the answer to Bitcoin’s climate problem
Banks and currencies are susceptible to routine shocks from governmental mismanagement, global financial crises, and generally run on antiquated technologies. Bitcoin was launched during one of these banking crises to try to address these ongoing issues. But Bitcoin now expends approximately 64 terawatt-hours per year, a level of energy consumption comparable to the nation of Switzerland. This level of energy usage is controversial and could get worse as bitcoin adoption and energy prices increase. Further, Bitcoin script is very limited, slow to develop, and has generally required significant changes in the Bitcoin protocol that can take years to be deployed. These delays and limitations have hampered building custody and controls into the Bitcoin blockchain.
Ethereum shares Bitcoin’s reliance on “wasteful” mining and has additional problems. Almost every deployed Solidity smart contract that has attracted large balances has in some way been compromised. The Solidity scripting language makes it easier to write software than to secure it. Ethereum has mostly become known for the fundraising mechanism known as an “ICO”, where the fundraiser creates new tokens on the Ethereum network to sell for bitcoin and ether – many of which have uncertain regulatory compliance.
Environmentally green chia (XCH) aims to save the planet
Chia’s blockchain offers functional and environmental advantages to Bitcoin, Ethereum and Ripple’s existing platforms. The Chia blockchain is more open and accessible than existing financial institutions, more efficient and less wasteful than the Bitcoin and Ethereum blockchain, and better designed for secure smart financial transactions than the Ethereum blockchain while being more decentralized than Bitcoin, Ethereum, or Ripple.
Chia’s blockchain replaces “Proof of Work” which is the consensus method that Bitcoin and Ethereum use, with the first of its kind “Proof of Space and Time” which uses significantly less energy and leads to a more decentralized and more secure blockchain. Proofs of Space harnesses unused disk space, rewarding owners of empty space for “farming” and Proofs of Time add security and time predictability to the network.
As Bitcoin uses Bitcoin Script and Ethereum uses Solidity for programming transactions, Chia’s blockchain uses Chialisp. Chialisp, is a newly developed blockchain programming language and on-chain smart transaction development environment that will unleash the security, transparency, and ease of use that cryptocurrencies promise. Applications running on Chia’s blockchain are intended to have functionality appropriate for banking. The primary focus for the initial launch will be on core functionality such as financial controls, payments clearing and settlement, and managing the issuance of various assets.
One of the primary use cases for chia is in international payments – especially in regions whose governments or financial systems are particularly volatile. The Company expects that the Chia blockchain and Chialisp will facilitate a range of transactions, including facilitating cross border payments, issuing financial assets, and stable coin issuance with best in class custody and controls.
Chia – the easiest digital money to farm – is “the people’s choice”
Compared to the existing modern finance platforms, chia is the easiest digital money to farm. In contrast to the technically proficient skills required to join a miner community, all people can “farm” chia at home for a fraction of the cost. Learn more about chia farming and the chia farmer reward schedule in Chia’s business Whitepaper.
Earn your chia (XCH) rewards today
It is straightforward to install the Chia blockchain for Windows, MacOS, and many other platforms as well. Download the Chia blockchain and earn your chia (XCH) rewards now. To learn more about Chia’s blockchain, please watch the Company’s mainnet launch video.
Exchange trading – stay tuned
Please expect an initial six week period where transactions will be frozen and farmers will only be receiving farming rewards. The Chia blockchain will soft fork in final transaction capabilities during this period in a 1.1 release. The soft fork will be a required upgrade before the six-week period ends. Read all about it in Chia’s release notes.
About Chia Network
Chia Network Inc. was founded by Bram Cohen, the inventor of the BitTorrent protocol. Chia is a state-of-the-art open-source decentralized blockchain, digital currency, and smart transaction platform. Using the first new secure Nakamoto consensus algorithm invented since Bitcoin, Chia aims to operate an eco-friendly, more secure and user-friendly payment system for cross border payments, issuing financial assets, lending, escrow payments, institutional custody, and distributed identity. Chia’s “Proof of Space and Proof of Time”-based blockchain reduces waste in “Proof of Work”-based blockchains. Built to run Chialisp, the company’s newly developed on-chain smart transaction programming language, Chia’s blockchain allows its users to build and execute smart contracts and enable peer-to-peer applications. Chia believes that “digital money” should be easier to use than cash, harder to lose, and nearly impossible to steal. The Company is funded by leading venture capitalists including Slow Ventures, a16z, Naval Ravikant, Galaxy Digital, Greylock, True Ventures, MetaStable, Stillmark, DCM, and others. The Company’s Advisors include Dr. Dan Boneh, Research Partner at a16z and Applied Cryptography Professor at Stanford University; and Dr. Krzysztof Pietrzak, Cryptography Professor of IST Austria; and Ms. Katie Haun, General Partner at Andreessen Horowitz. Investor Relations Contact: Gretchen Lium. For more information, visit https://chia.net and connect with us on Twitter (@chia_project), Facebook, GitHub and LinkedIn.