Chia

What is Chia Network (XCH)?

XCH is the native token of the Chia network, which is open source. Blockchain of the first level. The network was named after the grain because the whole concept of the network attracting green money to the crypto industry. Be sure to check the Chia price chart above if you want to know the current price of XCH.

Chia uses its own programming language called Chiaslip. It is a reliable and secure language similar to LISP. Language has the ability to use smart contract ability to retain and release funds. Essentially, it creates simultaneous transactions that execute instantly, rather than sequential ones.

The consensus mechanism used by Chia is called Proof of Space and Time (PoST). It was developed by Bram Cohen and is a combination of Proof-of-Space (PoS) and Proof-of-Time (PoT) consensus mechanisms.

Pay attention to Proof of space consensus mechanism for confirming transactions, miners are forced to install specialized software that saves free space on their computers necessary for solving number problems. The process of verifying a transaction is called Agricultureand the places on the computer that have been allocated free space are called stories.

What are the task numbers? Each time a block is created, it is assigned a random call number from the previous block. Each miner has a library of cryptographic numbers that is stored on their hard drives. To solve a problem and create the next block, miners have to scan their libraries and find a number very close to the problem number. In general, miners have a higher probability of solving a problem number first if they have more hard drive capacitywhich results in more random numbers.

Let’s move on to Proof of time The consensus mechanism requires miners to wait for some time before creating a new block. To do this, PoT uses Verifiable Delay Function (VDF). The fundamental idea behind VDF is that it requires sequential computations that take a certain amount of time to complete. Nodes in PoT consensus mechanisms are called Time Lords. Essentially, they must track time and ensure that time spent on PoS functions is accurately recorded.

Overall, without sacrificing network security, Chia can conduct transactions quickly while consuming less energy thanks to the integration of Chiaslip and PoST.

Founder of the Chia network

Chia crypto project was founded in 2017 Bram Cohen. Bram Cohen is a programmer best known for developing the BitTorrent peer-to-peer protocol and the BitTorrent platform itself. However, he is no longer working on this project. In addition, Cohen is also the co-founder of CodeCon and Codeville.

The purpose of XCH coins

XCH is the utility token of the Chia network. Most often it is used as reward for Chia network users. Although Chia coins can also be used for making transactions because they have very high transaction speed. In addition, to take part in Chia network developmentXCH tokens are also required.

Again, if you are interested in the price of XCH, take a look at the above Chia price chart.

Tokenomics of XCH coins

The number of Chia tokens is unlimited. 21 million tokens were pre-processed and released using the Chia genesis block. Additional Chia coins are created through block rewards that are given to miners for their services.

Following the release of Chia tokens, the network set the miner reward at 64 Chia tokens every 10 minutes. During the first 12 years after the establishment of the Chia network, the remuneration for agriculture is planned to be halved every three years. However, after 12 years, the farming reward will remain at 4 Chia coins every 10 minutes. This will lead to a permanent decline in Chia’s inflation rate. Chia’s inflation rate is projected to fall below 0.50% by 2043.

Finally, if you have decided to purchase XCH coins, I would encourage you to study the Chia price chart above. Why? Because there are many reasons that can cause the price of XCH to fluctuate, and you can see the main trends of price fluctuations on the chart.