- Chia altcoin is not a new coin, but it is the first new Nakamoto coin since Bitcoin launched in 2009.
- The Nakamoto consensus.
- Chias new blockchain programming language, Chialisp.
- Chias price correlation with other cryptocurrencies.
Chia believes that by using the unused space already in circulation, they believe they will be more energy efficient.
Chia cryptocurrency is a type of crypto that aims to use the space already in circulation (proof of space and time), their mission statement aims to build a more sustainable, more secure and more powerful blockchain. Chia believes that by using the unused space already in circulation, they will be more energy efficient. The coin is based on an innovative consensus algorithm which leveraged the over-allocated hard drive space to create the first new Nakamoto consensus since Bitcoin in 2009.
Read next: A Reward For A Transaction!? What Is Kishu Inu Coin? ($KISHU) Let's Take A Look At This New Altcoin
We have the Nakamoto consensus to thank for the cryptocurrencies we have today.
We have the Nakamoto consensus to thank for the cryptocurrencies we have today, it is a set of rules that verifies the legitimacy of a blockchain network. The crypto uses the ‘proof of space and time’ which allows coin farmers to prove that they allocate unused harddrive space to the network. The proof of time and space improves the attack resistance of the network by 51%.
Chia is as secure as other proof of work cryptos whilst being less energy intensive. Chia delivers a high quality coin, with the safety and security inline with Bitcoin along with the functional benefit of a purpose built and more secure on chain smart coin environment.
Read next: (KO) Coca-Cola Earnings Posted Exceeding Expectations, Elon Musk’s Target on Twitter (TWTR) Coming To Life!? | FXMAG.COM
Chia has created a new innovative blockchain programming language called Chialisp, it is secure, powerful and easy to audit. Chia claims the Chialisp is a superior on-chain smart transaction development environment that will unlock the transparency, security and ease of use that cryptocurrencies promise.
There are also downsides to this coin, one being that there is the possibility that the harddrives get stressed and break. In addition the Chia coin sucks energy, they use energy for storage, networking for the coin and other aspects, in a 2017 report Chia reported that they produce 15.04 metric tons of CO2 per year. Although this coin is more energy efficient than Bitcoin and other crypto coins, it has a long way to go before becoming more environmentally friendly and more sustainable.
In January Chia announced its plans to launch a native peer-to-peer exchange service for its wallet holders. They will launch a new coin which will be a us-dollar denominated stablecoin and will act as a support to the new exchange.
The market sentiment for this coin is reflecting as bearish as of today. The price of Chia coin is negatively correlated with the top 10 crypto coins by market cap - excluding Tether (USDT) and negatively correlated with the top 100 crypto coins by market cap - excluding all stablecoins. According to coindesk.com, the price of Chia Crypto is only expected to increase in the coming weeks.
Chia Network Price Chart
Summary of the advantages of Chia coin:
- The coin uses 0.12% of the energy that Bitcoin uses and 0.23% of the energy that Ethereum uses.
- Better security due to its more decentralized blockchain.
- More eco-friendly than other crypto coins.
Sources: coindesk.com, chia.net, coinmarketcap.com, datacenterdynamics.com, coindesk.com