Chia (cryptocurrency)

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Chia
CodeXCH
Precision1012
Development
White paperwww.chia.net/assets/ChiaGreenPaper.pdf
Initial release1.0.0 / 17 March 2021 (18 months ago) (2021-03-17)
Code repositorygithub.com/Chia-Network/chia-blockchain
Development statusActive
Developer(s)Chia Network, Inc.
Source modelOpen source
LicenseApache License
Websitewww.chia.net
Ledger
Ledger start19 March 2021 (18 months ago) (2021-03-19)
Timestamping schemeProof of space and time
Block timeAbout 18.75 Seconds
Block explorerwww.chiaexplorer.com

Chia is a cryptocurrency where mining (or in chiasphere, farming) is based on the amount of hard disk storage space devoted to it rather than processing power as with Proof of work cryptocurrencies such as Bitcoin and Ethereum. The platform was created by a California based company called Chia Network Inc. The Chia Network was founded in 2017 by American computer programmer Bram Cohen, the author of the BitTorrent protocol.[1] In May 2021, Chia Network raised a $61 million investment, valuing the company at about $500 million. The same month, the company announced plans to conduct an IPO before the end of 2021,[2][3][4] however as of March 2022, the IPO has not yet occurred.

Computer data storage shortages[edit]

In China stockpiling ahead of the May 2021 launch led to shortages and an increase in the price of hard disk drives (HDD) and solid-state drives (SSD).[5] Shortages were also reported in Vietnam.[6] Hard drive manufacturer Seagate said in May 2021 that the company was experiencing strong orders and that staff were working to "adjust to market demand".[6] In May 2021 Gene Hoffman, the president of Chia Network, admitted that "we’ve kind of destroyed the short-term supply chain" for hard disks.[7] Concerns have also been raised about the mining process destroying drives' lifetime.[8]

References[edit]

  1. ^ Benveniste, Alexis (6 May 2021). "This crypto claims to solve bitcoin's biggest problem". CNN Business. Archived from the original on 15 May 2021. Retrieved 15 May 2021.
  2. ^ "Blockchain Startup Chia Nabs $500 Million Valuation, Eyes IPO". Bloomberg. Archived from the original on 2021-05-24. Retrieved 25 May 2021.
  3. ^ "Chia, the 'green' Bitcoin alternative, looks to IPO as early as this year". Fortune. Archived from the original on 25 May 2021. Retrieved 25 May 2021.
  4. ^ "Green crypto startup Chia Network doubles its valuation to $500 million and is mulling an IPO, report says". Business Insider. Archived from the original on 2021-05-25. Retrieved 25 May 2021.
  5. ^ Xue, Yujie; Feng, Coco (23 April 2021). "Chinese coin miners flock to new cryptocurrency Chia resulting in hard drive shortages and price surges". South China Morning Post. Archived from the original on 14 May 2021. Retrieved 15 May 2021.
  6. ^ a b Sparkes, Matthew (10 May 2021). "'Green' bitcoin alternative Chia is leading to hard disc shortages". New Scientist. Archived from the original on 15 May 2021. Retrieved 15 May 2021.
  7. ^ Sparkes, Matthew (26 May 2021). "Bitcoin rival Chia 'destroyed' hard disc supply chains, says its boss". New Scientist. Archived from the original on 28 May 2021. Retrieved 26 May 2021.
  8. ^ Lilly, Paul (May 11, 2021). "Chia mining can wreck a 512GB SSD in as little as 6 weeks". Archived from the original on May 17, 2021. Retrieved May 19, 2021.