Yunus Taşlı 
What is Chia Network? Chia Network is a “green” cryptocurrency that operates on its own blockchain. It aims to make cryptocurrency more sustainable and environmentally friendly. Chia Network sees itself as a competitor to Bitcoin and strives to surpass it. Furthermore, Chia aims to achieve these goals by concurrently prioritizing energy efficiency.
How Chia Network Works?
What is the Chia Coin? Chia offers solutions for the widespread adoption of cryptocurrencies in an environmentally friendly manner. Also, Chia’s working principles are extensively explained in its Whitepaper. Let’s take a look at the solutions Chia brings to the industry.
– Coin Set Model
This system used to monitor the network’s status considers “coin” a first-class object in the blockchain.Chia encrypts each coin using the CLVM (Chia Lisp Virtual Machine) program as a puzzle. Every Chia transaction requires the spending of at least one coin. Furthermore, in addition to this model, all clients must provide a collective signature.
– Proof of Space and Time
Chia, unlike Bitcoin’s Proof of Stake (PoS) system, utilizes the Proof of Space and Time (PoSpace) system. With this system, anyone with internet access and available empty disk space can participate in the network and contribute to its security. Therefore, Chia claims to be the most decentralized blockchain in the world.
– Pooling
Chia Network allows pools for small farmers with three unique features:
Decentralization: While users farm through pools, Chia allows them to create their own blocks instead of depending on the pool’s block. This prevents pool operators from manipulating the blockchain. Pool operators are exclusively responsible for distributing rewards on the Chia Network, resulting in a more decentralized mining experience for Chia Coin.
Fair Reward Distribution: This system ensures a more favorable reward distribution compared to other pools and cryptocurrency projects. In the Chia Network, when a block is won, the farmer receives 1/8 of the reward, while the pool operator claims 7/8 of it. By adopting this approach, the intention is to dissuade pool operators from engaging in competing pools. If your goal is to receive all block rewards through farming on Chia, it is advisable to abstain from joining a pool.
All Pools are Free: Chia Network does not impose entry fees for pools. Individuals who want to farm can join pools by paying a small fee and providing a mojo (a measure of storage space), making it accessible to all without upfront costs.
The rewards per block for Chia Coin miners are as follows:
- Between 2021 and 2024: 2 Chia Coin
- Between 2025 and 2027: 1 Chia Coin
- Between 2028 and 2030: 0.5 Chia Coin
- Between 2031 and 2033: 0.25 Chia Coin
- Starting from 2034, the reward remains fixed at 0.125 Chia Coin.
What is Chia Network Coin?
Chia Network Coin (XCH), is the native coin of its own network. Users who farm on the Chia network are rewarded with XCH.
Chia Coin Distribution
As of now, there is no available tokenomics information for this project. Moreover, once distribution data becomes available, it is likely to boost confidence in the project.
Use Cases of Chia
Chia Coin has diverse use cases. Firstly, users can receive XCH loans to enhance liquidity. Additionally, XCH can fund developers and contributing users, promoting investment. Moreover, it provides additional farming rewards, further incentivizing participants. In the future, Chia plans to go public, potentially using XCH for stock buybacks. If Chia goes public, XCH assets may be used for dividend distributions.
The Chia Network Development Team
Chia Network has a large and diverse development team. Notably, the founder of Chia is Bram Cohen, who is also the creator of BitTorrent. You can find more information about the team members and their resumes on the provided link.
Roadmap
The project’s roadmap is detailed in a dedicated section on the Chia Network website. You can access the Roadmap section through the provided link to learn about their goals and plans.
Supporters
Chia Network has garnered support from various backers who believe in the promising future of its environmentally friendly coin project. Some of the notable supporters include International Finance Corporation, Circular Drive Initiative, Climate Action Data Trust, and Global Blockchain Business Council.
Investors
Chia has attracted investments from numerous backers, including Richmond Global Ventures, Slow Ventures, Greylock, Metastable, Stillmark, True Ventures, Andreessen Horowitz, Naval Ravikant, Galaxy Digital, and DCM. Their names are disclosed on the website.
While Chia Coin is not listed on the Binance exchange, it can be acquired on several other prominent exchanges. Moreover, you can explore various opportunities, including discounted registration, when buying XCH Coin from these exchanges. Be sure to check out the following platforms for purchasing and benefiting from the mentioned opportunities:
KUCOIN
HUOBI
GATE.IO
OKX
MEXC
COINEX
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