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chia

United States

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2-5 years

2-5 years|Suspicious Regulatory License|Medium potential risk
4 Comments
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chia
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Customer Service Email Address
hello@chia.net

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Previous Detection 2024-04-12

It has been verified that this Project currently has no valid regulation, please be aware of the risk!

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Lala27
You’ve heard about Chia before – some say it’s the new gold mine, others label it just another shitcoin and move on. But for me, Chia is a new cryptocurrency is gaining a lot of traction, but the best is DYOR.
2023-10-24 11:00
11
Laurente
this is great, keep it up! good job
2023-10-14 10:54
11
Kelvinno
Evaluated
2023-08-16 01:31
4
Dan3450
Chia is a developed blockchain and smart transaction system that offers improved usability, increased efficiency, and enhanced security.
2023-10-29 22:16
9
Aspect Information
Short Name Chia
Full Name Chia Network
Founded Year 2017
Main Founders Bram Cohen
Support Exchanges Gate.io, OKX, Huobi Global, BitMart, Binance, KuCoin, Crypto.com, Kraken, Gemini, Coinbase
Storage Wallet Software wallet, Desktop wallet, Mobile walle, Hardware wallet , Web wallet, Exchange wallet
Customer Support Email at hello@chia.net,phone at +1-628-222-5925 and facebook https://www.facebook.com/ChiaProject

Overview of Chia

Chia, launched in 2017, is a cryptocurrency aiming to provide enhanced energy efficiency and security. It was developed by Bram Cohen, who is also the inventor of the BitTorrent protocol. Unlike Bitcoin and other cryptocurrencies that rely on proof of work for their security protocol, Chia uses a novel consensus algorithm called proof of space and time, which requires users to allocate disk space for farming rather than using massive amounts of energy for mining. The Chia Network company, responsible for developing the Chia cryptocurrency, is based in the United States.

To obtain more information, you can visit their website: https://www.chia.net and try to log in or register to use more services.

Overview of Chia

Pros and Cons

Pros Cons
Energy efficient due to its proof of space and time consensus method Requires large amounts of storage space for farming
Provides enhanced security mechanism The network's overall security is as yet unproven in comparison with longer-standing cryptocurrencies
Created by the inventor of the BitTorrent protocol May lead to rise in prices of storage devices due to increased demand

Pros of Chia:

1. Energy Efficiency: One of the key benefits of Chia lies in its use of a consensus method known as the 'proof of space and time.' This method significantly minimizes the energy output traditionally seen with cryptocurrencies, as it negates the need for extensive 'mining' processes.

2. Enhanced Security: Chia boasts a robust security mechanism, which is aimed at delivering a dependable and trustworthy cryptocurrency environment. This allows users to engage with the currency with the assurance of strong security measures.

3. Credible Legacy: Chia was created by Bram Cohen, who also invented the BitTorrent protocol. His presence and involvement bring a level of credibility and know-how, appealing to many potential users and investors.

Cons of Chia:

1. High Storage Requirements: A considerable downside to Chia's 'proof of space and time' consensus method is that it requires large amounts of storage space to 'farm' the cryptocurrency. This high storage allocation could present a barrier to some users and create potential cost implications.

2. Unproven Network Security: While Chia's security mechanisms promise robust protection, the relatively recent launch of the network means that the overall security is largely untested compared to more established cryptocurrencies.

3. Potential to Increase Storage Device Prices: With Chia's high storage requirement for farming, there is a possible consequence that the increased demand might inflate the prices of storage devices. This could inadvertently create cost implications for anyone seeking to expand their device capacity, whether they're involved with Chia or not.

Security

The security of Chia Network can be described based on several key aspects:

  • Decentralized Infrastructure:Chia Network prides itself on having a highly decentralized public blockchain. Decentralization is a fundamental feature that contributes to its security and resilience. A decentralized infrastructure means that there is no single point of control or failure, making it more difficult for malicious actors to attack or breach the network. Additionally, decentralization helps prevent censorship as there is no central authority that can easily manipulate or control the system.

  • Data Management:Chia Network utilizes smart coins and smart contracts to enhance the security and control over data. Smart contracts are embedded in smart coins, providing a secure and auditable way to manage, share, and access data. This approach ensures that data transactions and interactions are transparent, secure, and resistant to unauthorized access.

  • Development and Chialisp:Chia Network employs Chialisp, a native and functional programming language that is designed with a focus on security, simplicity, and auditability. The use of Chialisp aims to make it easier to review both data and code, reducing the risk of vulnerabilities and exploits. By prioritizing security in the programming language, Chia Network strives to provide a solid foundation for the development of secure and trustworthy applications and smart contracts on its blockchain.

  • In summary, Chia Network places a strong emphasis on decentralization, secure data management through smart contracts and smart coins, and the use of a secure programming language like Chialisp. These measures are intended to enhance the overall security and reliability of the network, making it resilient against attacks and breaches while promoting transparency and auditability.

    Security

    How Does Chia Work?

    Chia Network is a blockchain platform that aims to provide a unique approach to blockchain technology with a focus on security, sustainability, and real-world application. Here's how Chia works:

    Chia Virtual Private Blockchain™ (VPB):Chia Network offers a versatile solution for enterprises, allowing them to choose between private, public, or a virtual private blockchain. This choice empowers businesses to balance the trade-offs between security, uptime, permissionless access, decentralization, traceability, programmability, and more.

    Key Features:

    • Max Security: Chia VPB provides maximum security, preventing attacks like the 51% rule.

    • 100% Uptime: It ensures high availability, a feature typically associated with public blockchains.

    • Permissionless: Like public blockchains, Chia VPB allows permissionless participation.

    • Decentralized: The network maintains decentralization.

    How Does Chia Work?

    Chia VPB Technology:

    • Coin Set Model: Chia employs a Coin Set model that enhances privacy and allows for smart contract-driven utility.

    • Offers: Native peer-to-peer trading on the blockchain simplifies trade completion without the need for escrow.

    • DIDs with Verifiable Credentials: Enterprises can maintain control and permissioned privacy in a decentralized setting.

    Decentralization and Security:Chia Network boasts over 100,000 nodes across 150 countries, making it one of the most decentralized public blockchains globally. The decentralized nature of the network enhances its security and resilience against attacks.

    How Does Chia Work?

    Price

    Chia is a relatively new cryptocurrency, and its price has fluctuated significantly since its inception. It reached an all-time high of $868.06 on March 1, 2022, and an all-time low of $35.69 on June 18, 2022. As of today, October 4th, 2023, the price of Chia is $46.64.

    There is no mining cap for Chia. This means that there is no limit to the amount of Chia that can be mined. However, the mining rate is expected to decrease over time as the network grows.

    The total circulating supply of Chia is currently 2,648,442 XCH. This is expected to increase over time as more Chia is mined.

    Several factors could affect the price of Chia in the future, including:

    • Demand for Chia: If there is a high demand for Chia, the price is likely to rise.

    • Supply of Chia: If the supply of Chia is limited, the price is likely to rise.

    • Overall market conditions: The price of Chia could also be affected by overall market conditions, such as the price of Bitcoin and Ethereum.

    Exchanges to Buy Chia

    Here are some exchanges that support buying Chia:

    Gate.io:

    Gate.io is a global cryptocurrency exchange that offers a user-friendly platform and a variety of trading features, including margin trading and leveraged tokens. It supports a wide range of cryptocurrencies, including Chia.

    OKX:

    OKX is another popular global cryptocurrency exchange known for its high liquidity and low trading fees. It also offers a variety of other services, such as a margin trading platform and a cryptocurrency lending platform. OKX supports a wide range of cryptocurrencies, including Chia.

    Huobi Global:

    Huobi Global is a major cryptocurrency exchange that operates in multiple countries around the world. It offers a user-friendly platform and a variety of trading features, including margin trading and futures trading. Huobi Global supports a wide range of cryptocurrencies, including Chia.

    BitMart:

    BitMart is a cryptocurrency exchange that is popular among Asia-based traders. It offers a user-friendly platform and a variety of trading features, including margin trading and staking services. BitMart supports a wide range of cryptocurrencies, including Chia.

    Binance:

    Binance is the world's largest cryptocurrency exchange by trading volume. It offers a user-friendly platform and a variety of trading features, including margin trading, futures trading, and options trading. Binance supports a wide range of cryptocurrencies, including Chia.

    KuCoin:

    KuCoin is a cryptocurrency exchange that is known for its wide support of altcoins. It offers a user-friendly platform and a variety of trading features, including margin trading and staking services. KuCoin supports a wide range of cryptocurrencies, including Chia.

    Crypto.com:

    Crypto.com is a popular cryptocurrency exchange that offers a variety of features, including a crypto payments card, a crypto earn program, and a crypto lending platform. It supports a wide variety of cryptocurrencies, including Chia. Crypto.com offers a user-friendly platform and a variety of trading features, including margin trading and futures trading.

    Kraken:

    Kraken is a cryptocurrency exchange that is known for its security and compliance. It offers a user-friendly platform and a variety of trading features, including margin trading and OTC trading. Kraken supports a wide range of cryptocurrencies, including Chia.

    Gemini:

    Gemini is a cryptocurrency exchange that is focused on US-based traders. It offers a user-friendly platform and a variety of features, including margin trading and a crypto earn program. Gemini supports a limited number of cryptocurrencies, including Chia.

    Coinbase:

    Coinbase is a popular cryptocurrency exchange that is known for its ease of use. It offers a user-friendly platform and a variety of features, including a crypto payments card and a crypto earn program. Coinbase supports a limited number of cryptocurrencies, including Chia.

    Please note that this is not an exhaustive list, and there are many other exchanges that support buying Chia. It is always important to do your own research before choosing an exchange.

    Chia Wallet

    Chia Green Wallet is a secure and user-friendly mobile wallet for managing your Chia (XCH) and Chives (XCC) cryptocurrency assets. It offers real-time transaction notifications, secure storage of your digital valuables, and easy sending and receiving of CAT tokens and NFTs.

    Compatible with mnemonics from various wallets, Green Wallet provides a seamless experience for managing your Chia-based assets on the go.

    Chia Wallet

    How to Store Chia?

    Storing Chia (XCH) involves a multi-step process to ensure the secure and efficient management of your digital assets within the Chia Network ecosystem.

    The first step is to download a suitable wallet that aligns with your preferences and platform. Chia Network offers its native wallet, and there are also community-built alternatives. These wallets are available on various platforms such as Windows, Mac, Linux, iOS, Android, and as browser extensions. Each wallet may come with different features, including support for Chia Asset Tokens (CAT), Non-Fungible Tokens (NFT), Decentralized Identifiers (DID), and more.

    How to Store Chia?

    After selecting a wallet, the next step is to load it with Chia (XCH). This involves acquiring XCH through either decentralized exchanges (DEX) or centralized exchanges (CEX). Users can utilize methods like ACH, credit card, or bank transfers to obtain XCH. Alternatively, they can swap existing cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) directly for XCH through wallet-to-wallet or person-to-person swaps. It's essential to choose reputable exchanges and exercise caution during transactions.

    Once the wallet is loaded with XCH, users can explore the Chia ecosystem and make use of their acquired assets. This may include buying Non-Fungible Tokens (NFTs), contributing to community projects, and engaging with various features within the Chia Network.

    What Makes Chia Unique?

    Chia Network stands out due to several unique features and characteristics:

    • A Better-Built Blockchain:

      Chia Network places a strong emphasis on building a more secure and sustainable blockchain. Unlike some other blockchains that prioritize simplicity and rapid adoption, Chia Network is committed to providing real-world value and use by addressing the limitations of traditional centralized data infrastructures. This approach sets it apart from other blockchain projects by focusing on long-term sustainability and security.

    • Unwavering Security:

      Chia Network prioritizes security with advanced cryptography and a highly decentralized architecture. With over 100,000 nodes distributed across more than 100 countries, the network is well-protected against unauthorized access and data tampering. This decentralized approach enhances both network and data security, making it more resistant to breaches and attacks. This commitment to security sets Chia Network apart from platforms that may prioritize speed and scalability at the expense of robust security.

    • Compliance and Regulatory Support:

      Chia Network strives to meet regulatory compliance standards and considers global consumer protection as a priority. It enjoys support from reputable government agencies, partners, and investors. This commitment to compliance and consumer protection makes it a unique player in the blockchain space, as many blockchain projects operate in a less regulated environment.

    • Sustainability and Energy Efficiency:

      Chia Network promotes sustainability by harnessing a greener and more energy-efficient technology. Its approach to low energy consumption aligns with the goal of reducing the environmental impact of blockchain technologies. This not only benefits the planet but also provides more business value for organizations and utilities. The focus on sustainability and energy efficiency differentiates Chia Network from blockchain platforms that consume substantial amounts of energy.

    • In summary, Chia Network's uniqueness stems from its commitment to building a more secure and sustainable blockchain, its focus on compliance and regulatory support, and its emphasis on energy efficiency. These factors position Chia as a blockchain project with a strong emphasis on long-term viability, security, and environmental responsibility.

      What Makes Chia Unique?

      Conclusion

      Chia represents a unique approach to cryptocurrency with its use of the Proof of Space and Time algorithm, emphasizing environmental efficiency and sustainability. By leveraging storage space for token farming rather than energy intensive calculations associated with most traditional cryptocurrencies, it offers a potentially more eco-friendly and accessible path for involvement in cryptocurrency.

      However, it's important to note that Chia's relatively recent launch means the network's long-term security and viability remain untested compared to its more established peers. Furthermore, the high requirement for storage space, the potential influence on hardware prices and the resource-heavy nature of farming are significant considerations for potential users.

      Despite these concerns, Chia's innovative approach to consensus, as well as its focus on sustainability and efficiency, indicate a promising direction for the future development of cryptocurrencies.

      FAQs

      Q: Can ordinary people use Chia as a payment tool?

      A: Yes, ordinary people can use Chia as a payment tool. It aims to integrate with global point-of-sale systems and consumer payment apps. In locations without services like Venmo or CashApp, Chia can offer a better solution to slow, expensive wire transfers.

      Q: What is Proof of Space and Time?

      A: Chia's innovative consensus algorithm, Proof of Space and Time, eliminates the energy demands of Proof of Work while enhancing security. It involves proving the allocation of unused hard drive space (Proof of Space) and ensuring consistency in block times (Proof of Time).

      Q: What is Chialisp?

      A: Chialisp is Chia's powerful and secure blockchain programming language. It serves as an on-chain smart transaction development environment, unlocking the security and transparency promised by cryptocurrencies.

      Q: Where can I get answers to questions about running Chia?

      A: Read the Chia Introduction and docs FAQ, explore the docs site, and join the #support or #general channels on Discord for assistance. A summary of plot creation basics is also available.

      Q: What makes Chia different from proof of work blockchains?

      A: Chia's Proof of Space and Time consensus algorithm reduces electricity usage by having a few computers validate Proof of Space while Timelords add cryptographic Proof of Time. This contrasts with proof of work blockchains, like Bitcoin and Ethereum, which rely on energy-intensive mining.

      Q: What is Chia's burn address?

      A:The mainnet burn address isxch1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqm6ks6e8mvy, and the testnet burn address istxch1qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqm6ksh7qddh. A burn address is unobtainable, ensuring anything sent to it is inaccessible forever.

      Risk Warning

      Investing in blockchain projects carries inherent risks, stemming from the intricate and groundbreaking technology, regulatory ambiguities, and market unpredictability. Consequently, it is highly advisable to conduct comprehensive research, seek professional guidance, and engage in financial consultations before venturing into such investments. It's important to be aware that the value of cryptocurrency assets can experience significant fluctuations and may not be suitable for all investors.

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