What is Chia Network ? How Is Chia Different from Bitcoin? (Explained by Animation ) скачать в хорошем качестве

What is Chia Network ? How Is Chia Different from Bitcoin? (Explained by Animation )

Twitter:   / andcrypto_   Instagram:   / andcryptoen   tiktok: https://vm.tiktok.com/ZSdAJEVFs/ Chia Network is a blockchain and smart transaction platform that uses proof-of-space and proof- of-time to perform efficient transaction validation, called “farming,” powered by empty computer storage space allocated to “plots.” The idea is to create tokens based on free storage space, rather than processing performance. Chia Network trades under the symbol XGH, and its mainnet has been running since Friday, March 19, 2021. Anyone with unused disk space can farm Chia by allocating disk space to plots, and only the initial “plotting” of the hard drive is time and resource-intensive. Chia proudly boasts a secure Nakamoto-style consensus algorithm, patterned upon Bitcoin’s launch in 2008. It verifies transactions without sacrificing decentralization and censorship resistance. Nakamoto Consensus refers to the process of verifying transactions on a blockchain. In short, it creates a computer network of independent, distributed nodes that can agree on transaction activity. The Chia Network was founded by Bram Cohen, who also authored the BitTorrent protocol and file sharing program. And the native currency is XCH which can be farmed. What Problems Does Chia Aim to Resolve? Chia aims to solve the energy-intensive computing process of cryptocurrency transactions on other networks, which are typically verified using either proof-of-work or proof-of-stake consensus mechanisms. These methods usually require the collective computing power of miners, who are rewarded for their contributions. Chia’s environmentally friendly infrastructure promises to be greener, more decentralized, easier to audit, more energy-efficient, secure, and easier to use than those of other cryptocurrencies. Chia’s white paper cites three core issues it intends to resolve. The Chia Network focuses on addressing centralization issues while providing enhanced security against long-range attacks. It also addresses the inability of proof-of-stake networks to recover from 51% attacks. The cryptocurrency space receives a fair amount of backlash on its protocols regarding energy consumption. Just Ethereum mining alone, at an estimated 56.6 terawatt-hour (TWh), is equivalent to the carbon footprint of the entire country of Malta. The Cambridge Bitcoin Electricity Consumption Index (CBECI) estimates Bitcoin mining will reach 128 TWh before next year. If that’s true, Bitcoin and Ethereum mining will be using ten times as much electricity as Google, more than Norway as a whole, or 0.6% of the Earth’s total supply. The verification and recording of all global transactions come with a substantial carbon footprint. The entire Chia Network consumes an average of 47,752 kilowatts (kW) as of July 19, 2021, based on the current netspace of 31.0 EiB. That’s a fraction of power compared to Bitcoin and Ethereum, which proves its efficiency with a much smaller carbon footprint. How Is Chia Different from Bitcoin? The most significant difference between the Chia cryptocurrency and Bitcoin is the transaction verification system on both networks. Bitcoin uses a proof-of-work mechanism in which miners contribute their computing power to solve complex mathematical problems and earn rewards, while Chia utilizes a proof-of-space-and-time (PoST) system that works by uploading data on empty computer storage space that involves completely normal hardware. It allows network participants to show they’ve been storing data over a period of time. Simply put, the Chia network utilizes unused disk space for farming the token, instead of high- performance graphic cards and processors. Such a process is meant to cost a miner far less to mine Chia than Bitcoin. The Chia network has also recently announced that it can be farmed directly on Amazon Web Services (AWS) cloud servers. The network aims to make home-based mining feasible. Anyone with a computer, an internet connection, spare storage space, and sufficient CPU power can participate in farming. Reportedly, it takes as little as five minutes to farm Chia on AWS, after which the user can generate a crypto wallet address to which the farmed Chia coins are transferred. By not requiring significant hardware, this integration allows Chia to provide greater flexibility to its community of miners (farmers). In contrast, Bitcoin miners need top-of-the-line hardware for mining. With little to no reliance on computing power, the Chia network doesn’t fall prey to the persistent global chipset supply shortage, which has been exacerbated by supply chain issues during the pandemic. Furthermore, Bitcoin has a capped token supply of 21 million, which is a key feature. However, the Chia network favors predictable continuous inflation and argues that a “predictable amount” matters more than a fixed supply. #chiaNetwork #bitcoin #andcrypto