Explore the origin of chia and unlock the code of wealth

There have been major events in the cryptocurrency world this year, especially recently. On May 13, cryptocurrencies, led by Bitcoin, plunged sharply, and the entire market value evaporated by $360 billion in two hours. Bitcoin fell by nearly $2,000, falling below $40,000, with a daily decline of more than 6%.

It was Tesla CEO Elon Musk who caused the earthquake. He tweeted: "Tesla has suspended the use of Bitcoin to pay for car purchases and is considering using cryptocurrencies with lower energy consumption. We are concerned about the rapid increase in the frequency of fossil fuel use in Bitcoin mining and transactions. However, Tesla will not sell any Bitcoin."

Musk has now become the king of currency in the cryptocurrency circle. Every time he tweets about digital currency, it will lead to a bloody storm for related currencies. This time the focus is on environmental protection.

As this circle becomes more and more popular and moves towards the mainstream, and more and more people outside the circle enter the market, every move becomes the focus of everyone's attention, because environmental issues have made digital currency the target of public criticism, and even risen to the social and national levels.

At this time, Chia, a green and eco-friendly cryptocurrency that is said to be able to replace Bitcoin, also known as green Bitcoin, has become a hot star project that many people are vying to pursue. Here we will explore the past and present of Chia.

The origin of chia

Chia, whose Chinese name is Chia and whose abbreviation is XCH, was established in August 2017 with the goal of developing an improved blockchain and smart trading platform to improve the global financial and payment systems. The highlight is that its founder is the famous Bram Cohen, who is the most outstanding network protocol engineer and created BitTorrent in 2001. Bram Cohen is basically the godfather in the field of cypherpunks.

The cypherpunk community is quite impressive. The Bitcoin white paper by Satoshi Nakamoto, the father of Bitcoin, was first published on cypherpunk. It can be said to be an encrypted email system with a utopian ideal. Its prototype was established in 1992. About 1,400 scientists and geeks discuss mathematics, encryption technology, computer technology, philosophy and other knowledge here. Its members include Julian Assange, the founder of WikiLeaks, Bram Cohen of BT download, Sir Tim Berners-Lee, the inventor of the World Wide Web, Nick Szabo, the originator of the concept of smart contracts, and Sean Parker, one of the founders of Facebook. These bigwigs spread the brilliance of human wisdom here.

Therefore, Chia was born under the light of the founder, "This waste is huge and terrible", Bram Cohen said in an interview, he wanted to create a more environmentally friendly cryptocurrency to solve the problems of waste and centralization. So he founded Chia Network - representing green, that is, a blockchain based on time and space proof, with the goal of preventing energy waste and reduction (for example, ASIC-driven mining) and centralization, with the help of cheap, redundant and highly decentralized unused hard disk storage space for verification.

Chia lisp is Chia's new intelligent programming language, which is famous for its powerful functions, easy auditing, security and reliability. Currently supported reference intelligent transactions include atomic exchange, authorized payees, recoverable wallets, multi-signature wallets and price-limit wallets, etc.

The development history of Chia

In 2017, founder Bram Cohen co-authored and published the white paper "Simple Proofs of Sequential Work" and established chia network on August 15, 2017.

On March 28, 2018, the seed round raised $3.39 million, and in the second quarter it plans to distribute some Chia through the initial token. Chia can be purchased with US dollars, and Chia Network will be launched at the end of 2018.

In July 2019, Chia Network released the Proof of Space software and green paper, applied for the first batch of provisional patents, and announced the holding of a Proof of Space competition to optimize the algorithm. In December, the company released the Chia lisp scripting language documentation.

In July 2020, the implementation of Proof of Space was finally completed, and in November the company released a new consensus algorithm, independently confirming the security guarantees of the original Chia consensus.

The Chia network's blockchain mainnet was released in March 2021, and chia token XCH futures have been launched on major exchanges. Trading officially started on Ouyi OK on May 4, and Huobi announced the launch of XCH on May 14. At this point, all mainstream exchanges have completed the deployment. Is it far from Binance's launch?

Three chia economic models

In order to demonstrate Chia's environmental protection purpose, its production process no longer uses mining but is called farming. Chia uses PoSpace + PoTime, called proof of space and time, to create blocks by taking snapshots (seeding) of the idle storage space available on the hard drive. Personal income is determined by the percentage of personal farm storage space in the total farm storage space on the network. The more storage space allocated to the Chia farm (proof of space), the greater the income.

When sowing in the chia farm, repeated reading and writing are required to allocate farm space. Once the hard disk is sown and its proof is retained, it is possible for the farmer to harvest it (P disk). For every piece of land cultivated by the miner and a piece of storage space provided, a coupon can be obtained. The more cultivated, the more coupons can be obtained. Finally, the coupons are used for lottery. The winners will receive block rewards and be recorded. Therefore, chia no longer needs the competition mode for mining, which is more suitable for the participation of ordinary users. It does not support ASIC mining machines, which can reduce additional computing power and electricity consumption. The total amount of its tokens has not been launched. The team pre-mined 21 million, and it is expected to produce 3.36 million in the first year, and the total circulation in the first twelve years will be 39 million.

On the Chia Network’s blockchain, at the end of the sixth year after launch, all farming rewards generated up to that date will account for 42%, starting to slow down in the 13th year, and it will take about 21 years to match the size of its strategic reserve.

This release schedule is influenced by Bitcoin and adjusted for Chia’s mathematical basis. The following table compares the mining output of Bitcoin and Chia during each halving period:

iBLOCK.one gives user chia the wealth code

Currently, there are two modes for participating in Chia mining, one is to set up a disk by yourself, and the other is to purchase computing power. Now a large number of miners are rushing into the market, and Chia computing power has doubled in a short period of time. As of May 14:

The rush to buy hard drives once rivaled the enthusiasm for buying Fil mining machines . As more and more coin friends emerged, the crazy Chia mining trend made it difficult to find a hard drive in the market a month ago .

At the same time, the price of chia token xch is also rising rapidly

In this case, not to mention the damage to the hard drive, ordinary coin friends will probably have to tearfully delete the videos they have collected for many years before they can join this craze. Even so, earning pocket money will be a thorny journey.

Chia computing power is a remote mining model. Users purchase computing power contracts through the platform, rent computing power for mining, and obtain income regularly. Users do not need to invest in any software and hardware, nor do they need to maintain it 24 hours a day. As long as they place an order to purchase computing power, they can participate in mining. Cloud computing power minimizes costs and maximizes mining income through large-scale professional mining field deployment. After the contract ends, there is no need to deal with machines, sites, etc., and exit is more flexible. When selecting a computing power service provider, it is necessary to comprehensively analyze and consider the platform's mining field scale, mining authenticity, and business sustainability.

Aixin iBLOCK.one is a comprehensive digital asset allocation platform jointly created by senior Internet finance, insurance, trading, and blockchain teams, integrating computing power mining farms, computing power asset management, mining machine leasing, mining pools, mining machine sales, decentralized digital asset lending, and financial services. Four fund investment institutions from Singapore and North America participated in the investment, with sufficient trust and security endorsement.

At the same time, we cooperate with many well-known global leading blockchain news media, join the platform that can gather transnational information, link global resources, and empower economic development, and serve entrepreneurs and investors in the global blockchain field. The credible and authoritative brand endorsement has created a strong brand image and established a strong fortress for Aisin iBLOCK.one.

Aixin iBLOCK.one's large-scale mining farms are distributed in Yunnan, Sichuan and Xinjiang, mainly in Ganzi Prefecture and Aba Prefecture in Sichuan, with a total scale of 150,000 units. At present, the mining machines are the best high-performance and low-power mining machines on the market. They provide one-to-one support for mining field deployment technology and have launched multi-currency computing power professional leasing services to ensure the maximum mining income. At the same time, the electricity cost is low, which is more than 15% cheaper than the industry average. Invoices can be issued to provide a legal and clean "birth certificate" for computing power users; ultra-low entry threshold, rich buy-and-give activities; provide lending financial services to accelerate the user's payback period by 30%.

Aisin iBLOCK.one's chia computing power has a low threshold, low energy consumption, high returns, and quick payback. Speculating on cryptocurrencies may not necessarily be a good way to participate, but choosing Aisin chia computing power is definitely the best value investment.