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If you missed DeFi in 2019 and NFT in 2020, then you should not miss Chia in 2021. This "king-level" crypto project introduced a new concept of hard disk mining. Now, looking at the global hard disk market, many people will find that hard disk prices have suddenly soared in recent weeks, doubling or tripling in just a few weeks. So, how great is the Chia crypto project? Let's find out. Chia Features
Chia was created by Bram Cohen, the inventor of BitTorrent and one of the world's best network protocol engineers. Through Chialisp, a powerful, easy-to-audit and secure new smart transaction programming language, Chia perfectly supports a variety of smart transactions, including: atomic exchange, authorized payees, recoverable wallets, multi-signature wallets and price-limit wallets.
Unlike Bitcoin, which uses proof of work, Chia uses a time and space proof consensus algorithm, and anyone can use the remaining hard disk space to verify transactions without consuming a lot of electricity to maintain the network. It can be said that Chia uses a fair, environmentally friendly and better blockchain to make full use of the existing empty hard disk space distributed on nodes around the world. Since it relies on free hard disk space, mining on Chia is more decentralized. Anyone with a mobile phone, laptop or corporate network currently has a lot of unused extra storage space, and once you finish mining, you can repurpose the storage without additional impact on disk space. From now on, people no longer need to buy expensive mining machines like mining Bitcoin (basically disposable hardware devices).
How powerful is the Chia encryption project?
When Bitcoin, the "ancestor" of cryptocurrency, was developed, the market had not yet foreseen that the computing power of specialized mining hardware equipment would greatly exceed the performance of ordinary computers, resulting in the originally hoped-for decentralized network being controlled by a small number of miners who could use chip manufacturing plants and wholesale electricity procurement. The miners who currently control the Bitcoin network believe that they still have a competitive advantage and are clearly opposed to changing the protocol when it is clear that the protocol should be changed.
However, Chia has spent ten years researching a new digital currency ecosystem to make cryptocurrency safer, more decentralized, and easier to use. If nothing goes wrong, Chia will become the first enterprise-level digital currency.
Perhaps because of Bram Cohen's reputation in the industry, the compliant listing path, and the project's own strength, Chia quickly received a lot of attention in a short period of time, and also received investment from top Wall Street institutions such as Danhua Capital and a16z. Since then, more and more people have explored Chia mining, and the demand for hard disk space has also risen. Not only that, after the project announced the launch of trading on May 4, the popularity of Chia mining was once again pushed to a climax, resulting in the threshold for participating in Chia mining becoming higher and higher. The price of a 1P computing power mining machine on the market once reached a sky-high price of 400,000 yuan, which blocked many retail investors from Chia mining. From the market rules, we can know that when demand exceeds demand, prices will definitely rise.
Cloud mining to address market pain points
Faced with the high cost of Chia mining, how can ordinary crypto users participate? When cryptocurrency exchanges saw the pain points of the market, they quickly provided cloud computing mining solutions.
In fact, some cryptocurrency exchanges with many years of operating experience in the cloud computing industry launched Bitcoin cloud computing mining projects as early as two years ago. These projects can not only help users screen high-quality cooperative mining farms, design friendly and attractive products, formulate professional and transparent industry standards, but also establish disaster recovery plans to deal with various risks and provide high-quality services throughout the investment process. Based on these core market competitiveness, cloud computing mining products quickly attracted the attention of many crypto community users.
Recently, some exchanges have launched cloud computing power Chia products, which are generally characterized by long service period, more mining, more profit, and lightning delivery. Moreover, after seeing the feedback from users, these exchanges optimized the supply chain in a short time to allow more users to mine Chia earlier and more, so that purchasing users can share the real Chia mining bonus.
At present, most exchanges on the market generally provide servers for one year or 540 days, but some exchanges also provide computing power services for up to three years. In order to mine with confidence, most users will choose exchanges with longer service periods, and such exchanges have therefore gained a good reputation in the community and even the industry.
As Chia continues to be listed on mainstream exchanges, the market's enthusiasm for Chia is also increasing. According to the latest data, as of May 12, the price of Chia (XCH) has reached $1,024.79, a 7-day increase of 52.9%, and the total computing power of the entire network has exceeded 3,500P.
Thanks to its security and transparency, cloud computing mining has been recognized by many users. It is already a relatively mature product in the cryptocurrency industry. Some cryptocurrency exchanges have effectively applied cloud computing mining to Chia, which has alleviated the market pain points. In addition, from the perspective of token price trends and future hard disk market development, the potential of CHIA (XCH) should not be underestimated. (Golden Finance) |
