Which of the recently popular Chia and FIL is more worth participating in?

What is Chia?

Chia was registered in August 2017 with the goal of developing an improved blockchain and smart trading platform. The Chia network is used to improve the global financial and payment system. Chia uses the first new Nakamoto consensus algorithm since Bitcoin, which is called "Proof of Space and Time". It was created by Bram Cohen, a network protocol engineer and inventor of BitTorrent.

Compared with FIL, what are the similarities and differences?

Chia aims to improve the global financial and payment systems, and its main business is payment; while FIL is an incentive layer based on distributed storage IPFS. IPFS technology is known as the third-generation Internet underlying transmission protocol, and its goal is to supplement or replace the HTTP hypertext transfer protocol. Compared with Chia, FIL mining is more long-term, practical and permanent.

Chia uses hard disk mining, which relies on the unused hard disk capacity on the computer. The more unused storage capacity miners provide, the more participants can earn as part of the network to "seed" the currency. There are two ways to mine FIL. One is storage miners, who help others store data to earn income; the other is retrieval miners, who help customers retrieve data to earn income later. Filecoin needs to be mortgaged before mining, and the mortgaged tokens need to be sufficient to constrain miners to complete long-term storage as promised in the contract; part of the block rewards will also be placed in locked funds, and all rewards issued will be obtained after the storage contract is completed.

Chia’s team and investors are not as numerous as FIL’s. The prospects for IPFS’s implementation and ecological development, including FIL’s economic model, are more secure.

At present, FIL mainnet has been online for more than half a year, and FIL is available in almost all exchanges, large and small; Chia coin is currently priced but not marketed, and it will take until May for circulation and transfer. According to the off-market currency price, the price of Chia is likely to rise and fall sharply after it goes online. Moreover, are there any applications? Is there any consensus support? At present, everything is still in the clouds. Maybe you can dig a large mine by entering the market at this time, but you may also become a leek of hard disk manufacturers and capital disks.

In the short term, Chia has a small market share, and with the huge popularity and support of the secondary market, its momentum has surpassed FIL. However, in the long term, the application of Chia technology, which can be mined with ordinary hard drives, may be difficult to keep up with market demand. At the same time, as the output increases, the price of Chia, which lacks a deflationary design, is easily diluted. Looking back at the trend of FIL, it should be a deflationary rise in the long run.

In general, FIL mining is still in its initial stage, the pros and cons are clear, the project has prospects, and the currency price is stable. Compared with the vague chia coin, it is safer to mine FIL.