Gate.io Blog What is Chia/XCH Crypto, and How to Buy XCH?

What is Chia/XCH Crypto, and How to Buy XCH?

10 May 16:28

Have you heard about the new "Green Cryptocurrency" that is making rounds in the crypto space? It already has set the bar so high for other cryptocurrencies. Chia Crypto hit the market on Monday, May 3, and is already taking the crypto ecosystem by a storm. Let us have a look at what Chia is and how exactly it works!

Chia (XCH) is a decentralized blockchain created by the founder of BitTorrent, Bram Cohen. Chia utilizes "proof of space" and "proof of time" instead of the "proof of work" formula by Bitcoin to mine new coins. It is reinventing mining and making it energy efficient at home farming for everyone. Chia's proof of space and time proves to green, ecological, and less energy-intensive method of producing digital assets, which is one of the main reasons for its sudden popularity.

Not only individual investors but also big names like Cypherpunk Holdings, Andreessen Horowitz, and companies like iMD Companies are also attracted to this crypto coin that is "here to stay and will be utilized on a global financial level."

How does Chia Crypto work?

Chia Crypto is created as an award to chia "farmers" (similar to Bitcoin's or Ethereum's "miners"). The platform utilizes an improved and essential execution of Bitcoin's unspent exchange yield (UTXO) model. These rearrangements increment the adaptability and programmability of coins. Chia farming rewards 2 XCH per block for the initial three years as the motivator system that upholds its new Nakamoto agreement. "The first chia transaction is an exciting milestone which furthers our long-term mission to provide environmentally sustainable financial freedom. I am incredibly proud of our team and our reinvention of Bitcoin's approach to the 'everything is a coin' model. We will continue to enhance the features of Chia and Chialisp in the areas of colored coins, digital identity wallets, and NFT (non -fungible token) support. This is just the beginning of our journey to become the core of a new financial architecture," shared Bram Cohen.

Chia Network promises fast and secures innovative coin transactions with the help of its mart coin language based on the functional language called Lisp.

How to mine/farm Chia coin?

The objective of farming (checking and guaranteeing the reliability of trades on the Chia blockchain) is to use unused disk space to help approve financial dealings and transactions. Farming in the Chia network is a lightweight cycle that leaves your PC allowed to do different things. Chia offers broad OS support just as a GUI for short and straightforward wallet/ranch the board. The Company is focused on giving assets to empower basic and precise plotting and farming. "It is super simple. Just download the Mac or Windows version and double click," CEO and President of Chia Network Gene Hoffman told CoinDesk. "I am pretty sure this will be the easiest cryptocurrency to validate for normal people ever."

How to buy Chia Crypto (XCH)?

If you are interested in buying the new green cryptocurrency that will undoubtedly stand out in the crypto space, please visit XCH-USDT. Gate.io provides comprehensive protection with security and law funds, efficient trading, and instant deposit/withdrawal; it is stable and reliable since 2013.

You can learn more about Chia/XCH price.

Chia (XCH) Price Prediction:

Chia is a relatively new currency in the crypto space, yet it is making its way to the top cryptocurrencies already. The much-hyped Chia Crypto (XCH) is expected to surge over 55% by the end of 2021, which will be quite a massive achievement by a cryptocurrency. According to the crypto experts, it could cross the $5000 mark in the coming few years. Finance Market Researcher speculates that XCH can be "better than Bitcoin."

Conclusion:

New digital currencies are hitting the market all the time. However, it is uncommon to see huge names in the crypto space meet up with top engineers to address a typical crypto analysis, rising energy utilization.

While nobody can say whether Chia will triumph, it is reasonable to say that the cryptocurrency offers something that most altcoins do not, with its "proofs of space and time" model.

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