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Learn more about the popular project Chia



Chia Network is a cryptocurrency project founded by BitTorrent founder Bram Cohen in 2017. It is positioned as a green and environmentally friendly cryptocurrency. At the same time, it also stated that it will develop an improved blockchain and smart trading platform to deploy enterprise-level applications. Chia has developed its own smart contract programming language, Chialisp. Its biggest advantage is that it not only retains the "UTXO model", but also adds the general functions of the "Ethereum Solidity model" to achieve more powerful functions, such as multi-signature and atomic swap, Authorized payee wallet, transfer recovery, limit wallet, paper wallet with delayed recovery function, digital identity wallet, Chia lottery coin (marking ERC20). Different from Bitcoin and Ethereum, Chia is a "stock currency dual architecture". In addition to the decentralized blockchain network Chia Network, there is also a centralized profit-making company Chia Network Inc., which was launched on August 1, 2017 Incorporated in Delaware, founded by BitTorrent inventor Bram Cohen. There are currently 21 full-time employees and full-time equivalent contractors, and 15 part-time consultants. 16 employees are mainly focused on research and development activities and 5 employees/contractors are focused on the management of the company and the implementation of its business plan. The company has definite plans to go public in the US. Shandong Province's first government digital collection "Shuzai": Jinse Finance reported that the Shandong Provincial Bureau of Big Data announced on July 21 that it will jointly launch the first government digital collection "Shuzai" with "Sea Leopard Data Collection" and completed its airdrop debut. According to the "14th Five-Year Plan" plan for a strong digital province, starting from this year, Shandong will hold a promotion month for a strong digital province every year. [2022/7/21 2:28:17] On March 18, 2021, Chia officially released the Chia 1.0 main network, the token is XCH, and mining (farm) activities have been opened. Chia Network's blockchain relies on a new Nakamoto consensus algorithm called Proof of Space and Proof of Time. Proof of Space: Think of Proof of Space as a way of proving that you have unused some storage on your hard drive. Users of the Chia blockchain will "plot" unused space on their hard drives by installing software that stores an encrypted set of numbers on disk as a "password." These users are called "farmers". When the blockchain broadcasts the challenge for the next block, the farmer can scan its plots to see if it has the closest hash to the challenge. The probability that a farmer wins a plot is the percentage of the total space that the farmer occupies across the network. Proof of Time: Proof of Time is implemented with a verifiable delay function that takes a certain amount of time to compute but is very fast to verify. The key idea of VDFs is that they require sequential computation, and since there is no benefit to having many parallel machines, power waste is minimized. There may be relatively few VDF servers ("Timelords"), as the fastest VDF servers will always be ranked first, and it only takes one fast and fair Timelord on the network to complete a block and move the chain forward. Darya Pourshasb, the former senior content-zce planning director of Spotify, joins the NFT music platform Royal: Jinjin Finance News. Head of Artist and Label Partnerships. Darya Pourshasb joined Spotify in February 2018 after five years at Sony Music Entertainment. [2022/4/21 14:40:05] In order to mine Chia, you first need to create one or more "plots", which are files that occupy hard drive space. This process is called "P disk ". The space used by the plot is denoted by the letter k. Creating a graph takes some time and CPU power. The larger the value of k, the larger the graph and the longer it takes to create. After the plot is created, there is no difference between one k and the other except the file size. Graphs can be moved from one machine to another without any restrictions. Some people build dedicated plotters that are optimized to perform the drawing process quickly, and then move the plots to less powerful machines for acquisition. Like Bitcoin, the difficulty of work on the Chia network's blockchain is dynamically adjusted, so the target time to complete 32 blocks averages 10 minutes. Not every block is a transaction block, expect 9 to 14 transaction blocks every 10 minutes. The transaction block will have a fee income. Indian Finance Minister: The central bank is formulating a phased implementation of CBDC strategy, and cryptocurrencies are not regulated in India: According to news on March 16, on Tuesday, Indian Finance Minister Pankaj Chaudhary told the Federal House of India that the government has no plans to introduce cryptocurrencies. In a written reply, he said that currently, cryptocurrencies are not regulated in India. He stated: “The Reserve Bank of India (RBI) does not issue cryptocurrencies. Conventional banknotes are legal tender issued by the RBI under the provisions of the RBI Act 1994. The digital version of conventional banknotes is known as Central Bank Digital Currency (CBDC) CBDC).” Moreover, in another reply, he said that RBI is currently working on a phased implementation strategy to introduce CBDC and examine use cases that can be implemented with little or no disruption. The introduction of CBDC has the potential to bring significant benefits, such as reduced reliance on cash, higher seigniorage due to lower transaction costs, etc. (Economic Times) [2022/3/16 13:59:58] Pre-excavation: 21 million, as a strategic reserve (controlled by the board of directors) Total amount: No upper limit Halving rules: Initially release 64 XCH every 10 minutes, 3 years Half time, after reducing to 4 XCH every 10 minutes (13th year) remains the same. The total market value of metaverse-related encrypted assets is 36.793 billion U.S. dollars: According to news on December 19, according to the latest data, the total market value of metaverse-related cryptographic assets is 36.793 billion U.S. dollars, a 24-hour increase of 3.7%, and a 24-hour transaction volume of 4.752 billion U.S. dollars, an increase of 24.72%. The current top five metaverse tokens by market value are: Decentraland ($6.149 billion), AxieInfinity ($5.9 billion), TheSandbox ($4.736 billion), THETA ($1.31 billion) and EnjinCoin ($2.038 billion). [2021/12/19 7:48:50] Mining will start on March 18 when the mainnet goes online, and transactions will not be available for the first 6 weeks. Transfers will be available on April 29, and there will be about 390,000 XCH in circulation by then. According to the disclosure of Chia's business white paper, 21 million XCH tokens will be controlled by the company's board of directors as a strategic reserve. "We intend to form a 5-member board of directors with 3 external directors. Currently, our board of directors consists of three members: Bram Cohen, Gene Hoffman, and Chuck Stoops (independent directors)." Chia commented on the use of XCH tokens as a strategic reserve Explanation: U.S. OCC acting director: OCC has completed encryption review and inter-agency communication: Golden Finance reported that Michael Hsu, acting director of the U.S. Office of the Comptroller of the Currency (OCC), announced that his office’s encryption review has ended. Additionally, Hsu expressed dissatisfaction early in his tenure with the lack of a coordinated effort among agencies to clarify crypto rules and regulate crypto companies. To that end, he set up a "crypto sprint" between the OCC, the Federal Reserve, and the FDIC. This joint effort has also concluded and the results will be communicated in various forms "soon". These will clarify what Hsu refers to as "the regulatory perimeter," focusing on what regulators consider to be the most salient issues. Hsu raised several of these issues in his comments, including, how should "synthetic banking" be defined? What constitutes a "general" activity of a crypto company? (Should some crypto activity be allowed to intermingle?) What adjustments to banking prudential standards and regulatory approaches are needed to ensure that such firms operate safely, soundly and fairly? [2021/11/4 6:30:26] These restrictions cannot be changed without a majority vote of the Board of Directors, which must include at least one independent director. Once the two board vacancies are filled, the board is expected to raise the approval bar, requiring outside directors to also have a majority. These controls need to be modified and will not be implemented without at least 90 days notice, which will be posted on the company website, Keybase channels, and/or other similar highly visible methods. Until we become a reporting corporation under the 1933 Act and 1394 Act, the Company does not intend to issue Chia or dividend coins to shareholders, nor does it intend to use the coins to buy back equity. The company valuation Chia business white paper disclosed that "Since its inception, the company has raised approximately US$16 million in funds through the SAFE agreement. These funds are mainly divided into three rounds, with three different standard price caps, and conversion functions. The last round of 5 million The US dollar financing was completed in August 2020. No investors were promised chia as a return on investment. Certain investors have redemption rights, and if the company does not list the equity for public trading within the specified time period mentioned above, they will Denominated at the current price of Chia (Chia). The company expects to convert these SAFEs into equity or preferred equity, and does not intend to provide XCH to investors before the company's equity registration statement becomes effective." The company expects to achieve this mainly through the following means Revenue and Build Shareholder Value: Provide installation, development, ongoing service and support for commercial use of Chia coins, Chialisp and Chia smart coins, and issue assets using Chia colored coins. To provide installation, development, ongoing service and support for commercial use of Chia coins, Chialisp and Chia smart coins, and to issue assets using Chia colored coins. Earn interest on Chia loans for market makers, governments, financial institutions, corporations and developers to use in their day-to-day operations. Regarding the company's shareholding structure and valuation, Chia's business white paper discloses: "We will discuss our simulated capital structure on the basis of assuming a pre-financing valuation of US$250,000,000.00 for the next round of capital raising. The following percentages do not take into account the future Dilution that would result from a pre-round valuation. We include in our calculations all issued and unissued restricted stock awards, options or warrants to acquire Chia Network stock as if fully vested, but excluding Shares reserved for further stock awards not yet issued. No single shareholder will own more than 50.0% of the company's shares. Collectively, investors will hold 35.1% of the company's outstanding shares. A single investor or fund holds the The percentage of outstanding shares in the company shall not exceed 10%. Mr. Cohen will own approximately 47.4% of the shares, which includes his founder's equity and his subsequent cash investment in a safe (on a discounted basis)." Token Valuation Live 1 Years later, the total circulation will be 24.36 million XCH (including strategic reserves). Here are several valuation standards for reference. Chia tokens are not yet in circulation, but mainstream exchanges have long expressed concern for this project. Following Coinbase’s announcement in September 2019 that these assets were launched, chia is one of seventeen assets they are currently considering for inclusion. In September 2020, Bitstamp announced that chia is one of the digital assets they are exploring to support. Mining income Since the Chia main network was launched for one month, the computing power has grown steadily. As of April 18, 2021, the computing power of the Chia main network is 333PiB, and the peak value reaches 373PiB. After the start of Chia mining, hard disk prices have risen. Based on the current market cost and computing power, the estimated payback cycle is as follows for the price of XCH currency in the range of 10-50 US dollars: 1. The computing power of the entire network continues to grow. The fiercer mining competition will also lead to a longer payback period for unit computing power; 2. The price of hard drives has doubled within a month. If the cost continues to rise, it will also lead to a longer payback period for unit computing power; 3. According to the configuration of the machine, the time for the P disk ranges from 20 to 70 days, and the capital occupation in the process of the P disk needs to be considered. The current Chia mining boom is mainly dominated by short-term speculative sentiment, and the long-term value of the project remains to be tested. If XCH can be listed on mainstream exchanges, it must be because of the high fomo sentiment of retail investors. In addition, if the overall market goes down, the valuation of XCH tokens will also be lowered, which will also have an important impact on mining returns.


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