Golden Observation丨What We Talk About When We Talk About Chia

Golden Finance Blockchain April 16 News Chia, established in August 2017, aims to develop a platform that can optimize blockchain and smart transactions. Chia founder Bram Cohen wanted to reduce the energy dependence of the blockchain through "green" at the beginning of the company, and the concept of farming seems to be the best metaphor for filling unused disk space and monitoring it to achieve environmental protection goals. So the team wanted to find a "crop" name for the new network that would embody environmentally friendly properties. Eventually, a "crop" name associated with a whimsical meme - Chia Network was born. Chia Network aims to improve the global financial and payment system. Since Bitcoin, Chia is using a new "Satoshi Nakamoto" consensus algorithm called "Proof of Space and Time", which is developed by Bram, the world's best network protocol engineer and the inventor of BitTorrent. Created by Cohen. And Chia will become the first enterprise-level digital currency. The team hopes that Chia will become the blockchain of choice for developers in the blockchain industry and the security of choice for applications such as stablecoins linked to sovereign currencies. The Chia Network business will be the first for-profit company to manage a pre-farm, and will likely become the first publicly tradeable "ETF-like" cryptocurrency. As Redhat and MySQL AB are behind the adoption of Linux and mysql in the enterprise, Chia is able to provide support and training as sovereigns, financial institutions and corporations begin to use cryptocurrencies in their daily transactions. Additionally, Chia will be able to leverage the storage ecosystem to drive enterprise and end-user adoption, as hard drive makers and storage server sellers are likely to bundle "storage space farming" into their products. Golden Evening News | A list of important news on the evening of February 23: 12:00-21:30 Keywords: RelayPay, State Bank of India, Bitcoin Hot List 1. RelayPay provides digital currency withdrawal services; 2. State Bank of India joins JPMorgan Chase based on Liink, a blockchain payment network; 3. "What the hell is Bitcoin" is on the Douyin hot list; 4. The New York Attorney General's Office reached a settlement with Bitfinex and Tether; 5. Buffett of India: Indian regulators need to step in and ban Bitcoin; 6. The European Central Bank: Hopes to have veto power over the issuance of Diem and other stablecoins in the euro zone; 7. Sushi’s new proposal proposes to use Raydium as a bridge to build SushiSwap on Solana and Serum; 8. Encryption custody platform Koine enters bankruptcy proceedings . [2021/2/23 17:44:59] Proof-of-Space and Proof-of-Time Proof-of-Space is a cryptographic technique where a prover proves that they allocated unused hard drive space to storage space. Proof of space can be thought of as a way to "prove that you have some unused storage on your hard drive". Chia blockchain users need to install software to snapshot their unused space on the hard drive. This operation is also called "seed". This software will store a set of encrypted numbers on the disk into "lots "(plot), and those who perform these operations are called "farmers". When the blockchain broadcasts the next block challenge, farmers can scan their "plots" to find out if they have the hash value closest to the challenge, and Chia will distribute the rewards according to the size of the space owned by the farmers and the size of the entire network space. probability of a block. Golden Morning News| Overview of important overnight news on December 20: 21:00-7:00 Keywords: market value, institutions, Ethereum 1. The balance of Ethereum 2.0 deposit contract addresses exceeded 1.6 million ETH 2. The market value of Bitcoin rose to the global level The 12th market capitalization asset surpassed Wal-Mart 3. Tether issued an additional 200 million USDT on the wave field network 4. The proportion of Bitcoin against fiat currency transactions rose to 70.48%, and the British pound rose to fifth 5. Peter Schiff: Bitcoin is not a commodity and cannot be measured 6. BTC is expected to lower the mining difficulty by 1.16% to 18.45 T in 7 days 7.Willy Woo: The entry of institutional buyers may have a supply impact on Bitcoin When "Proof of Space" is used as a consensus mechanism, it must be linked with Proof of Time. Proof of Time can ensure the consistency of time between blocks, thereby improving the overall security of the blockchain. Proof-of-time requires that blocks pass between blocks "must" be a small amount of time. Proof of time is realized through a verifiable delay function (VDF: Verifiable Delay Function), which takes a certain amount of time to calculate, but the verification speed is actually very fast. The core idea of a verifiable delay function is sequential computation, which minimizes power waste since massively parallel devices yield no gains. The number of VDF servers ("Timelords") may be relatively small, because the VDF server with the fastest verification speed will always be ranked first, and only one fast and fair Timelord is needed on the network to complete a block and send the entire block. The blockchain moves forward. Countdown to BTC Halving｜Jin Finance Mining Earnings Broadcast: Jin Jin Finance reported that according to data from the OKEx mining pool, the next BTC halving date is expected to be May 10, 2020, and there are 64 days before today. The current block height of BTC is 620410, and the next block height will be halved to 630000. Today's total network computing power is about 122.10 EH/s, the whole network difficulty is about 15.49T, and the next difficulty is predicted to be 16.22T (+4.76%). There are still 3 days left before the adjustment. Today's BTC income: 0.00001624 BTC/T/day. [2020/3/6] Chia adopts the new "Satoshi Nakamoto" consensus algorithm, which can completely eliminate the energy consumption requirements of the proof of work of the blockchain system. Compared with other cryptocurrencies, the Chia blockchain is more decentralized and its security has been greatly improved. Chialisp is a new innovative blockchain programming language developed by Chia. This blockchain programming language is very powerful, easy to audit and very secure. Currently supported reference smart transactions include: Atomic Exchange, Authorized Payee, Recoverable Wallet, Multi-Signature Wallet and Limit Wallet. At the same time, Chialisp is also an excellent on-chain smart transaction development environment that can unleash the security, transparency and ease of use promised by cryptocurrencies. In addition, Chia also uses more advanced encryption tools to achieve rich intelligent transaction functions. Through a public, open-source, for-profit development company, Chia is adopting a new advanced solution for building and supporting blockchains and providing support to blocks. Chia will use "pre-farm pre-farm" (strategic reserve) to solve the problem of token volatility, aiming to mitigate the impact of market bubbles or market crashes on Chia, while further promoting Chia adoption. Analysis | Golden Disk: Changes in BTC Futures Contract Positions: Analysis | Golden Disk: Changes in BTC Futures Contract Positions\tGolden Disk Comprehensive Analysis: According to OKEx data, currently 70% of accounts are long, 29% are short, and the proportion of long positions is 22.41 %, the proportion of short positions is 20.2%. As of press time, the quarterly BTC0928 contract price is $7,308, and the spot price is $7,315, with a discount of $7. Judging from the data, the willingness to do more has been significantly enhanced at present, and the market enthusiasm continues to rise. Attention should be paid to risk control. [2018/9/3] At the same time, around the world, there are some problems in the interaction between governments and banks, and the result is that banks are difficult to trust, especially in volatile regions such as Venezuela, Argentina or Lebanon. When international payments are available, they are slow, expensive and insecure. SWIFT wire transfers usually take 1-5 days, and correspondent banks usually charge up to 3% of fees, and since 9/11 and the financial crisis in 2008, the banking business has undergone tremendous changes, and the number of correspondent banks in many countries and regions has been greatly reduced. Cases of wire transfer fraud are on the rise, causing many people to lose money, but Chia has a better solution to these problems. Chia "farming" General mining requires two conditions: first, to customize expensive one-time mining hardware; second, to obtain electricity supply at wholesale prices or lower prices. Therefore, mining requires expensive disposable hardware equipment and consumes a lot of electricity. Only professional mining companies can afford these costs. What makes Chia farming different from the traditional method is that the blockchain uses "farming" to make full use of the existing empty hard disk space distributed on global nodes, which is a more fair, environmentally friendly and high-quality solution. Chia "farming" is decentralized because anyone who has the Chia software installed and owns a "Plot" can win the next block. Its "farming" is more distributed because it relies on free hard drive space, and anyone with a mobile phone, laptop, or corporate network currently has a lot of extra storage that isn't being used. Unlike mining, once you're done "farming" your storage, it can be repurposed, for example, to store your family photos. Jinse Finance’s exclusive analysis that Ali may continue to dominate the blockchain field: Today, according to media reports, Alibaba Cloud released a new blockchain solution to support Tmall’s luxury platform Luxury Pavilion to launch the world’s first authentic product traceability based on blockchain technology function, and before that, Ant Financial also announced a cooperation with Moutai to bring new anti-counterfeiting technology to Moutai through blockchain technology. It can be seen from various behaviors that Ali has already deployed the blockchain field , and in the "2017 Global Blockchain Enterprise Patent Ranking" data show that Alibaba ranks first with a total of 49 patents. Now Ali has gone further and further in the layout of the blockchain, and has continuously reached cooperation with enterprises in different fields based on blockchain technology. At present, in China, Ali seems to be the new leader in the blockchain industry. Others People seem to have seized the high ground by Ali before they had time to act in this emerging field. [2018/4/12] When you "farm" Chia on unused storage space in your laptop, mobile phone, or company network, in return, you have the opportunity to get chia rewards to help protect the blockchain. The software allows the user to allocate a certain amount of unused disk space to create "plots". Since the only resource-intensive step is the initial plot, once the Chia node software is downloaded, the driver will mine a "plot" in the background. After the "plot" is dug, the computer will farm on behalf of the user, and the software will complete all the work and track the rewards. It is worth mentioning that farming will only occupy a small part of the network bandwidth, and it will hardly occupy any resources except storage. In addition, the farming process is available to anyone who does not use disk space. Chia is moving towards a truly decentralized The goal of the blockchain is moving forward, and the blockchain will also serve as a form of cross-subsidy for the storage and cloud industries. Application prospects Chia has a novel business model that can reduce token volatility and increase adoption. By borrowing from Chia and managing the interest rates on these loans, among other tools, quarterly token volatility can be further reduced. In order to further promote the popularity of the application, Chia may be loaned to Global 5000 companies in the future, and these companies will use Chia to provide fast, cheap and secure payments to global suppliers. In addition, Chia also intends to use strategic reserves to assist development and adoption efforts, as well as invest in some promising startups in the Chia ecosystem, and increase farming rewards for a limited time to stimulate other farming activities. If businesses make international payments using chia instead of fiat currency, they can get a 105% "benefit" of the amount transferred. Over time, Chia will also be able to be supported by global PoS systems and consumer payment applications. For example, if you live in a place where money transfer services like Venmo or Cash App are not available, using Chia will be far less hassle than slow and expensive wire transfers. Cross-border money transfers and currency exchanges using traditional banking are cumbersome, slow, and costly, and while alternative money transfer services may be faster, they aren't cheap. Not only that, Chia technology will be completely open source and accessible, and anyone can build a new wallet. Additionally, Chia will help wallet, exchange and merchant partners by providing them with support and integration services, co-marketing and liquidity lending. Software development is notoriously difficult, and the Chia blockchain and Chialisp are the first new application releases in the fields of cryptography and computer science. Chia will complete the mainnet launch as soon as possible and is currently planning to launch on or before March 17, 2021. Information updates on open source software and other release plans will be released on the website, Keybase, Github, Trello, and mailing lists in the future, and usually the repository FAQ will first provide release time update information. When the network is launched, Chia will carry out "pre-farming" and dig out a large number of tokens, so that the Chia economy can be more stable through the Chia lending business plan, and it will also help future development. After Chia is pre-farmed, farming token rewards will be released at a rate of 64 Chia every 10 minutes. Farming rewards will be halved after every three years for the first 12 years. From the 13th year to indefinitely, the token reward will remain the same, that is, 4 Chia every 10 minutes, which means that the inflation rate will continue to decrease. 22 years after the mainnet launch, Chia's inflation rate will drop to 0.50%. However, it should be noted that even if the main network is launched, it will take six weeks before the farming token rewards will be distributed on the network, and token transactions are not allowed. The purpose of this is to provide a period of time to help stabilize the allocation to The amount of storage space in the Chia blockchain, and priority is given to storage space farmers. In addition, the released farming software candidates will be able to generate "lots" that can be farmed on the test network and the main network. As long as the main network starts token trading, you can buy Chia on most exchanges around the world. .

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