What is Chia?
Chia cryptocurrency is a new blockchain and it is not like Bitcoin and Ethereum. Chia defi has a farm and it is eco-friendly crypto.
Cryptocurrency has a complicated relationship with the famous coins, Bitcoin and Ethereum. For this matter, getting harsh criticism for high energy requests and GPU shortages. However, the technology of blockchains is still so great that can have a bright future. There are many other cryptocurrencies. There is new crypto called Chia which can shift things with the environment. So, as we said: Chia cryptocurrency is a new blockchain and it is not like Bitcoin and Ethereum. Chia defi has a farm and it is eco-friendly crypto.
In this paragraph, I am going to give you more information. Chia is a new cryptocurrency as the team worked for it to be. Firstly it is not like Bitcoin and Ethereum. Secondly, this new cryptocurrency doesn’t use proof of work for mining new coins. As an alternative, Chia defi uses this proof of space and time. Rather than needing heavy computers or having the best graphics cards to work out calculations. Chia, which is eco-friendly crypto, needs empty hard drives to farm the cryptocurrency with the least possible assets.
Who Made Chia?
Bram Cohen made chia.
In addition to your information, Bram Cohen made this new blockchain. He is one of the founders of BitTorrent and the intelligence behind the whole meaning of peer-to-peer floats. Proof of Space is a cryptographic method that needs leftover hard disk space to be used with the Proof of Time. which with working as a pair they can secure. Those block times have stability in the time among them and gain the entire security and safety of the blockchain.
How does Chia Farm Works?
The team uses the term farm and not mine, which shows what they are doing here and places it apart from not-so-good methods which are used for Bitcoin. That is to say, to farm Chia, they need to show that they are committing storage space to Chia defi. Therefore by just simply downloading and installing software to seed leftover storage space. A group of cryptographic numbers will be stoked, called “plots.”
They call the miners by another name and that is farmers. When the blockchain sends a compete for the next block, In the result of that farmers will earn a profit. Moreover, if they have a hash that is near to the challenge in a plot. A farmer’s chance of winning a block is the percentage of the total space that a farmer has estimated to the entire network. In conclusion the more plots, the higher the possibility.