Description; What is Chia?
Cryptocurrency has a complicated relationship with the famous coins ,Bitcoin and Ethereum. For this matter, getting harsh criticism for high energy request 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 a new crypto called Chia which it can shift things with the environment. So, as we said: Chia cryptocurrency is 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 of needing heavy computers or to have 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 this Blockchain?
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 which needs left over 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 entirely security and safety of the blockchain.
How Chia Farm Works?
The team uses the term farm and not mine, which shows what they are really doing here and places it apart from not so good methods which is used for Bitcoin.That is to say, in order to farm Chia, they need to show that they are committing storage space to Chia defi. Therefore by just simpy downloading and installing software to seed left over 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.