How Chia Network Works: Farming, Proof Of Space And Proof Of Time

How Chia Network Works: Farming, Proof Of Space And Proof Of Time


“There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. When forced to summarize the general theory of relativity in one sentence: Time and Space and Gravitation have no separate existence from Matter" (A.Einstein)

 

Chia Network's mainnet was launched in March 2021. According to the white paper, the company raised approximately $ 16 million in funding through simple agreements for future equity (SAFE). The firm is backed by Andreessen Horowitz, Galaxy Investment Group, DCM, True Ventures.
No single shareholder may own more than 50% of the company and no single investor or fund will hold more than 10% of the outstanding shares of the Company on a converted and combined basis.
The founder of the project, Bram Cohen, is also the inventor of BitTorrent.
The native token is described as "green money for a digital world" on an "green blockchain" (Chia: XCH).

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PROOF OF SPACE
Chia Network uses the "Proofs of Space and Time" model as well as an intelligent programming language for on-chain transactions called "Chialisp".
Instead of using energy-wasting computing resources, Chia relies on storage space combined with the additional time variable (via a "verifiable delay function" or "VDF) to ensure the integrity and security of the blockchain. A Chia farmer it will use a few CPU cycles to create "plots" on hard drives.
What's the idea behind it? We have some unused space on our disk (SSD) and through 100 GB slots (plot) will be built tables that will contain ash (for block mining). 100 GB is an example.
The tokens are as if they are pre-mined in those ash and if these are in one of our tables, we can mine the block, receiving the reward.
The more tables we have (therefore the more ash) the greater the probability of receiving the reward. If 1000 GB (example) of space is allocated on the network and we are sharing 100 GB, the probability of having the "right" ash is 10% (reward).

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PROOF OF TIME
In the image above in the "Trunk" line we see that there is also the "time" variable. The time information is linked to the previous block. All this is related to the transactions arriving on the "Foliage" chain. The block is then mined (farmed) and rewards given. This system involves space (SSD) and time (not computing power). The blockchain is of decreasing inflation (similar to Bitcoin) with something similar to halving (21 million tokens have already been pre-farmed).


WHAT ARE THE AIMS?
Definitely provide a technological blockchain that does not consume energy.
This blockchain could be used in a number of transactions, including cross-border payments, issuing financial assets and stablecoins. It also plans to sell smart transaction software services to governments, financial institutions, corporations, and large buyers and sellers of deposits.

 

“Energy cannot be created or destroyed, it can only be changed from one form to another” (Einstein)

 

 

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