Smart transaction platform Chia Network has raised $5 million in a round of funding led by Slow Ventures, according to Coindesk. Chia Network is aiming to be a more efficient and secure version of popular digital currencies.

• Chia Network uses a “smart transaction programming language that is powerful, easy to audit, and secure”
• Uses Proof of Space and Time instead of Proof of Work
• Fund will be used to build the team
• Co-founded by BitTorrent creator Bram Cohen and Ryan Singer in 2017
• Investors include Andreessen Horowitz, Naval Ravikant, Galaxy Investment Group, True Ventures and DCM
• Chia has raised a total of $16 million
• Mainnet launch scheduled for later in 2020