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New Chia Cryptocurrency Promises To Be Greener Than Bitcoin

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Inventor of the peer-to-peer file-sharing site BitTorrent has just launched his own digital currency dubbed as Chia (XCH). Now that it has begun trading, many crypto junkies ask what makes it stand out among other digital money out there.

Green crypto

Described as a “green digital currency,” its premise is to be more reliable than any other cryptocurrencies. This according to its creator – Bram Cohen.

Without a doubt, cryptocurrency’s performing pretty well as of late, and of the most notable was Bitcoin’s exponential rise as it is now worth six times what it was about a year ago. However, The Conversation noted that skeptics deem it a “speculative bubble” and gobble up massive amounts of energy to mine.

On the other hand, Chia is said to minimize both environmental contamination and energy consumption while improving upon the Nakamoto consensus. Per Yahoo! Finance, Its blockchain utilizes a so-called “Proof of Space and Time” consensus instead of “Proof of Work,” which is the protocol used by Ethereum, Bitcoin, Dogecoin, and even Litecoin. Further, this new digital currency makes use of one’s storage space instead of those high-end graphics processing units (GPUs), and it is paired with the “added variable of time” (through verifiable delay function). This guarantees both the security and integrity of the blockchain.

There will be a few cons

This means that minting this newly introduced digital currency would require larger-sized storage, not to mention quicker writing speeds is also a requisite. Another hurdle to consider if you’re interested in minting it is that some SSD manufacturers are now giving people a heads-up that minting cryptocurrencies like Chia will void their warranty.

Interested in minting/mining Chia? The company rolled out a video explaining the nitty-gritty details of the new digital money. For farming tips and anything about Chia Network blockchain, one can check Chia Decentral’s website.

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