Sat, December 03, 2022

XCH–an eco-friendly alternative to Bitcoin

btc, bitcoin, BitMEX and U.S. markets, Chia Network

Blockchain startup “Chia Network” raised $61 million in a round of financing. It includes investments from top venture capital firms Andreessen Horowitz and Richmond Global Ventures.

The value of the decentralized innovative contract platform in this round of financing is approximately US$500 million. This financing round also received support from AngelList Naval Ravikant, CEO and co-founder of Breyer Capital and True Ventures.

Gene Hoffman, Chia’s president and chief financial officer, hopes to go public through an initial public offering (IPO) this year.

Chia Network was founded in 2017 by Bram Cohen, the creator of BitTorrent. It has raised more than $3.3 million in a seed round led by Ravikant and Andreessen Horowitz in 2018. The company describes its Chia token (XCH) as a “digital world.”

The principal value proposition of Chia Network is its unique consensus mechanism, “Proof of Time and Space.”

The consensus method aims to provide higher energy efficiency than proof-of-work mining. This method attempts to identify unused computing power on the verifier’s hard drive.

How to create or “plant” XCH

Users need to install Chia’s software, which writes password data called “pictures” to their hard drives. The problem of blockchain broadcasts approximately every 18 seconds for each new block. The probability of an individual winning the block depends on the availability of unused computing resources provided by farmers.

The company claims that XCH is a green alternative to Bitcoin and other cryptocurrencies. However, some people still question the network’s environmental claims.

Chia’s drawing process usually uses the computer’s solid-state drive or SSD. Though, the SSD can be burned in less than six weeks. In contrast, the service life of frequently used SSDs usually exceeds ten years.

The company predicts that Chia will promote the growth of computing waste landfills, which seems to have been substantial. Fortune reported that due to the launch of XCH, there is a shortage of hard drives throughout Southeast Asia.

YOU MAY ALSO LIKE

dollar

The Dollar Remained Stable The dollar held steady but was pinned near

The Optimism of Slowing Interest Rate Only Goes So Far

The all-important jobs report caused a lot of volatility near a key

Oil refinery

Oil Futures Prices Were Mixed Oil futures were mixed on Friday, buoyed

COMMENTS

Leave a Comment

Your email address will not be published.

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Consob Blocks 4 More Illegal Trading Platforms

Italy’s financial market watchdog, Consob, has blocklisted four more websites for operating illegally in the country. The number of fraudulent blocklisted platforms reduced to 805 is the ongoing effort by authorities to reduce

BROKER NEWS

Broker News

Consob Blocks 4 More Illegal Trading Platforms

Italy’s financial market watchdog, Consob, has blocklisted four more websites for operating illegally in the country. The number of fraudulent blocklisted platforms reduced to 805 is the ongoing effort by authorities to reduce illegal