Chia coin – discussing this phenomenon of the digital market
The digital industry regularly produces new cryptocurrencies. Dozens of digital assets built on the Blockchain enter the digital market every day. But, unfortunately, the vast majority of newly minted coins do not deserve public attention. The exception is the digital asset Chia. This is a new currency, which has not even started full-fledged work yet, but has already declared itself to the whole world. Next, we will tell you what this asset is and why computer equipment manufacturers are so afraid of it. So let’s get started.
First, about the latest news, which will make it possible to understand how significant the emergence of Chia is. Even based on the name of the asset, it becomes clear that we will be talking about the Chinese cryptocurrency. And it was in the Celestial Empire that this means of calculation created a real sensation. More and more users are joining the Blockchain of this coin in order to have time to earn as much cryptocurrency as possible at the start of sales. Which will take place very soon – May 10. But even without an official launch, Chia has already been involved in several major scandals.
For example, the largest SSD manufacturers in China have said they have no intention of supporting those devices that have been seen mining the new currency. Thus, companies like Galax have publicly waived warranty repairs for mining equipment. It’s simple – if your SSD from this brand was used for Chia mining, you can forget about the possibility of free repairs.
Obviously, this action comes from pressure from the Chinese government. Which is independently developing a digital asset, but at the same time is extremely skeptical of all analog coins. But the official reason for refusing to service mining SSDs is called overloading. Roughly speaking, the devices are not designed for the loads that are imposed during the mining of digital assets. And thus, Galax may not accept responsibility for equipment failure. This is a rather strange and cardinal position that makes Chia not in the best light in front of the public. What else is known about this coin? Let’s figure it out.
Eminent industry figures are behind the development of this fundamentally new means of calculation. In particular – the creator of BitTorrent Bram Cohen. The coin is based on a combination of Proof-of-Space and Proof-of-Time algorithms. The emphasis in the system is made not on the performance of the hardware, but on the free space that the user is ready to provide from his drive. Thus, as the creators say, it will be possible to reduce the harm to the environment. After all, the use of kilowatts of electricity is no longer required, which negatively affects nature. And from an economic point of view, this approach is much more logical.
And also, as practice has shown, such an attitude to the system is interesting to the mass user. Indeed, even before the start of sales, the volume of the system located on the user’s equipment exceeds 950 petabytes. We understand that most readers have not even come across such units of measurement, and therefore we will carry out a simple recalculation. 950 petabytes is almost a billion gigabytes. And this is even before the start.
Obviously, Chia has had success, at least in terms of reputation. It remains only to wait for the official launch of the cryptocurrency and see if Chia will justify the trust. The main thing is to follow the news of the cryptoindustry. Stay with us. We publish only high-quality, interesting material. Thanks for attention. Good luck!