Chia Network
Chia Network, incorporated in August 2017, developed the first new Nakamoto consensus algorithm since Bitcoin, called Proof of Space and Time, and focuses on eco-friendly and scalable blockchain technology.
Company History
Chia Network was incorporated in August 2017. It developed the first new Nakamoto consensus algorithm since Bitcoin, called Proof of Space and Time. This technology aimed to address some of the issues with existing blockchain systems, such as scalability and environmental impact.
Chialisp Programming Language
Chia Network's blockchain technology utilizes a native programming language called Chialisp. This language is designed to be both robust and accessible, allowing for the creation of secure and efficient blockchain applications. Chialisp's features enable users to develop complex smart contracts and decentralized applications on the Chia Network.
Eco-Friendly Blockchain Technology
Chia Network's blockchain technology is designed to be eco-friendly and scalable. The network's farming process allows users to earn Chia (XCH) by utilizing unused storage space on their hardware, reducing energy consumption compared to traditional cryptocurrency mining methods.
Climate Action Data Trust
The Climate Action Data Trust (CADT) uses Chia Network’s Layer-1 blockchain technology and DataLayer application to harmonize carbon registry data. This initiative aims to enhance trust, transparency, and efficiency in managing climate-related data, supporting global efforts to combat climate change.
Decentralized Data Storage with DataLayer™
Chia Network's DataLayer™ is a decentralized data store designed to be resistant to fraud and interference. This technology allows for secure and transparent data management, supporting various applications across different industries such as government, enterprise, and climate initiatives.
Virtual Private Blockchain™ Solution
Chia Network offers a Virtual Private Blockchain™ solution that combines the privacy of a private blockchain with the security of a public blockchain. This solution provides users with the benefits of both worlds, ensuring secure and confidential transactions while maintaining a high level of security.
Global Decentralization
Chia Network's blockchain is highly decentralized, with over 100,000 nodes across more than 150 countries. This extensive network enhances the security and reliability of Chia's blockchain, making it one of the most decentralized blockchain systems in existence.
NFT1 Standard and On-Chain Royalties
Chia Network's NFT1 standard enforces on-chain royalties and allows for peer-to-peer trading without reliance on marketplaces. This standard aims to protect artists and creators by ensuring they receive fair compensation for their work in the growing NFT market.
Compliance Efforts and Future Plans
Chia Network's compliance efforts include plans to become a public reporting company subject to the Securities Act of 1934. This move will enhance the transparency and trustworthiness of Chia Network's operations, aligning it with established financial regulations.
Circular Drive Initiative
Chia Network's Circular Drive Initiative aims to reduce e-waste by promoting the reuse of storage devices. This initiative supports the sustainable use of resources, aligning with Chia Network's commitment to environmentally friendly blockchain technology.