Kriptoks

Chia Network (XCH) is a unique blockchain that uses a proprietary programming language called Chialisp and a novel consensus mechanism called proof-of-space-and-time (PoST). This combination allows the blockchain to use less energy without compromising network security. Unlike most other blockchains, Chia Network is a public, for-profit, open-source company with aspirations to become listed on a major stock exchange such as NYSE or NASDAQ. The blockchain is geared towards enterprise use, which is why the company plans to have XCH on its balance sheet in the event of a listing.

The Chia Network's first proof-of-time function was released in 2019, with the first beta version of its blockchain launching in 2020. The platform achieved full functionality, including wallet functionality, transactions, and smart contracts, with its mainnet launch in 2021.

Chia Network was established in Delaware in 2017 by Bram Cohen, the founder of the popular peer-to-peer file sharing platform BitTorrent. The project is led by a seasoned senior management team, including former NASDAQ CEO Gene Hoffman as COO and former Overstock.com CEO Mitch Edwards as CFO.

Chia Network is also backed by a number of well-known cryptocurrency-focused venture capitalists. The company raised $61 million in funding in May 2021 from leading VCs such as Andreessen Horowitz, Slow Ventures, Naval Ravikant, Galaxy Digital and others.

Chia Network improves upon proof-of-stake (PoS) and proof-of-work (PoW) by using a less energy-intensive consensus mechanism. The network achieves Nakamoto consensus by combining proof-of-space (PoS) with proof-of-time (PoT), which function in distinct ways.

Proof-of-space requires miners to keep unused storage on their hard disk drives. In this scenario, miners install special software that allocates free space, which is then used to solve a challenge, similar to puzzle-solving in proof-of-work (PoW). The software stores a collection of cryptographic numbers on the miner's disk, and upon block creation, a challenge number from the previous block is taken. Miners scan their numbers to check if they have a number close to the challenge number that is required.

On the other hand, proof-of-time demonstrates the passage of time through Verifiable Delay Functions, similar to the Solana (SOL) blockchain. The Timelords – nodes that document time – ensure that time is correctly documented for solving the proof-of-space functions.

Chia Network also has its own programming language called Chialisp, which is a smart contract-compatible on-chain programming language that takes important components from Ethereum (ETH), Solidity, and Bitcoin Core, while keeping Bitcoin's UTXO model. This allows for simultaneous transactions instead of sequential, making Chia Network a faster and more energy-efficient blockchain compared to its rivals.