The layer 1 blockchain utilizes its own programming language, Chialisp, and a consensus mechanism called proof-of-space-and-time. The company's public, for-profit, open-source blockchain is aimed at enterprise use, and there are plans to have XCH on its balance sheet in case of a listing. Its proof-of-time function was launched in 2019, and the beta version of its blockchain was launched in 2020. The network achieved complete functionality, including wallet, transactions, and smart contracts, alongside its mainnet launch in 2021.
Chia Network (XCH) enhances the PoS and PoW through the utilization of a lower electricity-intensive consensus mechanism. Chia network achieves Nakamoto consensus through the combination of proof-of-space (PoS) and proof-of-time, (PoT) both of which function in different manners. With PoS, miners keep unutilized storage on their hard disk drives. They install software that allocates space, which is utilized in solving a challenge, which is identical to puzzle-solving in PoW.
The software keeps a collection of cryptographic numbers on the disk, and following block creation, a challenge number from the former block is taken. Users are able to scan their numbers to find out if they possess a number near the required challenge number. Proof-of-time portrays the passage of time via Verifiable Delay Functions, similar to Solana (SOL). The Timelords, which are the nodes that document time, make sure that time is accurately documented for solving the proof-of-space features.
Chia Network plans to release NFTs for different reasons, like the inaugural Chia Friends collection. NFTs minted by the Network will utilize the official DID. Chia Network stems from the founder's “green” concept. Farming was the chosen metaphor for filling disk space and monitoring it for winning sprouts. This led to the choosing of a grain with the network's properties, and Chia was chosen by the team.
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Advantages.
1. Project that is lead by Bram Cohen who invented BitTorrent
2. It is a great purpose project to replace Bitcoin. The aim is to construct an eco-friendly and decentralized ecosystem using the Proof of space.
3. Backed by strong institutional investors based in Silicon Valley.
A complementary point
1. It is questionable whether an individual can participate in ICO.
2. It is doubtful whether CHIA can overcome human selfishness, existing mining forces and overcome Bitcoin.
Fierce competition from other blockchains with better characteristics
Burstcoin is vulnerable to attacks just in theory, but has never faced up to them in fact. It is not clear how Proof-of-Time will turn a competitive edge on Burstcoin. Proof-of-Space blockchains have their community but are not widely used.
No code is written now. Chia criticizes Bitcoin for being eco-harmful – this critics is questionable. Technically coins are pre-mined and initially retain ownership of 100 percent of the coins, using the mini-IPO to foster a community of investors. The team is planning on issuing a dividend of Chia to shareholders in advance of the network launch. The team approved that it is given Regulation A+ status allowing officially to conduct mini-IPO not exceeding 50M USD. Chia will use an auction where investors choose how much they’ll bid for how many shares.
150M USD of Hardcap seems to be overestimated. Token pool capitalization is impossible to be evaluated. Financial metrics are unclear. Dividend policy and capital distribution are unclear
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