Chia Network is building a blockchain platform based on Proofs of Space and Time. Founded by Bram Cohen, Gene Hoffman, and Ryan Singer in 2017, Chia Network is backed by investors that include True Ventures, Andreessen Horowitz, DCM Ventures, Slow Ventures, Greylock and is headquartered in San Francisco.
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It is essentially clear that the mining of Chia coin comes with its own challenges, even though it takes less energy compared to Bitcoin as it is based on the Proof-of-Stake (PoS) model.
Chia Coin, the sensational blockchain protocol touted as a greener alternative to the energy-intensive Bitcoin (BTC) has seen the price of its token, the XCH drop in tandem with the ongoing market correction. The coin opened up for trading on the Huobi Global crypto exchange earlier in the month with its price shooting up above $1350, however, the price has slumped from that level to a new low.
Chia, a cryptocurrency intended to be a green alternative to bitcoin, has led to hard disc shortages – much to the surprise of Gene Hoffman, the president of Chia Network