IMAGE: CHIA WEBSITE
Over the past couple of years, the cryptocurrency market has seen explosive growth as prices of the most popular cryptocurrencies have skyrocketed and a lot of new cryptocurrencies have been launched. In this article, we'll be looking at Chia crypto, a new coin that has recently been launched. Siacoin has been created as an alternative to Bitcoin and aims to remove the environmental load that comes with mining Bitcoin.
Over the past year, Altcoins have become a great investment opportunity for people. Basically, any coin other than a Bitcoin can be called an Altcoin. Examples of a few Altcoins would be Ripple, VeChain, Dogecoin etc. Over the past year, the prices of Altcoins have risen significantly, even overshadowing the percentage gains of Bitcoin and Ethereum. In this article, we will be taking a look at the new recently launched Chia Coin. Read on to know more about Chia coin and how to buy Chia in India.
The Chia network/Token has been designed by Bram Cohen, the founder of BitTorrent. As per TechRadar, Bram Cohen decided to make Chia crypto an antidote to the increasing centralisation of the cryptic mining industry. A few years, people could mine crypto from basic computers from their homes. As of now, the majority of crypto mining is done in China and the rest of Asia, where electricity costs are and low and miners have assembled gigantic mining rigs.
However, the Chia crypto works on a different mining style. The currency has been built to design the major flaw that troubles Bitcoin - the environmental impact of mining. The environmental impact of mining impact is huge and the energy consumed to mined Bitcoin is immense, so it's not exactly an eco-friendly coin.
Chia aims to replace this process with an eco-friendly mining process that relies on the storage capacity of a computer system, rather than using computing power. Chia uses a completely new mining concept called 'Proof of Space'. In this type of mining, the miners use the free computer space in their systems to hold cryptographic plots. You can read more about the technology in detail on the Chia website. As per the website, here is how Chia works:
“When the blockchain broadcasts a challenge for the next block, farmers can scan their plots to see if they have the hash that is closest to the challenge. A farmer’s probability of winning a block is the percentage of the total space that a farmer has compared to the entire network,”
At the time of writing this article, the Chia price stands at $1008. However, Chia is not yet available to buy on any Indian crypto exchange. As per their website, Chia is planning to launch in major crypto exchanges around the world soon. As per the website Investor Palace, there a few marketplaces online where you buy Chia. Chia is currently available for sale of Gate.io, MCX.com, and DigiFinex. However, it's advisable to wait for the Chia to drop on a reputed exchange before buying it. Stay tuned for more news on cryptocurrencies.