Chia (XCH) Live Price

What Is Chia Network (XCH)

Chia is a layer one smart-transaction platform that runs an open source and decentralized network of computers to process payment.  It aims to provide an energy-efficient and greener alternative to other decentralized transactions

The network uses a unique Proof of Space and Time (PoST) consensus mechanism to confirm transactions. Unlike Bitcoin and Ethereum, it uses little energy without compromising system security. 

The network also has a native programming language known as Chialisp. This language combines the best qualities of other Blockchain languages to help developers build smart contracts. Chia's native coin, XCH, can be used to make payments worldwide.  

Unlike other Blockchain foundations, Chia Network is a profit-making organization. So, the company aims to list itself on an American stock exchange like Nasdaq or NYSE. It may offer XCH as dividends and stock repurchases to shareholders. 

How Does The Chia Network Works 

Chia Network uses a Proof of Space and Time mechanism to promote a sustainable and greener environment. Thus, creating an alternative to electricity-intensive consensus mechanisms like Bitcoin and Ethereum. This combination of Space and Time consumes far less energy while being as secure as pioneer Blockchain projects. 

Users can't mine tokens on Chia Blockchain. Instead, the network rewards validators through Farming. How? 

Proof of Space And Time (PoST)

Proof of Space utilizes unused spaces on hard drive disk drives. Each node stores a collection of cryptographic numbers in plots (a unit of Chia storage) in their local storage space. Then, farmers compete to solve these cryptographic numbers to create blocks. Then, each space provider and farmer gets a reward for block creation. 

Unlike the PoW, the Chia network uses local hard drive spaces of connectors for block production. By combining PoS with Proof of Time, Chia Network oversees block creation in a consistent time frame. Thus, the network becomes;

Chia’s Chief Operating Officer, Gene Hoffman, said, “It was totally designed from the ground up to be as or more secure than proof of work and far more decentralized while using 1000 to 10,000 times less power per unit of security.”

Chialisp

Chialisp is a custom-made programming language on the Chia Blockchain powered by Chialisp Virtual Machine. This programming language combines the best features of Solidity and Bitcoin Core to help build high-performance smart contracts. It also uses Bitcoin's UXTO mechanism to monitor transactions and prevent double-spending. 

XCH Price And Tokenomics

Chia never had an Initial Coin Offering (ICO) like many other cryptocurrencies. Instead, its executives pre-farmed 21 million XCH at its mainnet launch, which they kept under the Chia Network's Strategic Reserve. This reserve is created to facilitate the long-term management and development of the network. 

Thus, investors, who couldn't buy tokens, got them through the Strategic Reserve. The reserve aims to share its token in the following

Chia USD Price 

Chia had an all-time high of in 15.05.2021 on May 6, 2021.
Its price today is $35.15/ XCH, according to our exchange rate page. The coin had a 24-hour trading volume of $4,622,17 and a supply of $ 31,814,411 XCH in circulation. Chia hit the highest and lowest point of $ 1,645.12 and $ 12.18 in the last 24 hours. 

How Many Chia (XCH) Coins Are There In Circulation

Chia has a market cap of $178 Million and ranks 182nd amongst other cryptocurrencies. Its total supply is $ 31,814,598 XCH, but only $ 31,814,411 tokens are currently in circulation. 

Users can 'mint' new Chia tokens in a process called farming. They create blocks and get farming rewards for securing the network. According to XCH emission plans, 64 Chia tokens have been released every 10 minutes since launch, which will be cut by half every three years. 

The network also rewards block creation with 2XCH per block. The reward will be cut by half every three years. 

Who Are The Founders Of Chia Network? 

Bram Cohen, the well-known inventor of BitTorrent, founded the Chia Network in 2017. At inception, cryptocurrency-focused venture capitalists backed the project. They include a16z Crypto, Galaxy Digital, Stillmark, Grelock, and MetaStable, amongst others. The participation of leading venture capitalists also got the network $61 Million in May 2021. 

Bram Cohen currently serves as Chia's CEO. Gene Hoffman, a former CEO of NASDAQ, is Chia's Chief Operating Officer (COO). While Michael Edwards as its Chief Financial Officer. 

How Do They Secure Chia Network

Known as Chia Network Inc, the organization forgoes the crypto-native model of being a non-profit DAO. Instead, it operates as a profit-making and public company owned by shareholders. 

Hence, the company plans to enlist itself in the US Equity Initial Public Offering, compliant with SEC. The listing will make the XCH less volatile compared to other cryptocurrencies. Plus, the company's share price in stock exchanges and XCH price on digital exchanges will be on par.

However, this model cedes total power to the company's executive. XCH token ownership doesn't determine your say on the network's governance and development, which abuses the fundamental essence of decentralization. 

What Are The Long Term Prospects Of Chia 

Chia had an all-time high closer to $2,000 but now trades below $40, losing more than 100% of its value. This price action points out that its rapid decline may not be all about the general crypto dip. So, what could have caused the drop? 

First, the network isn't governed by its community but by Chia executives. The company also aims to run as a corporate structure and list itself on American stock exchanges, which may bring distrust among crypto investors who would oppose too much centralization in a decentralized system. 

However, that doesn't spell an end for Chia. The network's fundamental idea and project are very sound. Possibly, a change of governance and communication of its use cases could have a positive impact on XCH long term. 

Plus, Chia has a Chialisp programming language and Blockchain platform housing decentralized applications. It recently created a decentralized exchange platform that denominates stablecoins in other currencies. 

In February 2022, the network also presented an updated whitepaper that listed Chia's vision for the future. They include new feature sets on Chia Blockchain

With Chia providing more and more utilities, especially among companies, it would be childish to dismiss the project's long-term success.