There are many new coins and tokens in cryptocurrency.
With cryptocurrency growing in popularity this year, it can be very difficult to keep up at times.
One of the least known cryptocurrencies at the moment is chia – a token that is apparently growing in importance.
However, like many cryptocurrencies, Chia is different from many others and there are some differences that people need to be aware of.
What is Chia and what makes it different from Bitcoin, Dogecoin and more? And most importantly, what is the price?
Well, we looked at cryptocurrency to find out more. This is all you need to know about Chia and why it has been blamed for a global hard drive shortage.
What is chia and why is it different from bitcoin?
Chia was created by Bram Cohen, who was known as the creator of the hugely popular BitTorrent file distribution protocol.
According to the website, the Chia network is hoping to improve global financial and payment systems and has its own decentralized blockchain.
It is said that this increases security.
Instead of using a “proof of work” that Bitcoin miners are paid with, the mining chia use proof of space and time.
Proof of disk space can be seen as proof that space is not being used on your hard drive.
Chia blockchain users “sow” unused space on their hard drive by installing software that stores a collection of cryptographic numbers on the hard drive in “plots”. These users are known as “farmers”.
When the blockchain sends 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 area a farmer has compared to the entire network.
It has also been called the greener cryptocurrency because it uses the storage space on your computer instead of using electricity to mine the cryptocurrency.