What is Chia – The latest alternative to Bitcoin and Ethereum

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What-is-chia-alternative-to-bitcoin-and-ethereum

Let me first be clear that though that this news is not yet been trending in India. But, I can assure you that it is making quite a buzz in places where cryptocurrencies are dominant. This is why the question of – What is Chia? is important.

Credibility of Chia

I do have proof so that you can understand the impact Chia coin has. Since the news of Chia coin entering the market came up the demand for hard drives have shot up. This was confirmed by analysts at Bank of America in an article by Fortune magazine. I assure you that’s not the only proof of what impact this coin has. You can read for detailed demand scenario in this article by Fortune.

Now that we have established the credibility of the coin let us understand what Chia coin is. I won’t go into technicalities just a plain and simple explanation. The main USP of this coin is that it is environmentally friendly. Yes, you heard it right. The reason for this is the fact that for mining Chia you don’t require high-end processors and graphic cards. What you require is enough space on your PC.

Since Bitcoin and Ethereum run on this principle of high-end devices the heat generated from it is harmful to the environment. But, in the case of Chia as it takes up the empty space on your disk it emits heat a lot less compared to the other two coins. This is the reason it is also known as the “Green coin” and it is called Chia farming instead of Chia mining.

Hence, Chia working model in short is known as the proof of space and time model while Bitcoin and Ethereum run on proof of work. Due to this setup, you don’t need high-end devices to farm Chia as you do in other coins. Thus, many people developed an interest in this coin as all you needed to have space in your PC.

Basic facts

The founder of this coin was Bram Cohen (2017). He also is the founder of BitTorrent. This coin is based on blockchain technology known as Chialisp. Now, coming to the part of the profit of farming Chia coin. First, look at the image below.

What-is-chia-chia-rewards

So, you see the basic difference is if you are with a pool you will earn rewards for your contribution. And my recommendation is the same as well – To go with a pool. If you still wish to know what your earnings will be if you farm alone you can click here and find out.

As for the pools, there are Hpool and XCH India. XCH India is India’s first-ever Chia farming pool and it also has a “Hunt Bot” that will help you know about the hardware available on your WhatsApp number.

Thank you for reading. If you liked my blog be sure to share it with your friends 🙂

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