Chia Network Inc. (“Chia Network” or the “Company”) is a new blockchain protocol that is more secure, easier to use, has greater features than other protocols and is environmentally friendlier than current protocols. Chia Network’s mission is to be the dominant standard for trust-less global currency for transaction facilitation and management. The Company develops a new blockchain based on the Bitcoin experience and addresses Bitcoin shortcomings, while also being superior to other protocols like Ripple’s XRP. Chia Network’s newly developed language, Chialisp, is a language and on-chain programming environment which introduces a generational jump in flexibility and security to building smart transactions that will unlock the security, transparency, and ease of use that cryptocurrencies promise. Chia Network has advanced the state-of-the-art in cryptography. The Chia network is the first Nakamoto Consensus blockchain based on Proofs of Space that harness unused disk space to reward owners of empty space for “farming” and Proofs of Time to add security and time predictability to the network.
Competition. Chia Network’s cryptocurrency competitors are Bitcoin, Ether and XRP. Each of these competitors has faults that Chia Network reduces or eliminates. Bitcoin and Ether both suffer from poor security; this is evidenced by the numerous examples of hacked positions, funds lost to phishing, hardware failures, or even simple typos. Bitcoin’s system is slow and hard to use. Ethereum’s smart contract technology is held accountable for the loss of the greatest USD equivalent in cryptocurrency when it comes to smart contracts due to the difficulty of auditing solidity code. Chia Network’s other major and primary competitor is Ripple. Ripple sells its xCurrent, xRapid and xVia software to banks to assist in their interbank communications, liquidity and settlements. Ripple uses its native cryptocurrency on the XRP ledger to optimize exchange rate efficiency. The focus and strength of Chia Network is to mitigate the problems of centralization, coding mistakes, and tools for mass adoption on these blockchains and provide a solution to these deficiencies.
Electricity Saver. Many cryptocurrencies rely on ridiculously large amounts of electricity to power their networks in order to secure and keep track of transactions and customer accounts. With Chia Network, Proof of Space and Proof of Time will be used, and this will lead to dramatically decreased amount of electricity consumed. This will lead to a more secure network with better time predictability without having to rely on costly and detrimental electricity consumption.
Security. Most blockchains’ user experience is cumbersome which leads to mistakes and lost and stolen funds. To solve this issue, The Company will be using Chialisp which introduces a new and technically superior approach to building smart transactions. Chialisp makes it possible for Chia Network to create wallets for users which are easier to use and much more secure. With these wallets, a simple typo in an address will be fixed without the chia being lost. Also, it will give a CFO (or finance team) the opportunity to create a list of who the money can be sent to. This will make it hard for the transaction to be compromised, lost or hacked.