DYOR: CHIA

Chia Ratings
Overall
55%
55%
  • Usability - 90%
    90%
  • Team - 96%
    96%
  • Roadmap - 96%
    96%
  • Tokenomics - 23%
    23%
  • Community - 25%
    25%
  • Donations - 0%
    0%

Summary

Chia network is similar to Bitcoin and Ethereum networks, but it requires less energy, and hardware is much cheaper to run the network. You can use the network for many things: wallets, smart contracts, exchanges, basically everything that all the other networks could run. Unfortunately, Chia Layer 1 network is slow, with only 20 transactions per second. Not sure if this got boosted lately and how fast it will be layer 2; some say millions of transactions per second, but I need to see that before I believe it.

The team is strong, no doubt about that. Bram Cohen is an experienced guy who already has a good history in Crypto-Verse. Together with Overstock.com ex CEO Mitch Edwards and Gene Hoffman, an entrepreneur with lots of experience in various fields, I can say that Chia is in good hands.

The team is hitting milestones as we speak; the company started in 2018, and in 2021 we had a mainnet release. The plans for future development are promising, and I do hope the team will achieve them.

Chia had enormous hype, and that has driven the masses to be involved with Chia. Many people follow Chia over at Twitter and Reddit. However, I need to say that the latest stand about Chia is quite negative. Chia’s price is dropping like someone pops the balloon. Developers are slowly coding and preparing their products, and that’s normal; Chia is a new network, and it will take some time to see how exactly good it is.

Donations

Donations are not needed, I can pay for the server, that’s not a problem. But if you do donate I appreciate it and will for sure stay motivated to share all my findings of projects I research. Also, I have added a new rating, donations rating which will prove how likely people are prone to tipping, donating a specific coin and how active is the coin’s community.

DONATE XCH

XCH Wallet Address:
xch1lz4anmuxhl2aqs8dqp969wmvnfhhwnr5uuegqetljz2dya4j4kjqevt60h

***minimum donate 0.005 XCH

Pros

  • Green Network
  • Industry Partnership Potential
  • Good Team

Cons

  • Slow Layer 1 TPS
  • Huge Prefarm
  • Centralized
  • Slow Development
  • Angry Community

What is Chia

CHIA (XCH) is a new promising network that uses low energy to run the network. Proof of work or they love to call it proof of space, wastes only energy for running hard drives with plots. One HDD could use around 10W on average, but the used wattage is significant if you add millions of HDDs. However, still, the network is using a lot fewer resources than Bitcoin or Ethereum. Chia is green, and that’s how it is promoted.

The network was founded by Bram Cohen, who invented BitTorrent. It is an open-source network which means everyone can contribute. Still, most of the coins are locked and held by CHIA company, which means the network is centralized and holds all ropes. And that’s the most significant weight CHIA has, a huge premine which is described in whitepaper how they will use it. Nevertheless, so huge premine is a concern.

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