Chia Network

ICO Dates TBD

Description

Chia Network is a San Francisco-based company focused on improving crypto-currency infrastructure. Our CEO, Bram Cohen, famously invented BitTorrent: the first modern decentralized network protocol and one of the inspirations for the Bitcoin protocol. Our founding team has experience across the crypto-currency and finance sectors, coming from Tradehill, CryptoCorp and Lightning Labs.

Chia is a pre-launch digital currency and blockchain that relies upon proofs of space and proofs of time instead of traditional proofs of work. Chia "farms" via unused storage space that is allocated by "farmers" who will receive Chia coins for solving a block challenge as a consensus mechanism. Chia "farming" uses proof of space, co-ordinated with another consensus algorithm, proof of time, to mitigate known attacks on previous proof of space based blockchains. Our goal is to to prevent wasting massive amounts of electricity to secure a blockchain and lessen (e.g. ASIC-powered mining) centralization. A hard disk will have its empty space filled with randomly generated proofs when "seeding."