Chia

What is Chia (XCH)? 

Chia (XCH) is an eco-friendly blockchain network that offers a resourceful and decentralized alternative to traditional Proof-of-Work (PoW) cryptocurrencies like Bitcoin. Chia crypto has introduced a new consensus mechanism called Proof of Space and Time (PoST), which uses an underutilized amount of hard-drive storage instead of computational power, greatly decreasing energy usage, yet still retaining security and decentralization. 

Chia crypto is designed on its custom blockchain infrastructure and has a smart transaction programming language, called Chialisp, which provides smart contracts that are scalable and secure. Users can participate in farming (Chia’s version of mining), payments, decentralized finance (DeFi), asset issuance, and NFTs, to name a few. One of Chia crypto goals is to adopt retail and enterprise solutions for regulatory compliance and financial institution-friendly solutions.

The Chia Network was conceptualized in August of 2017 by Bram Cohen (the inventor of BitTorrent) to deliver a blockchain solution that is more eco-friendly than previous generations. The mainnet was delivered in March 2021, and full transaction capabilities were uploaded by May of the same year. 

What is XCH Coin?

XCH is the Chia Network’s native cryptocurrency that is used for transactions, smart contracts, and enterprise applications. It is obtained through farming, which is when individuals designate hard drive space on their local machines to assist in securing the network. Importantly, XCH provides support for fast and low-cost payments and additionally includes decentralized finance (DeFi) opportunities, NFTs, and enterprise blockchain solutions to help with blockchain efficiency and sustainability.

The Chia mainnet launched on March 19, 2021. On May 4, 2021, its native cryptocurrency, XCH, was shared for the first time, with an opening sale price of $698.23. The Chia Network has received funding in rounds to support its developing blueprint and ideas. In 2017, the project received pre-seed funding from Meltem Demirors.

During its seed round in late-2018, it raised $3.4 million in total with investments made by Andreessen Horowitz (a16z) and DCM Ventures, among other participants. Chia raised $300,000 during its Series A funding round in Q3 2018 from Cypherpunk Holdings Inc.

Chia network secured $5 million in Series B funding in 2020 led by IDEO CoLab Ventures, Naval Ravikant, Slow Ventures and others. By Q2 2021, Chia secured $61 million in Series D funding and this round brought their total valuation to approximately $500 million. Multiple investors joined the Series D round, including Andreessen Horowitz (a16z), True Ventures, Greylock Partners, and DCM Ventures. 

Where to buy XCH token?

Chia (XCH) can be traded on many centralized and decentralized exchanges. Some of the most well-known places where users can buy, sell, and exchange XCH include: OKX, Gate.io, KuCoin, HTX, Binance, and BitMart. Also, Crypto.com Exchange is another option. These exchanges support a variety of trading pairs, mostly XCH/USDT, XCH/USD, and XCH/BTC, making it easy for users to trade Chia based on what fiat or crypto they want to use. 

Wallets that support XCH Coins?

Chia (XCH) wallets come in different formats to suit user needs. The Chia Reference Light Wallet is the official and most secure option, and it supports a variety of functions for Chia Asset Tokens (CATs), NFTs, and Decentralized Identifiers (DIDs). Third-party wallets include: Sage Wallet - a cross-platform wallet, Goby - a browser extension wallet like MetaMask, Frodo Wallet, and Pawket - high security, open-source wallets, and Ozone Wallet and Green Wallet - mobile-friendly options. Hoogii is a Chrome extension, and Tangem Wallet is a hardware option. Users should pick a wallet to Hold their XCH based on security, platform compatibility, and additional features that best suit their needs.