Chia Network, creator of Chia, is a company led by Bram Cohen (Creator of the BitTorrent Peer to Peer protocol) and his team of professionals, who together decided to write from scratch a blockchain system that surpasses speed, security, and low transactional cost to all its predecessors such as Bitcoin and Ethereum, adopting all its benefits and solving its problems, such as environmental ones, due to high energy consumption and high commission cost per transaction, which have been evidenced in them over time with the progressive adoption and implementation of this technology throughout the world.
Chia is based on an innovative consensus algorithm. The proof of space and time, which takes advantage of the vast amounts of space on a hard drive to create the first new Nakamoto Consensus since Bitcoin in 2009.
Proof of space is a cryptographic technique in which unused hard drive space is allocated to the network. Time testing increases overall security by verifying the integrity of the allocated space, which increases overall security.
The advantages of the proof of space and time
Electricity consumption of the Chia network compared to other networks