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Here are some answers from the official CHIA Network to help you understand the CHIA Network which has been launched on the main Network

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Selected answers to some of the most important questions from CHIA's official Q&A

The original title: "These official answers from CHIA Network to help you understand the launch of CHIA Network"

Original source: chain smell

Chain smell published"Three minutes to read it. Chia Network: What are the characteristics of a Bitcoin-like public chain that claims to be "compliant and environmentally friendly"?I received a flood of questions from readers about the project. To help readers better understand the project, which was launched on the mainnet at the end of March, we have selected the official CHIA Q& Answers to some of the most important questions in A are provided to the reader.

It must be pointed out that since CHIA Network involves the concept of hard disk mining, there have been a large number of teams selling so-called "CHIA computing power" on the market, which is hard to distinguish between real and fake. The CHIA team is repeatedly strong:

"Chia tokens are expected to be less volatile than other cryptocurrencies, allowing financial institutions to hedge with tokens and equities."

Readers are required to identify the investment risks associated with the project and related products.

What is Chia?

Founded in August 2017, CHIA aims to develop a platform capable of optimizing blockchain and smart transactions. We are setting up the CHIA Network to improve the global financial and payment systems.

Chia will be the first enterprise-class digital currency.

Chia is using a new Nakamoto Consensus algorithm called Proof of Space and Time, which was created by Bram Cohen, the world's best network protocol engineer and the inventor of BitTorrent.

Chialisp is Chia's new intelligent transaction programming language. It is powerful, easy to audit, and secure. The current supported reference intelligent transactions include: atomic exchange, authorized payee, recoverable wallet, multi-signed wallet, and price limit wallet.

What is a space-time proof?

Space certification is an encryption technique in which the certifier certifies that they have allocated unused hard drive space to storage space. However, if "spatial proof" is to be used as a consensus mechanism, it must be linked to time proof, which ensures time consistency between blocks and in turn improves the overall security of the blockchain.

How does the space proof and time proof work?

Spatial proof can be thought of as a way of "proving that you have some unused storage on your hard drive". Users of the Chia blockchain install software to snapshot their unused space on their hard drives, an operation also known as a seed. The software stores a set of encrypted numbers on the disk into a "plot," and the people who perform these operations are called "farmers." When the blockchain announces the next block challenge, farmers can scan their "plots" to see if they have a hash closest to the challenge, and Chia allocates the probability of winning a block in proportion to the size of the space the farmer owns and the size of the entire network space.

Time proof requires that there must be a short period of time between blocks. Time proof is realized through Verifiable Delay Function (VDF: Verifiable Delay Function), which takes a certain amount of time to calculate, but the verification speed is actually very fast. The core idea of the verifiable delay function is sequential computation, which minimizes power waste because a large number of parallel devices yield no benefit. The number of VDF servers (" Timelords ") is likely to be relatively small, as the fastest validating VDF servers will always be at the top, and only one fast and fair Timelord is needed on the network to complete a block and move the entire chain forward.

What is Chialisp?

Chia has a newly developed and innovative blockchain programming language called Chialisp. The blockchain programming language is powerful, easy to audit, and secure. Chialisp is also an excellent on-chain intelligent transaction development environment that unlocks the security, transparency, and ease of use that cryptocurrencies promise.

You can read a blog post about Chialisp by clicking on the link, or you can go directly to the Chialisp.com website and search for documentation there.

You can read an article about Chialisp by following this link.Blog posts, or you can go directly to Chialisp.com and search for relevant documents.

What's the advantage of Chia?

Chia uses the new Satoshi consensus algorithm, which can completely eliminate the energy consumption requirements of a blockchain system's proof of work. Compared to other cryptocurrencies, the Chia blockchain is more decentralized and has significantly improved security. Chialisp is a new intelligent transaction programming language for the Chia blockchain. It is powerful, easy to audit and secure, and will better unleash the security, transparency and ease of use that cryptocurrencies promise.

In addition, Chia also uses more advanced encryption tools to achieve rich intelligent trading capabilities. Through a public, open source, for-profit development company, CHIA is adopting a new and advanced solution to build and support blockchain and provide support for blocks. Chia will use a "pre-farm" (strategic reserve) to address the issue of token volatility, aiming to mitigate the impact of a market bubble or market crash on Chia and to further drive adoption of Chia.

Where can I learn the technical details of the Chia consensus algorithm?

The CHIA project has published a number of academic papers and presentations detailing new consensus algorithms and blockchain software, such as:

In 2019, CHIA released a green paper on the project, which Outlines the spatial and temporal proof constructs and explains many of CHIA's design options. Chia has updated the consensus algorithm and you can view our working file and comment on it. Mariano Sorgente of the Massachusetts Institute of Technology also explained how to achieve the Nakamoto Consensus through spatial proof and VDF in a 2019 presentation. Bram Cohen spoke at Stanford University on spatial proof in February 2018. CHia project consultants Dan Boneh, Benediktbunz and Ben Fisch also published a report dedicated to VDF (the basis of time-proven technology). Lipa Long published an explanation of category groups based on time proof. Bram in & have spent

In the BPase '18 conference in January 2018, the application of Beyond Hellman's time-memory tradeoff and spatial proof was presented based on Hamza Abusalah's academic paper and Powerpoint. Based on academic papers and Hamza Abusalah's slides, Bram demonstrated the application of Beyond Hellman's temporal memory tradeoffs and spatial proofs in BPase XVIII in January 2018. Ben Fisch spoke on verifiable delay functions at the BPASE 2018 conference in January 2018. Bram Cohen gave a talk about Chia at the Blockchain at Berkeley event in March 2018 (details start at minute 20 of this video). Bram Cohen at BPase & NBSP in January 2017;

A presentation on eliminating waste using space proof and time proof was delivered at the 2017 conference. The presentation can be downloaded here. Bram Cohen spoke at the Bitcoin Devs Seminar about extending the Bitcoin data structure. (Relevant PowerPoint and Merkle Set code). Bram Cohen spoke at the SF Bitcoin Devs Seminar on eliminating cryptocurrency waste.

What is CHIA's development strategy?

We believe that the blockchain industry is still led by developers, and we expect Chia to be the blockchain of choice for these developers when they intend to be the ones to deploy new applications and services, as well as the first choice for security for applications such as stablecoins linked to sovereign currencies.

The Chia Network business will be the first for-profit company to manage a pre-farm, and we intend to be the first publicly tradable "ETF-like" cryptocurrency.

Since RedHat and MySQL AB are the driving forces behind corporate adoption of Linux and MySQL -- we think Chia can provide support and training as sovereigns, financial institutions, and businesses begin to use cryptocurrencies in their daily transactions.

Finally, we believe Chia will be able to leverage the storage ecosystem to drive enterprise and end user adoption, as hard drive manufacturers and storage server sellers are likely to bundle "storage space farming" into their products.

For more details, see Business White Paper.

What is the difference between Farming in Chia and traditional Mining?

Mining requires expensive, disposable hardware, which often consumes a lot of electricity. We hope to solve this problem with a fair, environmentally friendly and better quality blockchain. Chia blockchain uses "farming" to make full use of the existing empty hard disk space distributed across nodes around the world. "Farming" is decentralized, as anyone who installs the Chia software and owns a "Plot" can win the next block. Mining needs two conditions: first, custom expensive one-time mining hard; Second, access to electricity supplies at wholesale prices or lower. Therefore, only professional mining companies can afford these costs. Filling is more diffuse because it relies on free hard disk space, and anyone with a mobile phone, laptop or corporate network currently has a lot of unused extra storage space.

Unlike mining, once you've finished storage "farming," you can repurpose your storage, for example, to store your family photos.

Why farm Chia?

You can "farm" Chia on unused storage space on your phone, laptop, or corporate network, and in return, you have the opportunity to receive a Chia Representative Award to help protect the blockchain. Our software allows users to allocate a certain amount of unused disk space to create "parcels." Since the only resource-intensive step is the initial plot, the driver will dig up a "plot" in the background once the Chia node software is downloaded. After the "plot" is dug, your computer does the plowing on your behalf, and the software does all the work and keeps track of the delegate rewards for you. It is worth mentioning that farming will only take up quite a few of network bandwidth, and in addition to the store do not take up almost any type of resource, moreover cultivation process of any unused disk space is available, Chia is toward the true goal of decentralized block chain, the chain block will also be a form of storage and cloud industry cross subsidy.

Until Chia/XCH is listed on a digital currency exchange, farming will be the only way to get Chia/XCH.

What is the CHIA "strategic reserve"?

When the network is launched, Chia will "pre-cultivate" and mine a large number of tokens, which will enable the Chia Lending Business Plan to stabilize the Chia economy and facilitate future growth.

Details are provided in our business white paper.

Why do "pre-ploughing"?

Chia has a novel business model that can both reduce token volatility and increase adoption. By borrowing from Chia and managing these loan rates, as well as other instruments (for example, using Chia tokens to buy our shares), we hope that token quarterly volatility can be further reduced.

To further drive adoption, we plan to lend Chia to 5,000 companies around the world, who will use Chia to deliver fast, cheap and secure payments to suppliers around the world.

We also intend to use the strategic reserve to assist with development and adoption, among other things, such as investing in some promising startups in the Chia ecosystem and increasing tillage incentives to stimulate other tillage activities for a limited time. Companies that make international payments using Chia, rather than fiat currency, can receive a "benefit" of 105 per cent of the amount transferred.

Will Chia conduct an ICO?

No, Chia has no ICO plans. Instead, our goal is to be publicly listed on an American stock exchange. In this way, shareholders can share risks and rewards with management in a transparent and open manner, and we can also make binding statements about how CHIA Network intends to use its strategic reserves, using well-understood control of the company. The Chia digital currency is a useful payment tool, but not an investment opportunity. Chia intends to complete an SEC registered IPO that complies with regulatory requirements and will launch an optional listing on Main Net.

Can I buy Chia now?

Not yet, once the mainnet is up and running, we expect it will be six weeks before we allocate farm token rewards on the network and do not allow token transactions. The purpose of this is to provide a period of time to help stabilize the amount of storage space allocated to the Chia blockchain and to prioritize our storage space farmers.

In addition, the candidate farming software released will be able to generate "plots" that can be farmed on both the test network and the mainnet, and once the mainnet initiates token trading, you'll be able to buy Chia on most exchanges around the world.

What is the inflation rate in Chia?

After Chia has pre-ploughed, ploughing tokens will be issued at a rate of 64 Chia every 10 minutes. For the first 12 years, farming awards will be halved at the end of each three-year period. From year 13 to the indefinite period, the token reward will remain the same at 4 Chia per 10 minutes, which means that the inflation rate will continue to decline. After 22 years of mainnet start-up, Chia's inflation rate will drop to 0.50%.

Did Chia use the Bitcoin code?

No. The Chia code is all original.

Is Bitcoin not good enough?

When Bitcoin was developed, the market did not foresee that the computing power of dedicated mining hardware would vastly exceed that of ordinary computers, leaving the intended decentralized network to be controlled by a small number of miners who could use chip factories and wholesale power purchases (or worse). The miners who currently control the Bitcoin network believe they still have a competitive advantage and are explicitly opposed to changing the protocol -- even if it clearly should. Chia has spent a decade researching the new digital currency ecosystem and believes we can make cryptocurrencies more decentralized, secure, and easier to use.

Will Chia's value fluctuate like other cryptocurrencies?

We believe that since our plan is to go public, token volatility will be less than other cryptocurrencies, which will enable financial institutions to hedge with tokens and equities.

Initially, we expect that the valuation of CHIA Network will be based primarily on what the company will value CHIA on its balance sheet, and that fluctuations in the price of CHIA on digital trading platforms are likely to be reflected in share price movements on stock exchanges. There are more ways to inform people about Chia's success than traditional blockchain projects, which will also allow our regular options and derivatives on our stock to be used as synthetic derivatives similar to the price of Chia tokens. In addition, our ability to use CHIA's strategic reserves may also help to reduce CHIA volatility in the market.

What is the approximate level of Chia in terms of the use of encryption?

Chia created three new core inventions that drove market interest and adoption. First, Chia created the first BLS Signatures library for production. Second, CHIA will be the first production use case for a verifiable delay function (VDF). Third, Chia created the space-time proof for Nakamoto Consensus.

Can ordinary people use Chia as a payment tool?

Our hope is that, over time, Chia will be supported by global POS systems and consumer payment applications. For example, if you use Thailand's GrabPay app to buy coffee at Tully's "S" coffee shop in England, then it can "just work" and the consumer doesn't need to know that the transaction is being paid with Chia.

If, for example, you live in a place where you don't have access to a money transfer service like Venmo or a Cash App, Chia is a lot less hassle than slow and expensive wire transfers. Using traditional banking to send money and exchange money across borders is cumbersome, slow and expensive, and while alternative money transfer services may be faster, they are not cheap: Western Union charges a fee of up to 10 percent.

The Chia technology will be fully open source and accessible, allowing anyone to build new wallets without our permission or help. Not only that, but we also help our wallet, exchange and merchant partners with support and integration services, co-marketing and liquidity lending.

Why chose the name Chia?

We are a green currency. Chia founder Bram Cohen started the company with the idea of "going green" to reduce the energy dependency of the blockchain. The farming concept seemed to be the best metaphor for filling unused disk space and monitoring it to achieve environmental goals, leading us to look for an environmentally friendly "crop" name for the new network. In addition, the team wanted a short and powerful name, and in the end everyone was happy because the name Chia was a "crop" associated with a whimsical meme -- and that's how the Chia Network was born.