Digital and virtual current came into being after Cryptocurrency created a hype in 2008. This cryptocurrency is not neither issued nor backed by any banks or governments, and promise reduced transaction fees than traditional online payment mechanisms. Now, if we talk about Chia Coin and if you are wondering what is Chia Coin, then we have it answered for you. Read further to know everything about the latest Chia Coin.
What is Chia Coin?
It is basically a ‘green’ alternative to Bitcoin. Developed by Bram Cohen, the founder of BitTorrent, the all-new Chia cryptocurrency is a green digital token based on an open-source blockchain technology. Unlike Bitcoin, Chia mining is dependent on hard-disk storage space allotted to it, thus making it much less energy-intensive than the cryptocurrencies rolling in the market.
How Chia coin works?
Chia coin works on version of the ‘Nakamoto Consensus’ algorithm. Traditional coins have faced an environmental backlash for the amount of energy required for mining, but the Chia network takes a more sustainable approach.
The Chia network works on a Proof of Space system. This system depends on storage space and not computing power, thus using a less energy-intensive way of verifying transactions. As an alternative to mining, Chia uses farmers who retain storage capacity called farming plots which are available on hard drives.The greater the farmer’s space on the network the greater the chance of winning a block. Once sufficient space has been obtained, users employ a farming rig or pool such as Raspberry Pi to help plot the coin.
Where to buy chia coin?
There are two ways to buy Chia coin – by farming or buying the coins through an exchange. Here is how to buy Chia coin.
- Choosing the exchange – Since Chia is a new cryptocurrency, it is currently not relatively available for trading on regular cryptocurrency exchanges like Binance. However, if you want to buy Chia coin, you can start trading the coin on OKEx and Gate.io.
- Choose the right deposit currency – You can get your hands on Chia only through other cryptocurrencies like Tether and Bitcoin. Currently, you cannot purchase this green coin using traditional fiat money.
- Know the price – Once you have purchased the deposit currency, you are ready to start buying and selling Chia. You will need to know what price you are targeting to maximise your returns. Ensure you are aware of any transaction fees charged by the exchange.
Stay tuned to know latest Chia coin news. Let us know what you think of the cryptocurrency boom. You can also sign in for our newsletter to receive latest technology updates in your mailbox.