The “green” Bitcoin was created in Asia. We discuss Chia, a new currency that can be mined on hard drives!
Chia Network is a Chinese startup that seeks and “reinvent” tokens to make them more “green.” Bram Cohen, the founder of BitTorrent, is in charge of the project. The XCH ticker was assigned to the newly created cryptocurrency.
In a broader sense, the project team hopes to attract the interest of major banking institutions, businesses, and those interested in large-scale data centers to their blockchain, whether they are purchasing or selling. The green token is built on a novel Proof of Space and Time principle.It looks somewhat like Filecoin.
Farmers provide a certain amount of free space on their media to store files and receive a certain reward for participating in the project. Miners or, as their name implies, the coin’s founders provide a certain amount of free space on their media to store files and receive a certain reward for participating in the project.Proof of Space and Time “consumes” many times less power and addresses one of the most pressing issues in the crypto world, waste energy demand, on which Ripple’s CEO has been most vocal.
Unfortunately, there are shortcomings in any consensus model. It was essentially the possible download of viruses to the hard drive of one of the network’s clients in the case of PoST consensus, after which a large-scale contamination of other computers attached to it could occur.
An impending media shortage may be a major drawback for all computer hardware enthusiasts. Manufacturers may clearly not have enough ability to satisfy demand if hard drives are needed for mining in a pandemic, as was historically the case with video cards.
Miners in China have already started buying SSD and HDD media with capacities ranging from 4 to 18 TB. But the “eco-miners” were not deterred, and they began to purchase smaller disks. Also 1 and 2 TB versions have sold out, according to Jiahe Jinwei, one of the big drive manufacturers. The firm is now developing a “limiter.” However, Nvidia had a bad experience with its RTX 3060 when it was “limited.” The miners then bypassed the “defense” less than a month later.
It’s too early to be concerned about a global storage unit shortage. This does not, though, save millions of gamers from panicking at popular web sites. They are, on the other hand, understandable. Considering that Asian analysts expect a nearly threefold increase in hard drive rates against a backdrop of soaring demand from 26 to 77 dollars!