XCH/USD: Convert Chia (XCH) to United States Dollar (USD)

Chia Network (XCH) is a layer 1 blockchain that employs a unique consensus mechanism known as proof-of-space-and-time (PoST). This mechanism allows the blockchain to consume less energy without compromising network security. Chia Network is a public, for-profit, open-source company that aims to be listed on major stock exchanges. It uses a custom-designed programming language called Chialisp, which enables smart contract compatibility and enhances transaction speed and energy efficiency. The blockchain is designed for enterprise use, with the company planning to hold XCH on its balance sheet in the event of a listing.

Chia Network operates using a combination of proof-of-space and proof-of-time mechanisms. Proof-of-space requires miners to allocate unused storage on their hard disk drives, which is then used to solve a challenge, similar to puzzle-solving in proof-of-work (PoW) systems. The software stores a collection of cryptographic numbers on the miner's disk, and a challenge number from the previous block is used to create a new block. Proof-of-time, on the other hand, verifies the passage of time through Verifiable Delay Functions. Nodes known as Timelords ensure that time is correctly documented for solving the proof-of-space functions. Chia Network also uses its own programming language, Chialisp, which allows for simultaneous transactions, making the blockchain faster and more energy-efficient compared to its competitors.

Chia Network aims to enhance global infrastructure and data management, and it provides a platform for building applications and more with its modular and scalable suite of solutions. It is designed to address today's siloed, manual-intensive, and inefficient centralized data processes using the Chia blockchain. The network's decentralized technology provides enhanced network and data security to prevent breaches and attacks. It is also built to protect consumers globally while championing innovation and driving digital asset adoption. Furthermore, Chia Network is designed to be eco-friendly, providing a more scalable technology as the foundation of sustainable business practices.

Chia Network was established in Delaware in 2017 by Bram Cohen, the founder of the popular peer-to-peer file sharing platform BitTorrent. The project is led by an experienced senior management team, including former NASDAQ CEO Gene Hoffman as chief operating officer (COO) and former Overstock.com CEO Mitch Edwards as chief financial officer (CFO). Chia Network's first proof-of-time function was released in 2019, with the first beta version of its blockchain launching in 2020. The network achieved full functionality, including wallet functionality, transactions, and smart contracts, with its mainnet launch in 2021. The project has also attracted significant funding from leading venture capitalists, raising $61 million in May 2021.