Chia Network: Unlock More Possibilities

$500,000 Total prize pool! Winning teams may win a final prize up to $100,000!

Sirius Labs 2021–2022 Hackathon season is coming.

This first Hackathon focuses on Chia Network, a star project in the POC field.

Goodbye Aluminum, Hello Cryptocurrency！
In central Texas, the once abandoned Alcoa aluminum smelter in Rockdale is changing its mission from aluminum production to Bitcoin mining. Mining machines roar and an old power-consuming giant has been reborn.

In 2009, Satoshi Nakamoto would not have imagined that his once planned perfect allocation of computing power would be manipulated by ASICs in 12 years, and his planned ideal of decentralization would become the plaything of huge mining pools.

PoW has been proven to be a monster that gobbles up electricity. A new proof method, that is more energy-saving, more environment friendly, and more decentralized has emerged called Proof of Space and Time (PoST). It uses unused disk space in computers around the world to mine.

Chia, a newcomer in the blockchain world, is a blockchain that utilizes the concept of distributed storage. It inherits the idea of building consensus from Bitcoin, and chooses to create a green ecosystem in a more energy-efficient way.

Chia: Inherit the spirit of Bitcoin but unlock greater possibilities

Compared with Bitcoin’s outdated cryptocurrency, Chia is more ambitious. The Chia Coin ditches the Proof of Work algorithm and instead implements Proof of Space and Time. Rather than mining coins by dedicating large amounts of processing power, Chia simply requires storage plots. Proof of time is used to complete verifications and prevent large amounts of power loss.

Besides the reduction of electricity, Chia’s ambitious plans rest on its ecosystem and its Chialisp smart contract language. Smart contracts are the core of Blockchain 2.0, and they enable more complex business logic to be put on-chain such as DeFi, deposits, loans, derivatives, AMMs, etc.

Chia Network enables an ecosystem with higher security and more imagination. Ecosystem, is not a new word anymore for the blockchain industry, as all blockchains are putting emphasis on building their ecosystems, in the same way that Google and Amazon have built their ecosystems on the HTTP protocol. A blockchain is simply the infrastructure, and a well-developed ecosystem is what truly differentiates between blockchains. This is exactly why Ethereum, with its large ecosystem, has retained its dominant position for a long period of time.

But compared with Ethereum, which often gets attacked by hackers, and its congested network and high transaction fees, Chia possesses more optimal performance. Furthermore, the Chialisp language supports logics such as multi-signature, transaction-withdrawal, receiver address restriction, ID wallet, which makes Chia a blockchain suitable for a complete financial ecosystem.

A simple transaction using Bitcoin or Ethereum can cost 30 US dollars in transaction fees, and take up to 5 hours to transfer from one wallet to another. We are used to old and inefficient blockchains, but we should not let ourselves be limited to them.

Chia smart contracts enable access to a safer and more creative ecosystem, which can rival Ethereum.

A New Era

What will the world of cryptocurrency look like in 5 to 10 years? In the future of Chia network, stable coins directly linked to fiat will be more popular, loans will be processed entirely on-chain, transaction fees will be significantly lower (1/10 or even 1% of current fees on other chains), and microsecond financial transactions will be possible.

Hackers will find it difficult to commit crimes when data is stored in a different space, and an entire financial ecosystem comparable to our current traditional finance system will be built on the blockchain.

Compared with Bitcoin, Chia is environment-friendly, green and is not subject to being manipulated by ‘hash-rate-monopolies’. And compared with Ethereum, Chia is safer, faster and more efficient. Compared with Filecoin, Chia is able to support the construction of smart contracts, and is focused on building an entire ecosystem, not just distributed storage.

Chia can be described as a combination of Bitcoin, Ethereum and IPFS, and we believe it is paving the way for the new era of blockchain.

Participate in Global Chia Hackathon held by Sirius Labs now!

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