Chia Coin (CCC:XCH-USD) is on the rise Thursday as crypto investors seek out eco-friendly digital assets.
Here’s everything investors need to know about Chia Coin.
- Chia Coin is the cryptocurrency of Chia Networks.
- This is a blockchain platform set up for smart transactions.
- The founder of Chia Networks is Bram Cohen, the inventor of the BitTorrent network.
- Other major names alongside him are the former founder and CEO of eMusic.com and Vindicia, Gene Hoffman, as well as the former acting-CEO of Overstock.com (NASDAQ:OSTK), Mitch Edwards.
- Chia Networks points out that its blockchain network is powered by the first new Nakamoto-style consensus algorithm since the launch of Bitcoin in 2008.
- Chia Coin is processed using a consensus algorithm called Proofs of Space and Time.
- This replaces Proof of Work, which the company says wastes energy.
- It also protects against the centralization of mining efforts.
- Chia Coin is still incredibly new with transactions only just starting last week.
A portion of the Chia Network website describes its approach to crypto mining. You can read it below.
“We believe that cryptocurrency should be easier to use than cash, harder to lose, and nearly impossible to steal. Anyone who wants to validate transactions should be able to farm without single-use hardware or a big electricity bill.”
Investors are seeking out green crypto in an effort to get away from those that have high energy costs. That comes after a crypto crash occurred today that sent the prices of many major digital assets falling. You can learn more about what’s behind the crash at this link.
XCH was up 3.9% as of noon Thursday.
Investors that want to catch up on the latest crypto news are in luck.