What does a non-verifiable driving recording mean
What is chia?
Chia was founded in August 2017 to develop an improved blockchain and intelligent transaction platform. We are building the Chia network to improve global financial and payment systems. Chia will be the first digital money for businesses. Chia uses the first new blockchain consensus algorithm since Bitcoin. Called evidence of space and time, it was created by Bram Cohen, the best living network protocol engineer and inventor of BitTorrent. Chialisp is Chia's new intelligent transactional programming language that is powerful, easy to test, and secure. Reference Smart Transactions currently available are: Atom Swaps, Authorized Payees, Recoverable Wallets, Multisig Wallets, and Limited Rate Wallets.
Where can I get answers to questions about running chia?
You should first read the repository FAQ, check out the wealth of information on the repository wiki and join us on Keybase in the #testnet or #beginner channels. We have also created a good summary of the basics of creating plots for Chia.
What is evidence of space and time?
Proof of Space is a cryptographic technique in which auditors show that they are allocating unused disk space for storage space. To be used as a consensus method, the Proof of Space must be linked to the Proof of Time. PoT ensures that the block times are consistent in time between them and increases the overall security of the blockchain.
How do Proof of Space and Proof of Time work?
Proof of disk space can be seen as proof that space is not being used on your hard drive. Users of the Chia blockchain "free" unused space on their hard drive by installing software that stores a collection of cryptographic numbers on the hard drive in "plots". These users are known as “farmers”. When the blockchain sends a challenge for the next block, farmers can scan their plots to see if they have the hash that is closest to the challenge. A farmer's probability of winning a block is the percentage of the total area a farmer has compared to the entire network.
The time statement requires a short period of time between blocks. The time verification is implemented by a verifiable delay function, the calculation of which takes a certain amount of time, but which is verified very quickly. The key idea of a VDF is that it requires sequential computation. Since many parallel machines are of no use, the waste of electricity is minimized. There will likely be relatively few VDF ("Timelords") servers, as the fastest will always finish first and it only takes a fast and fair Timelord on the network to complete a block and move the chain forward.
What is Chialisp?
Chia has a newly developed, innovative blockchain programming language called Chialisp that is powerful, easy to test, and secure. Chialisp is a superior chain smart transaction development environment that unlocks the security, transparency and ease of use that cryptocurrencies promise.
Where can I find out more about Chialisp?
Read our blog post introducing Chialisp. The documentation is available at Chialisp.com.
Why is chia better?
Chia has a new innovative Nakamoto-style consensus algorithm that removes Proof of Work's energy requirements from the system. Compared to other cryptocurrencies, Chia offers significantly better security due to its more decentralized blockchain. Chialisp is Chia's new intelligent transactional programming language that is powerful, easy to test and secure, and unlocks the security, transparency and ease of use that cryptocurrencies promise. Chia is also employing more modern cryptographic tools to enable richer features for intelligent transactions. Chia is taking a new and superior approach to funding, building and supporting a blockchain through an ultimately public, for-profit, open source development company that owns a forearm. Chia will use its Strategic Reserve to reduce the volatility of the coin, mitigate bubbles and crashes, and drive the adoption of Chia.
Where can I learn more about the technical details of your consensus algorithm?
We have scientific papers and presentations that give details about our new consensus algorithm and our blockchain software. In 2019 we unveiled our Green Paper outlining the construction of evidence of space and time, illustrating many of Chia's design choices. There is also a 2019 lecture by Mariano Sorgente at MIT on how to achieve a Nakamoto consensus with Proof of Space and VDFs.
Bram Cohen featured in Stanford on February 2018 on Proofs of Space. Our advisors, Dan Boneh, Benedikt Bünz, and Ben Fisch published a survey among VDFs which are the underlying technologies of Proof of Time.
Lipa Long published a class group statement that our evidence is based on time. Bram presented Beyond Hellman's Time-Storage Compromises with Applications for Evidence of Space at BPASE ‘18 in January 2018 based on the scientific work and these presentation slides by Hamza Abusalah. Ben Fisch gave a chat at the BPASE 2018 in January 2018 about verifiable delay functions. Bram spoke at Blockchain in Berkeley (which starts around 8:00 p.m.) in March 2018 with presentation slides. Bram gave a talk to BPASE 2017 in January 2017 about the disposal of waste with evidence of space and time (presentation slides).
Bram gave a chat at the SF Bitcoin Devs seminar about data structures for scaling Bitcoin with presentation slides and Merkle Set code. Bram gave a chat at the SF Bitcoin Devs seminar about removing waste from cryptocurrencies.
What is the Chia Network Strategy?
We believe the blockchain industry is still being led by developers. We intend to be the superior chain for delivering new applications and services, and the only serious and safe choice for applications like stable coins with government support. The Chia Network business will be the first for-profit company to manage a pre-farm and we intend to be the first publicly tradable cryptocurrency close to ETF. We believe that - since Redhat and MySQL AB were necessary to drive corporate adoption of Linux and MySQL - we will be the source of support and training as governments, financial institutions and corporations try to use cryptocurrency in day-to-day trading. Ultimately, we believe we can leverage the storage ecosystem to drive business and end-user adoption as hard drive manufacturers and storage server vendors are likely to add space farming to their offerings.
What is the difference between mining and agriculture?
Mining requires expensive, single-use hardware that consumes excessive electricity. We are reducing this problem through a fair, green and better blockchain that uses agriculture to take advantage of the existing empty hard disk space that is spread across nodes around the world. Agriculture remains decentralized as anyone who has installed our software and has parcels can win the next block. Mining requires expensive, custom, single-use hardware and access to electricity at wholesale prices or at better prices that only purpose-built companies can afford. Farming is more decentralized as it relies on empty hard drive space and anyone with a mobile phone, laptop, or corporate network currently has additional storage space that is currently unused. Unlike mining, you can reuse your storage after you have finished farming, for example to store your family photos.
Why do I want to cultivate chia?
You can manage Chia on the unused storage space of your mobile phone, laptop or company network and in return receive the opportunity to receive rewards in Chia for securing the blockchain. Our software allows you to allocate a certain amount of unused space for creating plots. Since the only resource-intensive step is the initial plotting, after you download the Chia node software, your drives will be plotted in the background. Once the plot is complete, your computer will start farming on your behalf and the software will do all of the work and track your rewards for you. Continuous farming uses very little network bandwidth and almost no resources other than storage. By making the farming process available to anyone who has unused storage space, we are moving closer to our goal of a truly decentralized blockchain that also serves as a cross-subsidy for the storage and cloud industries.
What is the Chia Strategic Reserve?
When the network is launched, Chia will pre-farm a large supply of coins to stabilize and expand the chia economy through Chia's novel business plan to lend chia.
We will announce the specific size of the pre-farm along with audited deals and company controls around the pre-farm just before the mainnet launches.
Why do we farm before agriculture?
Chia has a novel business model to both reduce the volatility of the coin and increase adoption. By borrowing chia and managing the interest rates on those loans, as well as other instruments like buying our stocks with chia coins, we hope to reduce the volatility of the coin from quarter to quarter. To drive adoption, we intend to lend Chia to Global 5000 companies that will use it to pay their international suppliers quickly, more cheaply and more securely. We also intend to use the strategic reserve to support development and adoption. For example, we plan to invest in promising startups in the Chia ecosystem, potentially increasing agricultural rewards for limited periods of time to encourage additional farming, and funding companies that will put 105% of the value of their international liabilities in Chia instead of the Fiat Pay currency.
Is Chia doing an ICO?
Chia is not planning an ICO. Instead, our goal is to get the company listed on an American stock exchange. In this way, shareholders can transparently and openly share the risk and return with management. Chia's digital money is intended to be a useful payment instrument and not an investment opportunity. Chia intends to conduct a fully compliant IPO of SEC registered shares and will come to market as soon as market timing is possible.
Can i buy chia today?
No. After the start of mainnet, we expect a period of several weeks in which only agricultural rewards are distributed by the network and transactions are not yet permitted. This is to provide a period of time that will help stabilize the area allocated to the Chia blockchain and give priority to our space builders. In addition, the Release Candidate Farming software can create diagrams that can be managed immediately on both testnet and mainnet when it is started. Chia will likely be available on most global exchanges shortly after mainnet transactions begin.
How can I buy chia?
Shortly after transactions begin on the mainnet, Chia will be available for purchase, sale and trading on most global exchanges from other Chia owners.
When will Chia Mainnet start?
We hope to launch Mainnet as soon as it is ready and we are currently aiming for completion by the end of 2020. Software development is notoriously difficult to predict, and the Chia blockchain and Chialisp are the first applied versions of a series of new discoveries in cryptography and computer science. Stay tuned here on our website, Keybase, Github, Trello, and our mailing list as we continue to release open source software and updates on our release plans. The updated release timing is in the repository FAQ.
What is Chias Inflation?
After the chia pre-farm, chia will offer agricultural rewards of 16 chia every 5 minutes. For the first 15 years, agricultural rewards are cut in half at the end of every 5th year. From the 16th to the infinite year, the rewards remain constant at 2 chia every 5 minutes, which leads to ever lower inflation rates. Chia inflation drops 0.50% 42 years after the mainnet launched.
Are you writing code yet?
We are almost done with 1.0.
The Chia Blockchain comes together from a few different repositories.
|chia blockchain||Consensus code, networking, and reference Chialisp implementations.|
|chia-blockchain-gui||An Electron / React graphical user interface to the plotter, node, and wallets.|
|clvm||Chialisp Virtual Machine in Python|
|clvm-rs||Chialisp Virtual Machine in Rust for security and performance.|
|chiapos||Creating plots and verifying proofs of space.|
|chiavdf||Proofs of time / VDFs and Timelords.|
|bls-signatures||IETF standard BLS-12-381 signature scheme.|
|clvm_tools||Tools for Chialisp and CLVM.|
Isn't the current international monetary system good enough?
No. Around the world, governments and banks are causing problematic interactions that make banks difficult to trust, especially in volatile regions like Hong Kong, Venezuela, Argentina or Lebanon. International payments are slow, expensive, and insecure when they are available and working. International SWIFT wires often take 1-5 days. Correspondent banks often charge up to 3%, and since the changes in banking since September 11, 2008, many countries have limited correspondent banks. The losses in international cable fraud are huge and we have a better solution to alleviate these problems.
Does Chia use the Bitcoin code?
Chia is completely rewritten from scratch.
Isn't Bitcoin Good Enough?
When Bitcoin was first developed, it was not intended that specific hardware could significantly outperform the computers everyone owns. What was meant to be a decentralized network is now controlled by a small number of miners who have access to facilities for making chips and buying electricity wholesale (or worse). The miners who currently control the Bitcoin network feel they have a competitive advantage and are opposed to changing the protocol even if it is clear that it should be changed. Chia has had ten years to study the new digital money ecosystem and believes we can make cryptocurrency more decentralized, secure, and user-friendly.
Will the value of chia be as volatile as other cryptocurrencies?
We believe that due to the planned nature of our planned public company status, chia coins will be less volatile than bitcoins, allowing financial institutions to hedge and leverage coins and equity. First of all, we expect Chia Network to be valued largely based on the valuation of the chia that the company will hold on its balance sheet. Movements in the price of chia on digital exchanges will likely be reflected in price movements in the price of our stocks on an exchange. There will be more opportunities to familiarize yourself with Chia's success than with traditional blockchain projects. This also allows the common options and derivatives of our stock to be used as a synthetic derivative for the price of chia coins. In addition, our ability to leverage the strategic reserve for chia can reduce the volatility of chia in the market.
Why are you doing these competitions?
We believe that more eyes on our code will only make it better. For example, the results of our VDF competition produced a VDF implementation whose runtime was 80% faster than our original implementation.
Where has Chia advanced the state of the art in applied cryptography?
Chia created three new core inventions and encouraged interest in and adoption of a fourth. Initially, Chia created the first production BLS signature library. Second, Chia will be the first production application of Verifiable Delay Functions (VDFs). Third, Chia created evidence of space and time for the Nakamoto consensus.
Eventually, Chia will be the first production application of Class Groups of Unknown Order that has spawned significant new research into their applicability to cryptography.
Will the average person be able to use chia as a payment instrument?
We hope that over time, Chia will be supported by point of sale systems and consumer payment apps around the world. For example, if you use your GrabPay app from Thailand to pay for a coffee at Tully in England, it should "just work" without you having to know that it was paid for in Chia.
For example, if services like Venmo or Cash App are not available to you, using Chia is far less of a problem than making a slow and expensive transfer. Using legacy banking to send and exchange cash across borders is cumbersome, slow, and expensive. Alternative money transfer services are faster, but not cheap: Western Union can charge transfer fees of up to 10%.
The technology will be completely open source and accessible, and anyone can build a new wallet without our permission or assistance. However, we intend to help wallet, exchange and merchant processing partners with support and integration services, joint marketing and lending for liquidity.
Why is your name chia?
We are green money! Our founder Bram Cohen started the company knowing that he wanted to reduce the energy dependency of blockchains through a "green" option. The concept of agriculture seemed like the best metaphor for filling in unused space and monitoring it for victorious sprouts. This led us to look for a grain that had the properties we wanted to embody with our new network. The team wanted a name that was short and powerful. Everyone was amused that it was also a grain associated with a whimsical meme. Chia Network was born.
How can I contact you with further questions?
You can email us at [email protected] or join Keybase.
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