The Chia cryptocurrency is a Proof of work cryptocurrency that is mined using hard disk space and processing power. It was developed by California-based company Chia Network Inc. and is currently one of the fastest-growing cryptocurrency projects. The cost of mining Chia is determined by the amount of hard disk space and processing power available.
Chia rewards farmers by using unused storage. Users allocate their unused storage into plots on the Chia blockchain, and in exchange receive Chia rewards for protecting the network. Farmers can purchase Chia software that allows them to allocate unused storage into plots. This software will then farm their computers on their behalf and track their rewards.
Before you start mining, you must download the Chia installer on your computer. This will allow you to create a new private key or import an existing one. Once your private key is created, the installer will generate a 24-word seed phrase. Keeping this seed phrase secure is extremely important. Do not store this information on your cloud drive, as it can be stolen or compromised. It is also important to allocate a space on your hard drive.
The Chia blockchain features a new smart transaction model that utilizes a powerful higher-level language called chialisp and a lower-level language called CLVM. It uses a coin set model that is similar to Bitcoin’s UTXO (Unique Transaction Object) and Ethereum account model. This model increases security by making coin creation code stronger and more auditable.