1. Project introduction

Chia Network is a blockchain that supports the creation and execution of smart contracts written in a custom-designed programming language called Chialisp. Chia was incorporated in August of 2017 to develop an improved blockchain and smart transaction platform, using a new consensus algorithm called Proof of Space and Time.

Proof of Space is a cryptographic technique where provers show that they allocate unused hard drive space for storage space. In order to be used as a consensus method, Proof of Space must be tied to Proof of Time. PoT ensures that block times have consistency in the time between them and increases the overall security of the blockchain.

Chialisp is Chia’s new smart transaction programming language that is powerful, easy to audit, and secure. Reference smart transactions currently available are: atomic swaps, authorized payees, recoverable wallets, multisig wallets, and rate-limited wallets.

2. Team introduction

Founder & CEO: Bram Cohen

Linkedin: https://www.linkedin.com/in/cohenbram/

COO: Gene Hoffman

Linkedin: https://www.linkedin.com/in/gehoffman/

CFO: Mitch Edwards

Linkedin: https://www.linkedin.com/in/mitchelledwards/

3. Investment institution

7 O'clock Capital, Alex Popa, AU21 Capital, BitValue Capital, Blockwall Management, a16z crypto, True ventures

4. Application

Total supply: 21 million

Chia Network's native token, XCH, will serve as the core incentive mechanism to support Nakamoto consensus. Like Bitcoin, XCH block rewards will theoretically ensure the network's economic security by aligning the interest of Chia "farmers" with what is best for the protocol. Block rewards are earned by farmers when completing Proof of Space and Time transactions for the network. XCH tokens are used for these payments as well as natively as transaction fees ("gas").