7/16/2023 0 Comments Chia keybaseYou've got to be running computers the whole time to play in this lottery, and those computers consume electricity to run. Over time, if you have 10% of the total hashpower, you can expect to 'win' 10% of the blocks. If you control a lot of hashpower, relative to other miners/lottery players, that means that you're able to run that hash function a lot more times than your other lottery competitors. "How many times you call the 'hash' function" is also commonly referred to as 'hashpower'. Your chance of winning this lottery is directly proportional (statistically, at least) to how many times you can call the 'hash' function in that ten minutes, relative to the number of times every other lottery participant can also do this. Each lottery round is about 10 minutes long and involves you, and every other lottery participant, hunting for the winning combination of bits that will produce a hash of a small enough size. Bitcoin uses a hash-function to act as a random lottery for all mining participants. The biggest single difference between Chia and Bitcoin is how they secure the network. I've culled this discussion from both the Green Paper and the public Keybase group. It's not launched yet, testnet is expected to go live before the end of the year. It's rumored to have a scripting language not unlike Bitcoin's Script. It's got blocks, it's got 'miners' (more on this in a bit). As such, it's got a lot of the features that Bitcoin has. It's aiming to be a 'better' and 'greener' competitor to Bitcoin. ![]() What is Chia?Ĭhia is another cryptocurrency play. Turns out that I was wrong about it being a 'file coin', but it was interesting so here's a quick review of what the paper contained, plus some open questions that the paper doesn't address. A friend of mine sent me this nice writeup they did of IPFS I thought it'd be fun to do something similar for what I thought was another 'file coin' protocol - Chia's Green Paper. I've been curious lately about other 'crypto-system' projects. Tl dr: A "Proof of Space" algorithm doesn't actually have anything to do with storing user files
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