Chia (XCH) is a cryptocurrency that was launched in 2021 by Bram Cohen, the creator of the BitTorrent protocol. Unlike Bitcoin and other cryptocurrencies that use the Proof of Work (PoW) algorithm, Chia uses a more energy-efficient algorithm called Proof of Space and Time (PoST).
The PoST algorithm requires users to allocate unused hard drive space on their computers to the Chia network. This process is called “farming,” and it involves creating plots of digital space that are used to verify transactions and secure the network.
Chia has gained popularity due to its energy efficiency and the fact that it allows more people to participate in cryptocurrency mining, as it doesn’t require specialized hardware like ASICs.
Chia has also faced criticism for its impact on hard drive prices and availability, as farmers are buying up large amounts of storage space to increase their chances of earning Chia rewards.
Overall, Chia is a relatively new cryptocurrency that is still gaining traction and it remains to be seen how successful it will become in the long term.