One example is Chia (XCH)
Chia (XCH) is a cryptocurrency that was launched in March 2021. It is based on a new blockchain protocol that was designed to be more environmentally friendly than other cryptocurrencies like Bitcoin. Chia uses a proof-of-space-and-time consensus algorithm, which requires users to allocate hard drive space and compute a verifiable delay function (VDF) in order to participate in the mining process.
Unlike Bitcoin and other cryptocurrencies, which use a proof-of-work consensus algorithm that requires significant amounts of energy to solve complex cryptographic puzzles, Chia’s proof-of-space-and-time algorithm is designed to be more energy-efficient. By using hard drive space rather than computational power, Chia aims to reduce the environmental impact of cryptocurrency mining.
Chia’s launch was highly anticipated, and the cryptocurrency saw significant interest from investors and miners in its early days. However, the price of Chia has since experienced significant volatility, and it remains to be seen whether the cryptocurrency will achieve widespread adoption.
