Cryptocurrency investors nowadays consider a number of things before they invest in a digital asset. They make sure it is a profitable investment and they also ensure it is environment-friendly.
Many crypto assets have been infamous for exploiting natural resources. Elon Musk has recently accused Bitcoin for such practices. It is quite harmful for the popularity and sustainability of a crypto asset if it is not environment-friendly.
The Chia “XCH” is a blockchain developer network, which aims to reduce environment footprints of crypto assets. It is on a mission to enhance the adoption of cryptos. Therefore, it is developing a crypto asset based on an environmentally sustainable blockchain.
You must be wondering what the Chia Network does and how beneficial its XCH cryptocurrency is. Continue reading to find out legit answers!
What is the Chia Network?
The Chia Network was launched in 2017 as a blockchain network and a smart transaction platform. Bram Cohen is regarded as the creator of this platform, who is also known for inventing the BitTorrent P2P data sharing protocol.
Bitcoin and other popular crypto assets follow the Proof-of-Work protocol to complete a transaction. This algorithm has been accused of being energy-intensive and unsustainable for crypto mining and transaction processing.
The Chia Network relies on a storage-based protocol. It uses the Proof-of-Space-and-Time or POST algorithm to complete the operation. It consumes less power and completes the operation much faster. This platform has launched it XCH token as a native currency to fuel the development of this platform.
Fully decentralized and reliable
You do not need extensive computing power to mine coins when you follow use the POST algorithm to create coins. Less energy is consumed and thus you get an eco-friendly cryptocurrency.
Miners need to find the spare storage space on this platform. The prospect of mining a XCH coin depends totally on the amount of spare space they are offering in comparison to the total free space available on the network. That’s how new coins are produced and sent in the crypto market.
Chia has emerged as the largest storage-based blockchain and it has beaten Filecoin in this field.
The Chia Network is also known to be resistant to the creation of mining pools due to using the POST protocol. Thus, this network remains fully decentralized. The POST protocol algorithm cryptographic protocols, known as Verifiable Delay Functions or VDFs. These protocols support developers in enhancing the performance of the cryptocurrency system and the blockchain.
On a mission to make cryptocurrency more user-friendly than cash!
This platform is relying on Chialisp, which is the latest programming language. It is known for its security features and experts call it easy to audit. The Chia Network is trying to make crypto assets more user-friendly than cash.
You can download the tool from Chia’s official website to start mining coins. This platform is trying to be the first choice of financial institutions and companies as a decentralized payment system. It is offering some legit solutions for crypto mining and decentralized transactions.
How to buy the Chia Network coin “XCH”?
The Chia Network has launched its native cryptocurrency in May 2021. As the reports suggest, there is a maximum supply of 21,514,760 XCH tokens. Its price is pretty impressive nowadays and it is expected to grow pretty rapidly. So, let’s find out how you can buy the XCH token to be a part of the Chia Network.
Create an account on a crypto exchange
Cryptocurrencies are bought and sold on online exchanges, known as cryptocurrency exchanges. You have to join a secure and reliable exchange to buy the Chia coin. Since it is a new token, you can acquire it for Ethereum, Bitcoin, or other popular cryptocurrency such as Ripple.
So, select an exchange that meets your demands and join it. The registration process might involve the KYC verification process. It might not be mandatory in every crypto exchange, but it’s a new norm in the world’s leading exchanges. So, complete the verification process and then add funds.
Buy a cryptocurrency of your choice
The next thing you have to do is purchasing a cryptocurrency. As mentioned in the previous point, you can pick any currency you like. Make sure it is a currency that you can swap for the Chia coin.
Buy the digital asset and then download a reliable crypto wallet to store your crypto assets. You will get this wallet as a program, where you can store all the cryptocurrencies safely for a long time. Make sure the wallet has a great track record of safety. Choosing a poor-quality wallet can be risky for your future investment ambitions!
Find and buy the XCH coin
Even though the Chia Network was launched in 20174, its XCH or Chia coin is quite new. It is listed on some selected altcoin exchanges. So, search for exchanges which facilitate XCH coin trading.
You will have to sign up to that exchange and then link your crypto wallet. Now, go to the exchange page and look for the XCH token pairs. Select a pair with your cryptocurrency and then make a trade. You will get the Chia coin within a few minutes and you can keep it or sell it at a more profitable rate.
What problem does the Chia coin “XCH” solve, and what are the coin’s investment prospects?
XCH has quickly become an expensive crypto asset. Many experts admit that it has performed overwhelmingly and its price will continue to raise in the future. You can still buy it for an affordable price. Invest in it right now if you want to make a huge profit by selling it at a much higher price in the upcoming months!