What is Chia's coin?
Chia created in 2017 with a focus on the environmental impacts of digital currency "mining", a highly specialized, energy-intensive computing process. New coins are produced by solving complex equations. The main difference between chia and other cryptocurrencies according to its founders is a place and time-proof method to verify transactions that use users' unused disk space on hard drives and are more energy-efficient.
How does it work?
Each encrypted currency has its own method of verifying transactions, using the collective computer power of the miners, who are paid to help them with the encrypted currency. Chia mining relies on the use of empty computer storage space.
So many resort to cryptocurrency; because people can send or receive money without the intervention of traditional banks or government bodies, as opposed to banknotes controlled by the central bank. All transactions are verified and recorded by large networks of computers using a database called the blockchain.
Will Chia save energy?
Chia coin is an environmentally friendly mining alternative, and when it comes to cryptography, "eco-friendly" is the term by which it is known. She uses natural resources to build hard drives, like electric cars, windmills, and a lot of resources that are really environmentally friendly. However, it still consumes large amounts of electricity.
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