Price of Chia (XCH) today
As of the latest data, Chia (XCH) is currently priced at $29.37 with a market capitalization of $305.15M. The 24-hour trading volume stands at $4.85M, The circulating supply of Chia is approximately 10.29M. The cryptocurrency has seen a -0.51% decrease in value over the past 24 hours.
About Chia (XCH)
Chia (XCH) is a utility token of the DeFi blockchain Chia, designed to create a more sustainable cryptocurrency network. The network operates on a breakthrough blockchain utilizing the Proof of Space and Time consensus algorithm, encouraging node operators to contribute their free disk space. Chia prides itself on being the largest and most decentralized blockchain by node count ever, offering a new vision of blockchain technology with a focus on transparency, security, and sustainability.
The Chia Network aims to set a standard for digital currency infrastructure, providing inclusive access to decentralized finance. By addressing the inefficiencies and energy consumption of traditional PoW-consensus mechanisms, Chia offers an innovative solution based on enhanced cryptographic tools, promoting a "green-oriented" system that supports the Paris Agreement and e-waste mitigation initiatives. The platform operates through smart transactions and employs a Verifiable Delay Function (VDF) as a core component of its proof-of-time mechanism.
Chia's native currency, XCH, has seen an increase in value and is mined by allocating disk space, rewarding farmers for their contributions. The platform's founder, Bram Cohen, known for creating BitTorrent, leads a team focused on shaping the cryptocurrency industry. With over 200,000 nodes and a new Nakamoto Consensus, Chia ensures network security and transparency, making hacking attacks economically unfeasible. Chia's innovative approach to blockchain technology and commitment to sustainability make it a promising player in the cryptocurrency space.
How does Chia work?
Chia (XCH) operates as a decentralized digital currency that utilizes a proof-of-space and time consensus mechanism, as opposed to the energy-intensive proof-of-work used by other cryptocurrencies like Bitcoin. This eco-friendly approach allows users to "farm" Chia by allocating unused storage space on their computers, promoting sustainability and efficiency. Chia enables peer-to-peer transactions on its blockchain network, ensuring secure and transparent exchanges without the need for intermediaries. Its underlying blockchain technology enables immutable record-keeping and smart contract functionality, facilitating a wide range of applications in finance, supply chain management, and decentralized applications. Chia's unique features include its focus on security, scalability, and user-friendliness, making it an attractive option for individuals and businesses seeking a reliable and sustainable digital currency solution. Its potential use cases span across various industries, including agriculture, healthcare, and gaming, showcasing its versatility and adaptability in the evolving landscape of decentralized finance.
How to keep your Chia (XCH) safe?
To keep your Chia (XCH) safe, consider using hardware wallets like Ledger for enhanced security. These wallets store your private keys offline, making them less vulnerable to hacking. Additionally, trusted platforms like OKX and Uphold offer secure storage options for your XCH, with features like multi-signature authentication and cold storage to protect your assets. By utilizing these secure solutions, you can safeguard your Chia holdings from potential threats and ensure peace of mind when managing your cryptocurrency.
