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Chia is a layer 1 blockchain founded by Bram Cohen that uses proof-of-space-and-time consensus to reduce energy consumption. It employs the Chialisp language for smart contracts and supports asset tokenization. The network features a pre-farmed supply with diminishing farming rewards, while governance remains centralized under Chia Network Inc. rather than a decentralized autonomous organization.
Chia Network Inc. (CNI) provides software that allows businesses to tokenize, hold, and trade any asset while guaranteeing auditable authenticity and provenance. Founded by BitTorrent creator Bram Cohen, the underlying open-source, public Chia blockchain offers the secure and regulatory-compliant infrastructure for One Market.
The Chia Blockchain (XCH) is a layer 1 network that utilizes Chialisp, a custom-designed, open-source programming language, along with a novel consensus mechanism known as proof-of-space-and-time (PoST). This combination enables the blockchain to consume less energy without sacrificing network security.
CNI released its first proof-of-time function in 2019, followed by the launch of the first beta version of its blockchain in 2020. The mainnet launched in 2021, achieving full functionality that includes wallets, transactions, and smart contracts.
Bram Cohen, who created the well-known peer-to-peer file sharing service BitTorrent, founded CNI in Delaware in 2017. The organization is guided by a seasoned leadership group that features Gene Hoffman, a former CEO of a public company, serving as chief executive officer (CEO).
Additionally, CNI has secured support from several venture capital firms specializing in cryptocurrency. In May 2021, it raised $61 million in funding with backing from investors such as Andreessen Horowitz, Slow Ventures, Naval Ravikant, Galaxy Digital, and others.
Chia Network (XCH) offers an alternative to proof-of-work (PoW) and proof-of-stake (PoS) by employing a consensus model that consumes less electricity. It reaches Nakamoto consensus by merging two separate mechanisms: proof-of-space (PoS) and proof-of-time (PoT).
Proof-of-space asks miners to dedicate unused hard disk drive storage. Miners run specific software to assign this free space, which is then utilized to address challenges, much like the puzzle-solving aspect of PoW. This software saves a set of cryptographic numbers on the miner's drive. When a new block is created, a challenge number from the prior block is selected, and miners search their stored numbers to find one that closely matches the required challenge value.
Proof-of-time verifies the passing of time using Verifiable Delay Functions, a method resembling that of the Solana (SOL) blockchain. Specialized nodes known as Timelords record time to guarantee it is accurately logged for resolving proof-of-space tasks.
The Chia Network developed its own on-chain programming language, Chialisp, which supports smart contracts. It incorporates key elements from Bitcoin Core, Ethereum (ETH), and Solidity while maintaining Bitcoin's UTXO model. This structure enables simultaneous rather than sequential transactions, positioning Chia Network as a quicker and more energy-efficient option than its competitors.
As of June 15, 2025, the circulating supply of XCH stands at 32,999,582. To support Chia’s development and management, 21 million XCH were pre-farmed. The whitepaper outlines the following farming reward schedule:
Consequently, the network is projected to hold 47% of all XCH twelve years after the mainnet launch, as farming rewards are expected to equal the strategic reserve. However, because CNI began selling XCH in October 2023, the network will retain majority ownership only if CNI does not repurchase the coins.
The Chia Network employs a distinctive security method that merges a modified proof-of-work system with proof-of-time. In terms of governance, Chia Network Inc. (CNI) operates as a standard joint-stock corporation rather than adopting the decentralized autonomous organization (DAO) structure common in the crypto space. The company plans to list its equity on a stock exchange, arguing that this framework provides superior incentive alignment compared to alternative models. Consequently, holding Chia coins does not grant any power over the blockchain's governance, marking a significant departure from the structures seen in other public blockchains.
You can purchase Chia Network (XCH) on the following platforms:
XCH is live for trading
2021-04-30
Bram Cohen
Gene Hoffman