Chia Network: Unlock More Possibilities

$500,000 in prize pool, and each winning team will win a final prize of up to $100,000! Sirius Labs 2021–2022 Hackathon season is coming. This Hackathon theme focuses on Chia Network, the star project in POC field. Goodbye Aluminum, Hello Cyrptocurrency！ In central Texas, the abandoned Alcoa aluminum smelter in Rockdale was equipped with built-in power plants and wires, but its mission is changing from aluminum production to Bitcoin mining. Mining machines roar and a new power-consuming giant will be reborn here. In 2009, Satoshi Nakamoto would not have imagined that the once planned perfect allocation of computing power would be manipulated by ASIC in 12 years, and the imagination about decentralization would become the plaything of the huge mining pools. Pow has been proven to be a monster eating electricity. A new proof method, a more energy-saving, more environmentally friendly, and more decentralized proof method, has begun to be applied-proof of space and time, so that unused disk space in daily computers can also be used for mining. Chia, the new generation idol in blockchain field, is a public chain under the concept of distributed storage, which inherits the idea of building consensus with Bitcoin, and chooses to create a green ecology in a more energy-efficient way. Chia: Inherit the spirit of Bitcoin but unlock more possibilities Compared with Bitcoin’s outdated classical cryptocurrency character, Chia is more ambitious. Chia coin ditches the Proof of Work algorithm and instead implements Proof of Space — technically Proof of Space and Time. Rather than mining coins by dedicating large amounts of processing power, Chia simply requires storage plots. Proof of time is used to complete verification and prevent a large amount of power loss. In the earliest cryptocurrency world, 1cpu=1vote was a consensus. Later, miners broke this consensus through a huge computing power system. And now Chia shows its charm and calls the proof of Space and Time “improved Satoshi Nakamoto consensus.” Besides the reduction of electricity, Chia’s ambition is based on its public chain and launched the Chialisp smart contract language. Smart contract is the product of Blockchain 2.0, which enables more complex business logic, including deposits, loans, derivatives and AMM, etc. Chia Network enables an ecosystem with higher security and more imagination. Ecosystem, is not a new word anymore for blockchain industry, all public chains are putting emphasize on building eco-system, such as Google and Amazon that were built on HTTP protocol. A public chain is not more than infrastructure, a well-developed ecosystem is the essence of the public chain, and this is exactly why Ethereum keeps being the second largest crypto currency for such a long time. But compared with Ethereum network, which often gets attacked by hackers, with congested internet and high transaction fees, Chia possesses more optimal performance, and Chialisp supports logics such as multi-signature, transaction-withdrawal, receiver address restriction, ID wallet, which makes Chia a public chain with complete financial ecosystem. A simple transaction will cost 30 US dollars, or it takes 5 hours to transfer from one wallet to another, and we may face liquidation before opening a position during the creation of derivatives in a transaction. We are used to old and inefficient public chains, but we will not let ourselves be limited to it. Chia smart contract enables access to a safer and more creative ecosystem, which can rival Ethereum. New Era of Prosperity What will the world of cryptocurrency be like in 5 to 10 years? In the future of Chia network, stable coins directly linked to fiat will be more popular, the process of a loan will be completed in the native system, the transaction withdrawal will not be a «mission impossible» anymore, the transaction fee will only be 1/10 or even 1% of the current one, the high efficiency of transactions will meet the demand of the microsecond-level financial transactions. The hackers will found it difficult to commit crime when data is stored in different space, and an ecosystem which can be compared with a traditional finance sector will be built on the blockchain, this ecosystem will not only be an entertainment for the geek community, but a choice of everyone. Compared with Bitcoin, Chia is environment-friendly, green and is not subject to manipulated by hash-rate-monopoly; And compared with Ethereum, Chia is safer, faster and more efficient; Compared with Filecoin, Chia realized the construction of smart contracts, makes distributed storage more than just a storage, but an ecosystem. Chia can be described as the combination of Bitcoin, Ethereum and IPFS, is the golden opportunity in the new era.Join the Global Online Hackathons held by Sirius Labs now! Hope to have you there at the Blockchain development arena! Medium：https://sirius-labs2021.medium.com/ Twitter：https://twitter.com/SiriusLabs_vc Discord：https://discord.gg/6aa3BBmxVc Reddit：https://www.reddit.com/r/SiriusHacks Github：https://github.com/SiriusHacks Facebook：https://www.facebook.com/srs.vc