Like many other blockchains, Chia allows pooling to smooth out the rewards structure for smaller farmers. Hashes are not reversible, so it's very difficult for a hacker analyzing the blockchain to even determine what a coin's type is, let alone to view the code that created it. Unlike in systems that use the account model such as Ethereum, the code that creates Chia's coins is strongly sandboxed. Chia uses the coin set model (similar to Bitcoin's UTXO) to track the blockchain's state. The rest of the blocks are empty, but do pay a reward. Wallets# These proofs of space function as tickets in an ongoing lottery. They do this by storing large files called plots, which mostly consist of random data called proofs of space. In order to spend a coin, one must provide the original puzzle, as well as a valid solution, and an optional aggregated signature. This section will provide a basic overview of Chia's network. Chia's consensus algorithm is discussed in detail in Section 3. Chia aims to improve upon Bitcoin's many pioneering ideas in the fields of cryptography and digital currencies, while maintaining the same overall purpose and philosophy. For more information on the company's strategies, see Chia's business white paper. On August 1, 2017, Bram Cohen founded the Chia company and incorporated it in the state of Delaware. The only aspect of a coin that a hacker can attempt to change is its solution, and it's trivial to ensure that any such changes will result in a failure to spend the coin.Additionally, nodes have the option of farming to help secure the network.For more information on the company's strategies, see Chia's business white paper.In order to spend a coin, one must provide the original puzzle, as well as a valid solution, and an optional aggregated signature.This section will provide a basic overview of Chia's network.The plot construction protocol is laid out in Section 3.2.The simple nature of this model facilitates the writing of high value and secure contracts.Each transaction in Chia must spend at least one coin. Search code, repositories, users, issues, pull requests... The PoST consensus has a much lower energy consumption compared to Proof of Work (PoW), and part of Chia'svision involves improving the carbon footprint of the blockchain industry. Also due to hashing, a hacker cannot change a coin's parent_ID, puzzlehash, or amount without changing the ID as well. For more info on Chia's smart transactions, see Section 4.1. Smart transactions# Timelord nodes broadcast proofs of time (explained in Section 3.3) around every nine seconds. From that point forward, the reward will always be 1/8 of an XCH. However, the reward amount is cut in half approximately every three years for the first 12 years of Chia's existence. The plot construction protocol is laid out in Section 3.2. Improved Pooling# The nodes periodically send and receive information from peers, which is then stored locally in a peer database. Each transaction in Chia must spend at least one coin. The coin's ID is a hash of its parent coin's ID, its puzzlehash, and its amount. There are different types of peer-to-peer (P2P) networks, such as BitTorrent, Bitcoin, and Chia. If you would like to skip to how to make dapps (decentralizedapps) on Chia, please visit chialisp.com. Chia uses the coin set (UTXO) model to keep track of the network's state. Because of this process of farming (analogous to mining), Chia has become the most decentralized blockchain on the planet, with hundreds of thousands of full nodes securing the system. The coin's ID (a sha256 hash) is the main aspect that's stored on the blockchain. Chia's blockchain maintains the same level of security as Bitcoin's, while using a fraction of the energy. Chia Network They pay out small rewards frequently, often daily. The Chia company includes its official wallet with a typical installation. The timelord algorithm is explained in Section 3.13. When a farmer has a valid proof of space, they win the current lottery drawing. This is equivalent to selecting and broadcasting the winning numbers in an ongoing lottery. This allows them to process the highest-paying transactions from the mempool into a new block. Chia nodes connect to a random subset of other Chia nodes, called peers. Multiple coins can communicate with each other in the same transaction by using announcements. Each coin is locked with a Chialisp program called a puzzle, which is then hashed to create a puzzlehash. They pay out small rewards frequently, often daily.Chia's blockchain maintains the same level of security as Bitcoin's, while using a fraction of the energy.Like many other blockchains, Chia allows pooling to smooth out the rewards structure for smaller farmers.For more info on Chia's smart transactions, see Section 4.1.The nodes periodically send and receive information from peers, which is then stored locally in a peer database.Timelord nodes broadcast proofs of time (explained in Section 3.3) around every nine seconds.Multiple coins can communicate with each other in the same transaction by using announcements. This allows them to process the highest-paying transactions from the mempool into a new block.When a farmer has a valid proof of space, they win the current lottery drawing.This is equivalent to selecting and broadcasting the winning numbers in an ongoing lottery.Chia is a cryptocurrency and blockchain smart transaction platform.Each coin is locked with a Chialisp program called a puzzle, which is then hashed to create a puzzlehash.These are the smallest denomination of Chia's coins.They do this by storing large files called plots, which mostly consist of random data called proofs of space.More info on the block reward structure can be found in Section 5.3.Chia uses the coin set model (similar to Bitcoin's UTXO) to track the blockchain's state. While "XCH" is a convenient way to denominate Chia coins, the blockchain only knows about mojos. The prize for winning the lottery is called the block reward. For more info about the coin set model and Chia's on-chain programming environment, see chialisp.com. When first starting up, nodes have to synchronize to the blockchain, by downloading the entire history of blocks and transactions.Chia uses the coin set (UTXO) model to keep track of the network's state.Additionally, nodes have the option of farming to help secure the network.The timelord algorithm is explained in Section 3.13.For more information on the company's strategies, see Chia's business white paper.In order to spend a coin, one must provide the original puzzle, as well as a valid solution, and an optional aggregated signature.This algorithm allows anyone with an internet connection and some free disk space to participate in securing the network. Timelord nodes# For more info on Chia's pooling protocol, see Section 11. This algorithm allows anyone with an internet connection and some free disk space to participate in securing the network. Chia uses a consensus algorithm called Proofs of Space and Time. These proofs of space function as tickets in an ongoing lottery.The nodes periodically send and receive information from peers, which is then stored locally in a peer database.The Chia company includes its official wallet with a typical installation.Hashes are not reversible, so it's very difficult for a hacker analyzing the blockchain to even determine what a coin's type is, let alone to view the code that created it.Multiple coins can communicate with each other in the same transaction by using announcements.They pay out small rewards frequently, often daily. Coins and transactions# Chia aims to improve upon Bitcoin's many pioneering ideas in the fields of cryptography and digital currencies, while maintaining the same overall purpose and philosophy.Chia uses the coin set (UTXO) model to keep track of the network's state.Because of this process of farming (analogous to mining), Chia has become the most decentralized blockchain on the planet, with hundreds of thousands of full nodes securing the system.Also due to hashing, a hacker cannot change a coin's parent_ID, puzzlehash, or amount without changing the ID as well.This increases security, reduces Maximum Extractable Value (MEV), and makes the code fully auditable.This algorithm allows anyone with an internet connection and some free disk space to participate in securing the network.The prize for winning the lottery is called the block reward.While "XCH" is a convenient way to denominate Chia coins, the blockchain only knows about mojos. The only aspect of a coin that a hacker can attempt to change is its solution, and it's trivial to ensure that any such changes will result in a failure to spend the coin. Contrast that with Ethereum, where it's trivial to view a smart contract's source code by using a decompiler. This increases security, reduces Maximum Extractable Value (MEV), and makes the code fully auditable. The simple nature of this model facilitates the writing of high value and secure contracts. There are different types of peer-to-peer (P2P) networks, such as BitTorrent, Bitcoin, and Chia.However, the reward amount is cut in half approximately every three years for the first 12 years of Chia's existence.The rest of the blocks are empty, but do pay a reward.Chia's consensus algorithm is discussed in detail in Section 3.The simple nature of this model facilitates the writing of high value and secure contracts.The PoST consensus has a much lower energy consumption compared to Proof of Work (PoW), and part of Chia'svision involves improving the carbon footprint of the blockchain industry.For more info on Chia's pooling protocol, see Section 11. When first starting up, nodes have to synchronize to the blockchain, by downloading the entire history of blocks and transactions. Wallets are programs that allow users to interact with the blockchain, by signing and submitting transactions to full nodes. Around one out of every three blocks contains transactions. Chia's network# Wallets are programs that allow users to interact with the blockchain, by signing and submitting transactions to full nodes.Around one out of every three blocks contains transactions.On August 1, 2017, Bram Cohen founded the Chia company and incorporated it in the state of Delaware.From that point forward, the reward will always be 1/8 of an XCH.Contrast that with Ethereum, where it's trivial to view a smart contract's source code by using a decompiler.For more info about the coin set model and Chia's on-chain programming environment, see chialisp.com.The coin's ID is a hash of its parent coin's ID, its puzzlehash, and its amount. Chia is a cryptocurrency and blockchain smart transaction platform. They then broadcast this block to the rest of the network. These are the smallest denomination of Chia's coins. More info on the block reward structure can be found in Section 5.3. Additionally, nodes have the option of farming to help secure the network.