A cryptocurrency project created by BitTorrent inventor Bram Cohen, Chia Network, has disclosed that it has amassed $61 million from investors such as Richmond Global Ventures and Andreessen Horowitz. The process has appreciated Chia Network at around $500 million. Chia Network is tackling the problems related to Bitcoin while maintaining its benefits.
Earlier, Chia amassed a $3.4 million seed round in 2018, where Andreessen Horowitz contributed together with renowned angel investor Naval Ravikant. In addition to this, the initiative has established a cryptocurrency that executes Proofs of Space and Time as an alternative of Proof-of-Work while still following the Nakamoto Consensus principle. In Chia, users “farm” tokens by assigning vacant hard drive space.
Furthermore, if we compare Proof-of-work and Chia Network, the network of Chia is more efficient. Chia also includes a programming language called Chialisp that backs smart deal capabilities. The Chia mainnet has been live since March and deals were allowed earlier in May. On May 21, Chia published the 1.1.6 version of their software, which includes several performance enhancements as well as backing for extra languages.
Chia is also planning to go public. It has decided to execute this plan this year if possible. One of the reports disclosed that Chia is looking at a traditional listing but could also go with the SPAC merger path if the right opportunity grants itself. Chia COO Gene Hoffman disclosed why the firm has decided to go public, in comparison to the broad majority of other cryptocurrency projects.