About Chia
Chia Network (XCH) is a cryptocurrency and blockchain network that aims to accelerate mainstream cryptocurrency adoption through ethical, transparent, and compliant design. The Chia Network is designed to be as secure as the Bitcoin blockchain, but incorporates design elements intended to establish Chia as a more energy-efficient, scalable solution. Chia Network price is updated live on Binance.
Chia is a layer 1 blockchain that uses a unique hybrid Nakamoto consensus mechanism called Proof of Space and Proof of Time in order to secure the network and validate transactions. This mechanism creates tokens based on free storage space committed to the Chia network.
The Chia Network operates with its own smart contract language, Chialisp, which facilitates the deployment of smart contracts and decentralized applications on the Chia blockchain. XCH is used within the Chia ecosystem as a means of payment, or to participate in securing the Chia network.