What is Chia Network (XCH)

Chia Network or XCH (XCH/USDT – Trade it here) is a blockchain and smart transaction platform. They pride themselves in Bitcoin-like security while maintaining low energy consumption. Basic information for their token is available on the MEXC Digital asset introduction page.

How to buy XCH
What is Chia Network (XCH)

How Does it Work

We all know about Bitcoin mining. However, mining is an intensive and power-draining process. By using the proof-of-work (PoW) mining process, each BTC transaction validation consumes more than 1,400kWh. In comparison, an entire household would consume around 29kWh in a day. Therefore, XCH aims to provide the same amount of efficiency but with lower energy consumption.

Chia Network is a Layer 1 blockchain that runs on a proof-of-space-and-time consensus algorithm (PoST). This is an alternative to the traditional PoW that provides efficient transaction verifications. Efficient transaction verification is also known as “Farming” and it allocates empty computer storage space to “Plot“. So, what are the differences? Bitcoin runs on a proof-of-work process. Meaning, miners use their computer processing power to solve complicated mathematical equations and get BTC. This demands a very high-performance rig and a huge amount of energy.

On the other hand, Chia Network employs a proof-of-space-and-time consensus. PoST utilizes a computer’s vacant storage space to store data. This method removes the need for high-performance hardware and high power consumption. It also enables network participants to demonstrate that they have been storing data over time. Another interesting feature of Chia Network is Chialisp.

Chialisp is their unique smart contract language that drives the ChisLisp Virtual Machine (CVM). It is also the counterpart of the Ethereum Virtual Machine (EVM). It employs a coin set model to avoid any duplicate spending on its blockchain. Additionally, Chia Network emphasized that its approach is different from Ethereum. In comparison, Chia Network has higher security, decreases MEV, and has a completely auditable code.

Recent Price & Performance of Chia Network (XCH)

XCH is Chia Network’s native token. It is a reward for users contributing towards their network security. Chia farmers can also offer up their excess storage space and receive new XCH.

Currently, their market price is $31.675 per unit. They have a market cap of $184,908,817 and a fully diluted market cap of $850,104,736. You can check the live price of their token right here!

How to buy Chia Network (XCH)

You can buy Chia Network (XCH) on MEXC by following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “XCH” using the search bar to see the available trading pairs. Take XCH/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of XCH you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy XCH] to confirm your order. You will find the purchased XCH in your Spot Wallet.

You can find a detailed guide on how to buy XCH token here.

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