Chia FAQ - Frequently Asked Questions
What is the price for Chia?
What is Chia?
Chia was incorporated in August of 2017 to develop an improved blockchain and smart transaction platform. We are building the Chia Network to improve the global financial and payments systems. Chia will be the first enterprise-grade digital money. Chia is using the first new Nakamoto consensus algorithm since Bitcoin. Called Proof of Space and Time, it was created by Bram Cohen, the best network protocol engineer alive and the inventor of BitTorrent. Chialisp is Chia’s new smart transaction programming language that is powerful, easy to audit, and secure. Reference smart transactions currently available are: atomic swaps, authorized payees, recoverable wallets, multisig wallets, and rate-limited wallets.
What is Proof of Space and Time?
Proof of Space is a cryptographic technique where provers show that they allocate unused hard drive space for storage space. In order to be used as a consensus method, Proof of Space must be tied to Proof of Time. PoT ensures that block times have consistency in the time between them and increases the overall security of the blockchain.
How does Proof of Space and Proof of Time work?
Proof of space can be thought of as a way to prove that you are keeping some storage unused on your hard-disk drive. Users of the Chia blockchain will “seed” unused space on their hard-disk drive by installing software which stores a collection of cryptographic numbers on the disk into “plots.” These users are called “farmers.” When the blockchain broadcasts a challenge for the next block, farmers can scan their plots to see if they have the hash that is closest to the challenge. A farmer’s probability of winning a block is the percentage of the total space that a farmer has compared to the entire network. Proof of time requires a small period of time to pass between blocks. Proof of time is implemented by a Verifiable Delay Function that takes a certain amount of time to compute, but is very fast to verify. The key idea of a VDF is that they require sequential computation, and since having many parallel machines does not yield any benefit, electricity waste is minimized. There will likely be relatively few VDF servers (“Timelords”), as the fastest one will always finish first and it takes only one fast and fair Timelord on the network to complete a block and move the chain forward.
Why is Chia better?
Chia has a new innovative Nakamoto consensus algorithm that removes the energy demands of Proof of Work from the system. Compared to other cryptocurrencies, Chia will have significantly better security due to its more decentralized blockchain. Chialisp is Chia’s new smart transaction programming language that is powerful, easy to audit, and secure and will unlock the security, transparency, and ease of use that cryptocurrencies promise. Chia is also adopting more modern cryptographic tools to enable richer smart transaction capabilities. Chia is taking a new and superior approach to funding, building, and supporting a blockchain via an eventually public, for-profit, open source development company that holds a pre-farm. Chia will use its pre-farm (Strategic Reserve) to ease the volatility of the coin to mitigate bubbles and crashes and to drive adoption of chia. Chia was created out of frustration with the current ‘miner-heavy’ blockchain landscape. Bitcoin miners, for example, currently use over 129 terawatt hours annually to keep the blockchain secure. That’s as much energy usage as the whole country of Norway. Chia wanted to be the ‘green’ blockchain by not requiring miners to have specialized hardware and enabling all Chia users to help protect the network by farming. On the Chia blockchain you can participate on the network by farming plots. A “Plot” is a new concept and can be best imagined as a gigantic Bingo card with millions of numbers written on it. Every few minutes the network will define some criteria which decides which cards are eligible to be looked at and what number they should find on said cards. If one of your cards is eligible and you have the best number you get the block reward. As a farmer you can have multiple of these Bingo cards and use them at the same time. The more cards you have the bigger the chance that you will be eligible to get the block reward. Farming can be done quite easily on any PC or laptop. You could even use a small Raspberry Pi 4 with an external disk attached to save on energy costs. The most important thing is that the device is always running and that you have enough free disk space to store the plots you want to farm. Creating the Bingo cards themselves though requires specialised hardware for the best performance. You need a CPU with high frequency and very fast storage. This is the one point which makes Chia a bit hard to get started with. To solve these issues we created thechiafactory.com. We generate the plots and send you a download link so you can start farming on your own PC or laptop without having to invest in specialised hardware specifically for the plotting process. Just create a free account on the website, tell us how many Chia plots you want to receive and pay using crypto-currencies or Credit Card. You can use Chia Calculator to see how soon you recoup your investment costs based on the current network details such as netspace and price.
Where do i find my Chia Farmer Key and Chia Pool Key?
Linux and MacOS Chia Keys
To find your farmer and pool keys on Linux or MacOS you can use the following command.chia keys show | grep 'Pool\|Farmer'
Windows Chia Keys
Finding your farmer and pool keys on Windows is a bit trickier.
Open the Command Prompt Win+X by going to Start and typing cmd and pressing enter.
Paste the following command in the command line:
%APPDATA%/../Local/chia-blockchain/app-1.1.2/resources/app.asar.unpacked/daemon/chia.exe keys show
Never share your private keys, only public keys are safe to be shared. You will find your keys in the output.
If you got an error on the first line you might be on an other version of chia application.
To figure out which version you need type cd %APPDATA%/../Local/chia-blockchain/ followed by dir
Hopefully you will see a version number that looks like app-1.0.5 or app-1.0.6 etc. Replace the version number in the command on line 2 and try it again.
If nothing works shoot us a message and we will look over it together
Is it safe to share my Chia Farmer key and Chia Pool key?
Sharing your public keys is always safe. Your private keys should never be shared. Your private keys protect your Chia, if you give those out anybody can use your wallet to send transactions.
What is the average Chia plot generation time?
The plot generation time differs based on the used Chia software version and the various hardware we employ. The average plot generation time is currently around ~7 hours. This is not including any waiting time before the plot starts. Plots are always started staggered, so there is some delay between the creation of an order and the actual starting time of the plotting process.
How do I get the download link?
You will get informed by email. We will send you Link to download your Chia plots.
Should I use a download manager?
Yes, plots are very large files and there is always the chance of network interruption. It's highly recommended you use a download manager so that if something goes wrong you can continue the download where you left off. It can also help your speed if you pick a download manager that has multi-segmenting support. Although do please stick to just a handful of threads so that no rate-limits are imposed on the download. Here are a couple of example applications, you can also check the extension market for your favourite browser.