Skip to main content

Chia Is Eyeing to Launch an IPO This Year

chia

Chia, a cryptocurrency project created in 2018 that uses storage for its consensus, is eyeing a public offering this year, according to statements from its COO, Gene Hoffman. The company just received an influx of investments that are pointing it to become the next ‘green bitcoin substitute,’ due to its relatively low energy consumption compared to other proof-of-work (PoW) alternatives.

Chia Aims to Launch an IPO This Year

Chia, a cryptocurrency that was founded two years ago but launched its mainnet recently, is striving to launch an initial public offering (IPO) as soon as this year, as statements from the company backing it show. Chia Network Inc, which was founded by the Bittorrent creator, Bram Cohen, just recently received a funding round of more than $60 million, which gave the cryptocurrency a valuation of $500 million.

The companies which led the funding round were Richmond Global Ventures and the known Andreessen Horowitz, but other companies were also involved. Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Naval Ravikant, Collab+Currency, and DHVC also participated.

Gene Hoffman, COO of the company, informed the public that these resources will be used to keep hiring manpower and fuel the promotion of the cryptocurrency as an alternative to other important coins in the space, like bitcoin.

Hoffman stated:

Our goal has always been to go public relatively quickly as that will significantly clarify our regulatory environment and allow customers to use currency to hedge public market volatility, which is different from other coins.

The latest round of investments has made them confident about what they might achieve with an IPO. The recent environmental concern narrative that is now seeking greener alternatives to bitcoin’s PoW might help them in the process.

Is Chia’s Use of Hardrives and SSDs Really Green?

But, what is really Chia, and how does it compare to the Bitcoin network? Chia is a cryptocurrency that uses hard drive space, as the pivotal element of its consensus algorithm. Chia miners use this space to plot cryptographic answers that will be challenged by the network. If a block challenge has the same content that a plot in a miner hard drive, then the miner wins the reward. This is known as “Proof-of-Time-and-Space.”

Compared to the Bitcoin network, this approach is greener than PoW consensus, because common hard drives and computers spend less energy than ASIC miners to confirm transactions. However, Chia still has its not-so-green side. There have been reports that show hard disks used by Chia miners often malfunction faster than drives used normally, due to the intensive use that they experience. This creates more electronic waste that needs to be recycled or dumped, also having an impact on the environment.

Be this as it may, Chia proponents believe the asset has a real shot at becoming one of the most important cryptocurrencies in the future. Bram Cohen and Bittorent’s success has helped bolster optimism toward Chia.

What do you think of Chia going public possibly this year? tell us in the comments section below.



from Bitcoin News https://ift.tt/2RGR2wH
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more