Cryptocurrency Chia IOU (XCH) debuts with a listing price of $ 1600, crypto exchange OKEx was the first to announce the listing of Chia Coin (XCH) on its network. XCH is now available from OKEx in its spot trading market.
On Monday, May 3, cryptocurrency Chia (XCH) debuted on trading exchanges at a listing price of $ 1600. Chia Network, the energy-efficient blockchain platform, aims to overcome the disadvantages of other cryptocurrencies, such as Bitcoin and Ethereum.
Chia employs a Proof of Participation and Time model, and rewards the “farmers”On XCH for not providing their storage disks for financial transactions. The Chialê white paper:
“Instead of using specialized computing resources that consume a lot of energy, Chia relies on storage space along with the additional time variable (through a“ verifiable delay function ”or“ VDF) to ensure the integrity and security of the blockchain. A chia farmer will spend a few CPU cycles to create “plots” on hard drives, but will use the energy-efficient disk space feature over the next few years to participate in the consensus mechanism that checks for new blocks on the Chia blockchain. “
The developers of the Chia Network are also confident that the blockchain will be useful in different transactions. This includes the issuance of financial assets, international payments, the issuance of stable currency and much more. In addition, Chia also plans to offer smart transaction software services to companies, governments, financial institutions and other large “players“.
OKEx listing and Chia currency performance
OKEx Crypto Exchange was the first to announce the listing of Chia Coin (XCH) on its network. Chia Coin (XCH) is now available on OKEx in its spot trading market. OKEx also announced a week-long promotion and an XCH sweepstakes between May 3rd and May 11th.
“To celebrate the XCH listing on OKEx this week, we are giving away a total of $ 100,000 and 5,000 TiB to participants who deposit or trade XCH on OKEx.”
But right after the XCH quote for about $ 1,600, the cryptocurrency gained just over $ 1,800 before it lost momentum. Since that hike, Chia Coin has lost more than 50% and is currently trading at $ 690.72, according to data in CoinMarketCap.
The Rede Chia project was supported by some of the main venture capital funds in the market. Big names like Andreessen Horowitz, Galaxy Investment Group and Cypherpunk put their money into it.
The Chia Network has seen a good response in its early adoption phase. Chinese miners have been cultivating XCH aggressively in recent days. This led to a huge demand for storage hardware and SSDs. Therefore, the price of this hardware has also gone up 50-60% in recent times.