Chia (XCH)

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## Basics

* Based in: San Francisco
* Mainnet release: Is scheduled (5-3-2020) for launch sometime before 2021. Went live in 3-2021.
* Smart contracts and wallet recovery options.

## History

* In August 2017, Bram Cohen left BitTorrent to found Chia, an alternative to bitcoin created to be a less energy-intensive cryptocurrency.

## Audits & Exploits

* Bug bounty program can be found [insert here].

### Bugs/Exploits

* From Blockthreat (14-11-2021):

*"On October 30, 2021 Chia Network experienced a Denial of Service attack after a single operator flooded the network with small transactions. This resulted in a number of nodes getting overwhelmed and delaying legitimate transactions from reaching the network."*

## Token

### Token Allocation

* Had a big premine (~50%). Has indefinite inflation similar as bitcoin but stays consistent after the 5th halving.

### Utility

* Only a utility coin. With potential buy backs in the backs.

## Technology

* Whitepaper can be found here (9-2-2021).
* Code can be viewed [insert here].

* Programming language used:

### How it works

* From The Defiant (18-5-2021):

*"The consensus algorithm is called proof of space and time."*

### Staking

* From CoinDesk (5-3-2020):

*"Cohen said the Chia ecosystem won’t be based on Eth 2.0’s upcoming proof-of-stake (PoS) model, which he sees as fundamentally centralized."*

## Compliance

* Is really focused on being compliant with their recovery setups.

## Team, Funding, Partners

### Team

* Full team can be found [here].

* Bram Cohen; CEO
* Co-founder Ryan Singer has stepped away (17-6-2019) from the company to focus on family priorities.
* Jill Carson; on the board (23-6-2021).
* From CoinDesk (14-7-2021):

*"Has added five executives across multiple divisions, including sales, product development and professional services, and has nearly doubled its workforce since closing its last venture round in early May. The hirings reflect Chia’s promise to spend a good portion of the $61 million it raised in its recent Series D capital round that was led by Andreessen Horowitz (a16z) and Richmond Global Ventures. Chia now has 40 employees, including the latest newcomers, up from 21 on May 3, the day Chia closed its funding. Hoffman expects to add another 30 people by year’s end, about half in research and development and the remainder in “various business roles.” Cohen has for years made clear his intent to take Chia public."*

### Funding

* From CoinDesk (19-6-2019):

"*According to Crunchbase, Greylock Partners, Naval Ravikant and Andreessen Horowitz have all backed the young company, which has raised $3.4 million so far."*

* Raised $61M in early 2021.

### Partners

* Is a sponsor of Coin Center (as of 6-2019)

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