Instead of the " Proof of Work " consensus mechanism used in Bitcoin , the Chia cryptocurrency uses a new model - " Proof of Space ", which requires space on hard drives.
In short:
Chia is a cryptocurrency with a new "Proof of Space and Time" consensus mechanism.
Instead of wasting computing power, mining is done by using hard drive space.
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In the meantime, the company plans to develop its mission to achieve institutional acceptance of its trading and payment system. "Chia is what a Bitcoin system would look like if it were designed with the knowledge gained over the past 13 years," Richmond Global Ventures managing partner David Frazee told Bloomberg. The ambition is high, but given the criticism of Bitcoin for its environmental impact, it is quite possible for a cryptocurrency to emerge that is greener.
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