Technology
Chia is based upon an innovative consensus algorithm, Proof of Space and Time, that leverages the vast amounts of over-allocated hard drive space to create the first new Nakamoto Consensus since Bitcoin in 2009. Proof of Space is a cryptographic technique where farmers prove that they allocate unused hard drive space to the network. Proof of Time increases the overall security of the blockchain by increasing the attack resistance of our consensus to 51% in most cases. Learn more about PoST in the Chia Green Paper and our new consensus working document to see how our 1.1 version of consensus is secure up to 51% attacks in almost all conditions. Compared to proof of work blockchains, Chia is less energy intensive and more inclusive while being at least as secure. Compared to proof of stake blockchains, Chia is much less vulnerable to attack or manipulation and does not suffer from the problem of "the rich get richer" and the centralizing effects of staking. Chia delivers the security and safety of Bitcoin along with the functional benefits of a purpose built and more secure on chain smart coin environment.
Chia Cultivation Grant Program
Chia Networks is committed to growing and nurturing the Chia ecosystem in as many ways as possible, not only via applications and functionality we develop, but via encouraging our highly engaged community to unleash its creativity within the ecosystem.
We know that members of the community will create amazing open source projects of their own, and that some of those projects will very likely stand as pillars of the community and ecosystem. To that end, in an effort to further support high-potential projects and teams, Chia Networks is excited to announce the launch of the Chia Cultivation Grant program! People or teams who have caught the eye of Chia’s senior leadership and present a compelling proposal as to why they feel their vision, talent, and expertise are uniquely positioned to add material value to the community are provided modest financial support via this grant program.