Energy-saving Bitcoin rival Chia raises from A16Z, plans mini-IPO

That could let Chia raise a maximum of 50 million from the public, non-accredited amateur investors included. A very hot seed investment round has enabled the project to get off the ground and hire that kind of developer skill required to see Cohens Chia cryptocurrency sell to investors. Its important to us to be seen by the marketplace as a real investment and not just a pump and dump, hence us going for more institutional investors that arent trying to flip their positions as soon as they become liquid, Cohen explains.

Why The Chia Network Should Scare Every Bitcoin Investor

Chia has just raised.395 million seed round led by AngelLists Naval Ravikant and joined by Andreessen Horowitz, Greylock and more. But, a promising startup called. Despite the popularity of Cohens BitTorrent, mismanagement plagued the platform. Likewise, it should be mentioned that the Chia Network is promising to solve a number of problems without impacting the performance of the resulting cryptocurrency in a negative manner.

BitTorrent Creator Looks To Launch Bitcoin Rival Chia in 2018

Violations include personal attacks, threats, slurs, or posting people's private information. Mini-IPO, the company is not interested in utilizing a sometimes controversial ICO, a process which comes with a lot of issues with regulatory uncertainty and investor protection, according to Chia president Ryan Singer. Essentially, anyone in a Chia mining pool could secretly run off with the rewards without sharing them, so no one will want to trust their fellow miners not to rip them off. He is not alone in his plans, with MegaUpload creator Kim Dotcom likely to beat him to issuing a cryptocurrency, this time for his own decentralized file sharing network. Chia to Ditch the ICO Route.

BitTorrent creator Bram Cohen Developing Cryptocurrency Chia

However, it should also be noted that it promises to make the functions of Bitcoin fairer as well because as it stands, it favors people who have access to cooler air as well as lower-cost electricity. Chias Tech, in its innovative technology model, Chia ditches PoW and makes use of free storage that a users computer possesses.

Upcoming Cryptocurrency Chia Aims To Challenge Bitcoin s Throne

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BitTorrent Creator s Chia Could Fix Bitcoin With Own Altcoin

Cohens flagship BitTorrent fell on hard times earlier this year after management difficulties caused a collapse. It does not consume electricity or in the founder Bram Cohens words, waste electricity, like bitcoin. How will it work?

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This procedure should take away mining power from a select few miners, as occurs with Bitcoin, Cohen says. Instead, it will have the much more ambitious goal of becoming a replacement for Bitcoin. Instead, Chia would work with both the. Subscribe unsubscribe 31,563 readers 1,200 users here now, official Website, explorer. Regardless, while the Chia Network has not released much information about how much funding it has managed to secure, it has managed to secure enough from interested parties that it is moving ahead with its plans to launch by the end of 2018.