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Chia Coin Price Prediction 2024-2030: Is XCH a Good Investment?

Key Takeaways

In order to cement its position as a leading player in the cryptocurrency space, Chia has expanded its team considerably and is actively planning to scale further. The company recently announced that it had hired several experienced blockchain engineers to help build out Chia’s infrastructure and accelerate its development plans.

The Chia project has revolutionized the NFT industry with its mainnet launch, offering a more eco-friendly alternative compared to Ethereum and Solana. Founder Brendon Hoffman shared that this technology can help create an improved network experience while also conserving energy.

The Chia Business White Paper goes into depth on the transformative impact that programmable digital money is going to have in finance, wealth, safety, digital security, and ultimately the entire concept of TRUST.

What is Chia Network (XCH) Coin?

The Chia token was released on 17 March 2021 by Chia Network Inc, owned by a computer programmer and founder of BitTorrent, Bram Cohen. The Chia crypto is represented as XCH and runs on the Chia Network, a public and open-source blockchain with a personalized programming language known as Charlisp.

Based in Delaware, Chia Network Inc. launched the beta version of its blockchain in 2019. After two years of successful testing, the mainnet became public in March 2021. A few months later, transaction features were enabled, and the Chia Network became fully functional.

Presently, the Chia blockchain is hosted on about 400,000 computers, with the Chia coin (XCH) listed for trading on several exchanges, including Gate.io, Uniswap(V2), KuCoin, OKEx, and Huobi.

Developments on the Chia Network

Recently, the Chia Network delved into the DeFi space, launching “Offers,” a decentralized, peer-to-peer exchange platform for XCH holders and carbon credit buyers.

Using their Chia Wallet, “Offers” enable traders to propose and accept trade offers without the need for middlemen. On “Offers,” XCH can be seamlessly exchanged for USDS and vice versa.

The USDS is a stablecoin pegged at the value of the United States Dollar. With this token, holders of XCH can protect their investments from market volatility.

In addition, “Offers” enable carbon credit buyers to swap USDS tokens for CATs.

Also read: Chia: The new cryptocurrency that promises better performance than Bitcoin

How to Pick a Chia Pool

Just like all other cryptocurrency pools, a Chia pool is a group of farmers who are farming to the same pool key. So if one of them wins a block the XCH is shared among pool members. The Chia block winner receives 0.25 XCH, while the rest of 1.75 XCH is shared with other members minus the pool fee which is equal to their farm’s % of the pool netspace.

Your choice of what pool to join should be carefully researched, not simply based on promises of gold and riches. There are many factors to consider when deciding the right Chia pool for you.  With proper pools, farming chia will be less lottery and more like a business. Assuming of course the price of chia is something considerable.

Chia Network’s commitment to compliance and its mission to be seen as a green alternative have been clearly demonstrated by joining the Blockchain Association in order to support policy and regulation initiatives. This shows that they are serious about taking an active role in ensuring the future of blockchain technology is secure.

Electronic waste is a severe problem. Chia’s public blockchain is intrinsically low-carbon and inclusive while maintaining adequate security. With that in mind, Chia announced it has also collaborated with the storage industry to launch the Circular Drive Initiative, aimed at reducing e-waste through secure reusing of drives from data centers.

Recently, WorldBank collaborated with Chia Network to create a Climate Warehouse Public Observer Node, built on Chia Blockchain. This collaboration drives innovation in sustainability to tackle the world’s climate issues.

The technical analysis also reveals that the currency has been trading in a descending channel formation, with the price bouncing between the upper and lower boundaries. This suggests that there is currently a bearish market outlook for Chia Network’s cryptocurrency.

Looking at the momentum oscillators, the RSI is currently forming a negative divergence and is hovering above the oversold region of 30. On the other hand, the Stochastic oscillator has been forming a bearish crossover indicating that downside momentum is likely to continue.

Recent Chia News

A “new way of mining”

With a Proof-of-Space-and-Time consensus algorithm (PoST), the Chia Network is designed to prevent hoarding mining power among specific computer nodes on the blockchain. This is different from the Proof-of-Work model, which favors computers with higher processing power, and the Proof-of-Stake algorithm, which enables only nodes with a large amount of staked coin to participate in mining.

Chia Network aims to level the playing field for all miners while reducing energy consumption. Unlike the PoW and PoS algorithms, mining on the Proof-of-Space-and-Time algorithm is based on computer storage space, an easily accessible feature, rather than high computing power or staked coins.

Mining is referred to as farming on the Chia Network, and it involves two major processes, plotting and harvesting. Plotting refers to miners – farmers – allocating empty portions on their hard disk to the Chia Network. These spaces are called plots and are used to store cryptographic numbers generated by the Chia Network.

Harvesting occurs after the Chia blockchain releases a random collection of numbers known as the challenge number on the network. Farmers scan their plots using machines known as harvesters, checking if they have possessed all the digits of the challenge number. 

Following this process, the plot with the closest set of numbers is rewarded with the new block in the form of XCH. On the Chia network, the more space you have allocated, the more cryptographic numbers you can store, thus increasing your chances of winning the next block. 

Concerning power consumption, the PoST algorithm is considered more environmentally friendly than PoW and PoS models. The Chia Network reportedly utilizes 0.16% and 0.36% of the yearly energy consumption of Bitcoin and Ethereum, respectively. The Chia network also allows for “farmed” spaces on a hard drive to be used for conventional data when needed.

Chia Coin Price Predictions by Cryptopolitan

How to buy CHIA

Follow the 4 steps below to buy XCH peer to peer:

1. Open a Stably Prime Trust account

  • Sign up for a Stably account
  • You will need to provide your name, email address, phone number

2. Fund your Stably account by depositing USD to your Stably Prime account

  • Go through Stably’s Know-Your-Customer (KYC) process to complete setting up your account (this is usually instant but may take up to a day or two to complete ). After the KYC process has completed, you can initiate a “Deposit” by transferring from a traditional bank through ACH or a domestic or international wire transfer. Credit and debit cards are coming soon.
  • Download and install the Chia Light wallet
  • In the Light Wallet go to +Add Token and select “Stably USD”
  • From your Stably USD account, click on Withdraw → Stablecoins → USDS
  • Add your USDS Chia wallet in Stably and then specify the amount of USDS to complete your withdrawal

4. Post or redeem an offer to trade USDS for XCH

Demerits of the Chia Coin

With this new decryption protocol called Chia, many high-volume hard drives have had their prices affected. The tech market soared after hearing about this new technology that would “renew” cryptocurrency mining. According to cryptocurrency expert David Gerard, the value of SSD hard drives doubled after the crypto came out.

Gerard said that instead of wasting energy mining crypto, the token chews up SSDs in a destructive way. The hard drive market may be affected in different significant ways by this new cryptocurrency.

Before Chia’s official launch, the cryptocurrency has spent more than one exabyte storing its data. This figure equals 1 million terabyte hard drives that a computer has on average.

The cost of hard drives in China has risen due to the boom caused by Chia. The number of 12 terabyte drives has soared 59% since February 2021, when Chia made its appearance.

FAQs

How can you acquire XCH, the Chia Coin?

you can now use an audited and fully backed stablecoin to acquire XCH in a trustless and peer-to-peer way using Offers.

Where do I get a Chia wallet?

This is the download link: https://www.chia.net/download/#light-wallet-beta

What is the Chia PoST Consensus Algorithm?

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.

What is Chialisp?

Chialisp is a powerful and secure LISP-like language for encumbering and releasing funds with smart-contract capabilities. This website is a consolidated place to learn about Chialisp, CLVM and the language of the conditions Learn more here: https://chialisp.com/.

How to get free Chia coins?

Here is how to join Chia pools to win free coins:

1. Create a Chia wallet
2. Get free Mojos = 1 mojo (1 trillionth of a XCH)
3. Join any Chia pool by using Chia mojos
4. Once you participate in Chia Pools including the official Chia pool you get rewarded.

Are Chia pools legit?

I think there is a lot of misunderstanding going around about the benefits of pools. We are still in the very early stages and it doesn’t make sense to me how concerned a lot of people are.

Pools do not increase your rewards, they just smooth out the distribution of them. If you are predicted to win once a month (2XCH), contributing your space to a pool will net you 1/15th XCH per day (actually less because of a pool fee). The total amount you earn will be about the same.

A 12TB, $200, external drive fully plotted should win about once a week right not. That’s really not that long and at a far lower cost to get started compared to a PoW coin.

Chia has many more reward events per day than BTC, with lower reward amounts, giving everyone a much higher chance of winning.

With Bitcoin or Ethereum people with thousands of dollar mining rigs would not win in multiple years. This is why smoothing the rewards makes sense.

See point #1 again

Conclusion, this is the most accessible crypto project ever so get out there and get your XCH while the getting is good. Pools will come in time so stop worrying about them!

Is Chia Coin XCH a good investment?

The long-term XCH future predictions are optimistic, with the asset potentially trading at 10 times its present value by 2032.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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