WTF is CHIA Crypto Network?!
WTF is CHIA Crypto Network?!
71.418 visualizações • 17 de abr. de 2021 • Source: Chia Network https://www.chia.net/ The first 1000 people to use the link will get a free trial of Skillshare Premium Membership: https://skl.sh/sonofatech04213 Affiliate Links PIA: https://www.PrivateInternetAccess.com... BlockFi: https://bit.ly/3eUMYjP Amazon: https://amzn.to/3bmHH2V HiveOS: https://bit.ly/2PX76cM Trezor: https://bit.ly/3b5TF1j Cryptocom: https://bit.ly/3uoNo8u CashApp: https://cash.app/app/MPLLCNW PrimeXBT: sonofatech.com/primexbt Parallel Miner: https://bit.ly/2RwQclK Coinbase: https://bit.ly/33jNPW2 MyTiki: https://mytiki.com/sonofatech #chianetwork #chiacoin #crypto #cryptocurrency Mostrar menos Mostrar mais
what's up sons it's blind ride with sound of tech once again today we're here to ask and answer the simple question wtf is chia coin let's get into it right after a word from our sponsor skillshare is an online learning community for creatives where millions come together to take the next step in their creative journey skillshare offers thousands of inspiring classes for creative and curious people alike on topics including illustration design photography video freelancing and even
cryptocurrency as a content creator and cryptocurrency enthusiast skillshare offers me the tools to sharpen my videography skills with classes like video on a budget prepare for your shoot without breaking the bank and for cryptocurrency accounting 101 accounting rules for crypto and bitcoin it's curated specifically for learning meaning there are no ads and they are always launching new premium classes so you can stay focused and follow wherever your creativity takes you and it's le ss than ten
dollars a month with an annual subscription the first 1000 of my subscribers to click the link in the description will get a free trial of premium membership so you can explore your creativity welcome back so if you guys haven't heard of chia coin it's a new fantastic coin it's the next big bitcoin it's the next big crypto that's gonna make you a lot of money well maybe the thing is is it's very new and we are just getting ready for basically mainnet launch which just hap pened here recently
on march 19th and it's not even listed in any sort of exchanges so there's no way to swap it in and out really necessarily at this point for other cryptocurrencies or fiat so everything you do around shia at the moment is within its own little ecosystem for now and to actually make any profit off of it that will need to happen now my understanding is on march 30th we should be seeing some sort of listings start to appear and at that point we can start to deter mine what the profitability of
mining it would be where did the idea come from for chia coin well it came from graham cohen who is the inventor of bittorrent the reason for it was because of issues with the proof of work that bitcoin currently has in place that had developed over the years since its inception and then issues with proof of stake as being the solution so i'm actually going to be working on a video using the materials from of course mr cohen here to explain the iss ues with proof of stake in the near future as
ethe 2.0 will be proof of stake and that's going to be something that we need to discuss potential problems with that it surrounds quorum security and so on that aside the idea for proof of work fails because of power consumption and not only power consumption but the kind of move into asics and what happened with bitcoin is that it wasn't really initially meant to be mined with asics which centralizes the network due to a limited amoun t of manufacturers and the purchasing power of current asic
miners so this really moved it away from the initial kind of vision for bitcoin which was that there was an untapped resources of cpus in the hands of general consumers across the world that could be utilized to mine and add security to the network and then thereby increasing the decentralization of bitcoin and essentially being able to continue that decentralization that has now been kind of destroyed by asics so the soluti on here was finding another untapped resource that people had general
access to and that is hard drives now it's not necessarily utilizing hard drives to store any sort of information on the blockchain it's actually using hard drives as think of it like a bingo card right which is how it was explained to me and basically you are writing a whole bunch of bingo cards on your hard drives and then when the transaction goes to be validated it comes up with that bingo number and presents it to the network and whoever has that number then validates that transaction and
receives a reward now similarly burstcoin had been doing this in the past and they had an issue that was known as grinding now what grinding is is essentially that term comes from the sound of hard drives when it's writing and reading off of the hard drive traditional hard drives not solid state drives and the thing is is that that term is used there because basically they would rewrite the plots and plots are basically the bingo cards over and over and over and over and over and over and over
again to basically be able to take over the network rewrite transactions or just find transactions faster so it was a way to manipulate the way that that current algorithm worked so to prevent this chia coin has come up with the concept of proof of time now proof of time essentially resolves it by adding in these time walls or time barriers between writes and so on it also means that it's going to take you a long time to write plots which is going to encourage you to not rewrite plots we've
been talking about being able to plot faster and yes the goal ultimately is to plot faster but if you plotted too quickly then you could run into the issue of having people take advantage of it with grinding now we can go into more detail on proof of space and proof of time in another video if you're interested let me know i've already reached out to mr cohen to see if we can g et some one on one so i can ask more technical questions what else does chia coin provide well its programming language
is chia lisp which is based on lisp and so you will be able to see functionality similar to ethereum in the manner of basically d5 right so decentralized finance and just a different programming language currently i'm not aware of what the execution environment is and i have reached out once again to determine what that execution environment will be finally governan ce is a they will be doing a joint stock corporation and adopt current corporate governance best practices chia's network strategic
reserve will be divided evenly between u.s parent company and the swiss subsidiary at mainnet launch so it's got two different portions here controlled in the us and switzerland with plans to move out to the uk and china so far on the road map so they also want users farmers and developers to have the ability to own a portion of the strategic reserve as a shareholder with investor protections of the u.s public equity markets we think allowing exposure to the chia strategic reserve to
everyone who can invest in equity is a superior way to align everyone's interest in a long-term success of chia and the broad deployment of programmable internet money that internet money here's the deal it does appear that basically farmers and users will be able to have some sort of say regarding governance and changes over the network howe ver right now as it currently sits it's controlled by corporations and subsidies that are kind of spread out across the world how do i feel about this i
don't know because i'm not a corporate structure guy and i don't know what kind of limitations that places on it and how well the users that are buying into it and having stake in the company are going to be able to influence change also that means that it is based on some sort of ownership of the stocks essentially right at this point to determine how it's basically whatever the path of the coin is gonna take i'm not sure that i'm okay with that sort of governance let me know what you guys
think in the comment section below it is new to me in the cryptocurrency world to see this sort of governance being put into place so at the end of the day what is going on with chia is it a good project i think potentially it is i see what problem they're trying to solve uh i see that they have basically been able to resolve the grinding issue that burst coin had and the current availability of hard drives is good so if you want to get into it at a home level it is currently possible i do
have some questions i don't think that it will be fully decentralized if it's profitable at all because what you'll see is large data centers and so on being able to plot any additional space that they currently have or not using and be able to start verifying the network and if that happens on the level of something like a google or an aws or an azure then you're not going to be able to compete at all that being said hopefully we also see pools because they don't have pools currently yet to
mine on which we mentioned in our video yesterday i'd like to work with some people on figuring out how to set up some pools to make it a little bit better for everybody that is currently trying to farm chia i think it's a great idea i think that has the most potential currently especially if yo u get in early and go ahead and get some farming going on and then maybe you can repurpose those drives for something else later on down the line if it doesn't pan out and you can't be competitive on the
network but if you get in early and get in now you have the potential to basically be hedging your bets on farming some chia and have that in your bank and ready to go once again we do have obviously the ability to do some stuff that the ethereum network does as far as decentralized finance i didn't get a clear answer on things like scalability though which i still have a huge red flag and want to figure out what the idea is around or how they are going to approach scalability that's going to be
something and then of course execution environments i'm not really sure how that all functions yet either if you guys know any of the answers to the questions that i have please let me know in the comment section below and we'll do a follow-up video i'm pretty excited for chia just from the perspective of being a miner and being able to play with more hardware i have a couple r 720s that i've loaded up with drives i'm looking at storage arrays i have a dl580 that's getting loaded up to manage
some vms for farming and we have a nice cool plotter so you get to play with a lot of equipment that does mean the barrier of entry if you're looking at farming truck she goes up right and that barrier to entry could be a little stressful for people and i unde rstand that if you are looking to just kind of getting in and doing a couple plots on whatever spare hard drive space you have though that's pretty simple and i think that's really what they wanted to aim at initially thanks for watching
we'll do a more complicated more in-depth review of each piece of this because i'm intrigued and let me know what questions you have surrounding it i will see you next tuesday if you enjoyed this content you can check out more crypto content on thi
WTF is CHIA Crypto Network?!
71.418 visualizações • 17 de abr. de 2021 • Source: Chia Network https://www.chia.net/ The first 1000 people to use the link will get a free trial of Skillshare Premium Membership: https://skl.sh/sonofatech04213 Affiliate Links PIA: https://www.PrivateInternetAccess.com... BlockFi: https://bit.ly/3eUMYjP Amazon: https://amzn.to/3bmHH2V HiveOS: https://bit.ly/2PX76cM Trezor: https://bit.ly/3b5TF1j Cryptocom: https://bit.ly/3uoNo8u CashApp: https://cash.app/app/MPLLCNW PrimeXBT: sonofatech.com/primexbt Parallel Miner: https://bit.ly/2RwQclK Coinbase: https://bit.ly/33jNPW2 MyTiki: https://mytiki.com/sonofatech #chianetwork #chiacoin #crypto #cryptocurrency Mostrar menos Mostrar mais
what's up sons it's blind ride with sound of tech once again today we're here to ask and answer the simple question wtf is chia coin let's get into it right after a word from our sponsor skillshare is an online learning community for creatives where millions come together to take the next step in their creative journey skillshare offers thousands of inspiring classes for creative and curious people alike on topics including illustration design photography video freelancing and even
cryptocurrency as a content creator and cryptocurrency enthusiast skillshare offers me the tools to sharpen my videography skills with classes like video on a budget prepare for your shoot without breaking the bank and for cryptocurrency accounting 101 accounting rules for crypto and bitcoin it's curated specifically for learning meaning there are no ads and they are always launching new premium classes so you can stay focused and follow wherever your creativity takes you and it's le ss than ten
dollars a month with an annual subscription the first 1000 of my subscribers to click the link in the description will get a free trial of premium membership so you can explore your creativity welcome back so if you guys haven't heard of chia coin it's a new fantastic coin it's the next big bitcoin it's the next big crypto that's gonna make you a lot of money well maybe the thing is is it's very new and we are just getting ready for basically mainnet launch which just hap pened here recently
on march 19th and it's not even listed in any sort of exchanges so there's no way to swap it in and out really necessarily at this point for other cryptocurrencies or fiat so everything you do around shia at the moment is within its own little ecosystem for now and to actually make any profit off of it that will need to happen now my understanding is on march 30th we should be seeing some sort of listings start to appear and at that point we can start to deter mine what the profitability of
mining it would be where did the idea come from for chia coin well it came from graham cohen who is the inventor of bittorrent the reason for it was because of issues with the proof of work that bitcoin currently has in place that had developed over the years since its inception and then issues with proof of stake as being the solution so i'm actually going to be working on a video using the materials from of course mr cohen here to explain the iss ues with proof of stake in the near future as
ethe 2.0 will be proof of stake and that's going to be something that we need to discuss potential problems with that it surrounds quorum security and so on that aside the idea for proof of work fails because of power consumption and not only power consumption but the kind of move into asics and what happened with bitcoin is that it wasn't really initially meant to be mined with asics which centralizes the network due to a limited amoun t of manufacturers and the purchasing power of current asic
miners so this really moved it away from the initial kind of vision for bitcoin which was that there was an untapped resources of cpus in the hands of general consumers across the world that could be utilized to mine and add security to the network and then thereby increasing the decentralization of bitcoin and essentially being able to continue that decentralization that has now been kind of destroyed by asics so the soluti on here was finding another untapped resource that people had general
access to and that is hard drives now it's not necessarily utilizing hard drives to store any sort of information on the blockchain it's actually using hard drives as think of it like a bingo card right which is how it was explained to me and basically you are writing a whole bunch of bingo cards on your hard drives and then when the transaction goes to be validated it comes up with that bingo number and presents it to the network and whoever has that number then validates that transaction and
receives a reward now similarly burstcoin had been doing this in the past and they had an issue that was known as grinding now what grinding is is essentially that term comes from the sound of hard drives when it's writing and reading off of the hard drive traditional hard drives not solid state drives and the thing is is that that term is used there because basically they would rewrite the plots and plots are basically the bingo cards over and over and over and over and over and over and over
again to basically be able to take over the network rewrite transactions or just find transactions faster so it was a way to manipulate the way that that current algorithm worked so to prevent this chia coin has come up with the concept of proof of time now proof of time essentially resolves it by adding in these time walls or time barriers between writes and so on it also means that it's going to take you a long time to write plots which is going to encourage you to not rewrite plots we've
been talking about being able to plot faster and yes the goal ultimately is to plot faster but if you plotted too quickly then you could run into the issue of having people take advantage of it with grinding now we can go into more detail on proof of space and proof of time in another video if you're interested let me know i've already reached out to mr cohen to see if we can g et some one on one so i can ask more technical questions what else does chia coin provide well its programming language
is chia lisp which is based on lisp and so you will be able to see functionality similar to ethereum in the manner of basically d5 right so decentralized finance and just a different programming language currently i'm not aware of what the execution environment is and i have reached out once again to determine what that execution environment will be finally governan ce is a they will be doing a joint stock corporation and adopt current corporate governance best practices chia's network strategic
reserve will be divided evenly between u.s parent company and the swiss subsidiary at mainnet launch so it's got two different portions here controlled in the us and switzerland with plans to move out to the uk and china so far on the road map so they also want users farmers and developers to have the ability to own a portion of the strategic reserve as a shareholder with investor protections of the u.s public equity markets we think allowing exposure to the chia strategic reserve to
everyone who can invest in equity is a superior way to align everyone's interest in a long-term success of chia and the broad deployment of programmable internet money that internet money here's the deal it does appear that basically farmers and users will be able to have some sort of say regarding governance and changes over the network howe ver right now as it currently sits it's controlled by corporations and subsidies that are kind of spread out across the world how do i feel about this i
don't know because i'm not a corporate structure guy and i don't know what kind of limitations that places on it and how well the users that are buying into it and having stake in the company are going to be able to influence change also that means that it is based on some sort of ownership of the stocks essentially right at this point to determine how it's basically whatever the path of the coin is gonna take i'm not sure that i'm okay with that sort of governance let me know what you guys
think in the comment section below it is new to me in the cryptocurrency world to see this sort of governance being put into place so at the end of the day what is going on with chia is it a good project i think potentially it is i see what problem they're trying to solve uh i see that they have basically been able to resolve the grinding issue that burst coin had and the current availability of hard drives is good so if you want to get into it at a home level it is currently possible i do
have some questions i don't think that it will be fully decentralized if it's profitable at all because what you'll see is large data centers and so on being able to plot any additional space that they currently have or not using and be able to start verifying the network and if that happens on the level of something like a google or an aws or an azure then you're not going to be able to compete at all that being said hopefully we also see pools because they don't have pools currently yet to
mine on which we mentioned in our video yesterday i'd like to work with some people on figuring out how to set up some pools to make it a little bit better for everybody that is currently trying to farm chia i think it's a great idea i think that has the most potential currently especially if yo u get in early and go ahead and get some farming going on and then maybe you can repurpose those drives for something else later on down the line if it doesn't pan out and you can't be competitive on the
network but if you get in early and get in now you have the potential to basically be hedging your bets on farming some chia and have that in your bank and ready to go once again we do have obviously the ability to do some stuff that the ethereum network does as far as decentralized finance i didn't get a clear answer on things like scalability though which i still have a huge red flag and want to figure out what the idea is around or how they are going to approach scalability that's going to be
something and then of course execution environments i'm not really sure how that all functions yet either if you guys know any of the answers to the questions that i have please let me know in the comment section below and we'll do a follow-up video i'm pretty excited for chia just from the perspective of being a miner and being able to play with more hardware i have a couple r 720s that i've loaded up with drives i'm looking at storage arrays i have a dl580 that's getting loaded up to manage
some vms for farming and we have a nice cool plotter so you get to play with a lot of equipment that does mean the barrier of entry if you're looking at farming truck she goes up right and that barrier to entry could be a little stressful for people and i unde rstand that if you are looking to just kind of getting in and doing a couple plots on whatever spare hard drive space you have though that's pretty simple and i think that's really what they wanted to aim at initially thanks for watching
we'll do a more complicated more in-depth review of each piece of this because i'm intrigued and let me know what questions you have surrounding it i will see you next tuesday if you enjoyed this content you can check out more crypto content on thi
0 resposta a "WTF is CHIA Crypto Network?!"
Postar um comentário