Chia Network Inc. was founded by Bram Cohen, the inventor of BitTorrent. Chia Network is a state-of-the-art open-source decentralized blockchain, digital currency and smart transaction platform.
Using the first new secure Nakamoto consensus algorithm invented since Bitcoin, Chia aims to operate an environmentally friendly, more secure and user-friendly payment system for cross-border payments, financial asset issuance, lending, escrow payments, institutional custody and distributed identity.
Chia’s “Proof of Space and Time” based blockchain reduces waste in “Proof of Work” based blockchains. Built to run Chialisp, the company’s newly developed smart coin language, Chia’s blockchain allows its users to create and execute secure “smart coin” transactions.