What is XCH

1. Project Introduction
Founded in 2017 by Bram Cohen, the creator of BitTorrent, Chia Network is a blockchain project focused on building an improved blockchain and smart transaction platform tailored for enterprise adoption. Chia employs a novel Nakamoto consensus mechanism, combining Proof of Space (PoS) and Proof of Time (PoT) to achieve energy-efficient mining. Unlike Proof of Work (PoW) and Proof of Stake (PoS), Chia’s farming mechanism significantly reduces energy consumption and prevents excessive resource centralization.
To support commercial applications and customization, Chia independently developed Chialisp, a smart contract language based on Lisp. Chialisp is designed to be secure, concise, and optimized for banking, payments, and financial applications. Additionally, Chia integrates modern cryptographic tools to enable more advanced smart transactions.
2. Team & Investment Info
Bram Cohen: Founder of Chia Network and former founder of BitTorrent. Left BitTorrent in August 2017 to establish Chia Network.
Gene Hoffman: President & CEO. Previously served as President & CEO of Vindicia, Emusic.com, and PGP Corp.
Funding:
May 26, 2021: Chia Network Inc. raised $61 million in a Series D round, led by Andreessen Horowitz (a16z) and Richmond Global Ventures, with participation from Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Naval Ravikant, Collab+Currency, and DHVC.
August 14, 2020: Secured $5 million in equity financing, led by Slow Ventures, with participation from Collab Crypto, IDEO, and Naval Ravikant.
March 28, 2018: Completed a $3.4 million seed round, led by AngelList’s Naval Ravikant, with backing from A16Z and Greylock Partners.
3. Social Media URLs
X: https://x.com/chia_project
Discord: https://discord.com/invite/chia
YouTube: https://www.youtube.com/c/Chia-Network
4. Token Info
Token Symbol: XCH
Total Supply: 32,120,973
Token Type: Chia mainnet
Issuance/Burn Mechanism: Inflationary, with no maximum cap
Block Explorer: https://www.spacescan.io/zh/blockchain
Token Distribution:
Pre-mined supply: 21 million XCH (strategic reserve)
Mining rewards: New XCH tokens are created post-mainnet launch through farming rewards, following a halving schedule:
Initial release: 64 XCH per 10 minutes
Halves every 3 years
Stabilizes at 4 XCH per 10 minutes in year 13 and beyond
5. Related Links
Official Website: https://www.chia.net/
White Paper: https://www.chia.net/white-paper/
LinkedIn: https://www.linkedin.com/company/chia-network/
Other Info: https://www.rootdata.com/Projects/detail/Chia?k=MTIyNg%3D%3D