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What is Chia network? This smart transaction blockchain sparked shortages over the demand for hard drives and solid-state drives (SSDs)

According to the information, on May 3, a smart transaction blockchain created by the Bittorrent creator Bram Cohen titled Chia, will begin trading. Furthermore, the transactions will be fully activated.

What is Chia?

Chia is a smart transaction blockchain created by the Bittorrent creator Bram Cohen. Chia will utilize a model called proof-of-space which relies on storage. The project can allow anyone the ability to verify transactions without being dependent on single-use hardware or a big electricity bill.

Chia’s documentation stated:

“A Proof-of-Space protocol is one in which: a Verifier can send a challenge to a Prover, and the Prover can demonstrate to the verifier that the Prover is reserving a specific amount of storage space at that precise time. The proof of space protocol has three components: plotting, proving/farming, and verifying.”

Chia released the project’s Business White paper in February 2021 and the mainnet launched on March 19. This allowed participants to begin accessing farming rewards, but it also spurred the start of demand for hard drives and SSDs. Transactions will be enabled on May 3 and now, exchanges and brokerage services can allow people to trade chia tokens. The closer the Chia network’s transactional launch gets, the more demand grows for storage components.

A smart transaction blockchain created by the Bittorrent creator Bram Cohen, Chia, will start trading

Instead of leveraging the proof-of-work consensus algorithm, Share uses a model known as proof-of-space based on storage. With Chia’s transaction launch pending, the project caused a shortage compared to the demand for hard drives and solid-state drives (SSDs).

Cohen is the person behind the Chia project, the pre-stages of the digital currency network have seen significant exposure since Chia was announced.

There’s a huge shortage in China when it comes to SSDs and hard drives. Chinese hard drive and SSD manufacturers are selling out rapidly and product prices are skyrocketing in secondary markets.

China’s e-commerce markets such as JD.com and Taobao have seen high-end hard drive models sell out fast since mainnet sharing launched. One Taobao customer service agent noticed a spike in demand and stressed that the customers were chia seed miners.

On China’s Taobao and JD.com e-commerce platforms, many large-capacity enterprise-class hard drives have sold out. In secondary markets, the price of the device can be 50% to 60% higher than in retail.

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