According to the statement by its COO, Jean Hoffman, Chia, a cryptocurrency project created in 2018 that uses storage for its consensus, is eyeing a public offering this year. The company has just received an inflow of investment due to its relatively low energy consumption compared to other proof-of-work (PoW) options, pointing to it becoming the next ‘green bitcoin alternative’.
Chia aims to launch IPO this year
Chia, a cryptocurrency that was established two years ago but recently launched its main network, is attempting to launch an initial public offering (IPO) as early as this year. Statement With the support of the company it shows. Chia Networks Inc., which was founded by BitTorrent producer, Bram Cohen, recently received a funding round of more than $ 60 million, which gave the cryptocurrency a valuation of $ 500 million.
The companies that led the funding round were Richmond Global Ventures and known Andreessen Horowitz, but other companies were also involved. Breyer Capital, Slow Ventures, True Ventures, Signi Capital, Naval Ravikant, Collab + Currency and DHVC also participated.
The company’s COO Jean Hoffman informed the public that these resources would be used to hire manpower and promote the promotion of cryptocurrency as an alternative to other important coins in space such as bitcoin.
Our goal has always been to go public relatively early because it will clearly articulate our regulatory environment and allow customers to use the currency to hedge the volatility of the public market, which is different from other coins.
The latest round of investment has convinced them about what they can achieve with the IPO. The recent environmental concern narrative that now seeks a green alternative to bitcoin’s PoW may help them in this process.
Is Chia’s use of harddrive and SSD really green?
But, what exactly is Chia, and how does it compare to the Bitcoin network? Chia is a cryptocurrency that Uses hard drive space, As a key element of its consensus algorithm. Chia miners use this space to plot cryptographic answers that will be challenged by the network. If the Block Challenge has content similar to the plot of Minor’s hard drive, the Minor wins the prize. This is known as “proof of time and space”.
Compared to bitcoin networks, this approach is more green than the PoW consensus, as common hard drives and computers spend less energy than ASIC miners to confirm transactions. However, Chia still doesn’t have that much green side. There have been reports that show that hard disks used by Chia miners often deteriorate faster than commonly used drives, due to the intensive use they experience. This produces more electronic waste that needs to be recycled or dumped, which also impacts the environment.
Anyway, Chia supporters believe the property has a real shot at becoming one of the most important cryptocurrencies in the future. The success of Bram Cohen and Bittorrent has helped to increase optimism for Chia.
What do you think about Chia possibly going public this year? Tell us in the comments section below.
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