Chia Network, what is it?

  • So, having a read around, I came across something called CHIA. Essentially, it will be a similar coin to BURST, using Proof of Space (Capacity) to determine who wins the block. It will also (apparently) use a Proof of Time system to verify the Block Integrity before submission. In addition to this, it will (again, apparently) have lightning built into it from the start. The other interesting thing is the "mining" side of the operation. It will be geared to complete decentralisation of mining, meaning it will be able to discourage throwing shed loads of HDD space at it, and it will also discourage mining pools through some mechanism where a pool will not be able to stop a member running off with all the funds from a mined block.

    Behind the coin is the guy who brought the world BitTorrent, and the company appears to be moving away from the ICO fad, and instead following a proper filing and is working with the SEC to get its mini IPO up and running through the JOBS Act's Regulation A+ equity crowdfunding rule. There is no physical product as yet, and no coding has been laid down, but it is scheduled for release late 2018/early 2019.

    Based on this, do you think this coin will have any effect on BURST, and if so, would it be positive or negtive?

  • admin

    @bluebook If it materializes it will be interesting - I think it would throw additional light on PoC as a mining mechanism. The big doubt I have about it is they plan to release within the next 6 months, but categorically state that they have so far written 0 lines of code. From no code to fully functional coin,protocol, implemented, tested and ready for prime time - seems ... dubious.

  • I agree on this one, and they reference BURST (pre-dymaxion) a few times. The thing I actually like is the decentralisation of mining, as it reduces too much control in one place, but unless they hard cap space allocation per mining account/ip address, I cant see how they could enforce it in the real world. I am going to watch it with interest though, but will stick with BURST as a proven PoC coin with it's additional benefits

  • admin

    @bluebook I haven't read in detail the idea for forced decentralization, but don't see how they can really enforce it.

  • now that burst doesn't have "toy coin" transaction fees anymore it could be healthy competition and code developers will be watchful over each coins developments and being a second real POC coin chia could just encourage POW to become less popular like Burst is doing and that'll bring our utility bills down globally. Burst has become massive since I arrived late 2016. I await ATM machines for burst whilst bitcoin ones are forgotten. It'd be interesting to see noobs crying TIME HACK over CHIA as well but seriously there isn't. Either yer in time or not.

  • @Bluebook Burst had no pools when it first started and if no reward assignment operation were to be included in the code, there would not exist a way for people to point their miners to any pool, so that doesn't seem hard to accomplish, just fork Burst and delete that part of the code... xD

    Regarding the way of blocking someone that won a block, just because he had too much capacity regarding the other users of the network, I don't think it makes things fair neither helps the security of the network, I mean, someone that contributes more to the security of the network should be rewarded with more right? But I guess that it should not be that hard to accomplish, and can be an extra security when it comes to big centralization, although I'm not sure if it is possible without masternodes, because the block would have to be validated after the block being submitted by the miner...

    One thing that people don't commonly realize, is that the Burst core already had a way of making the nodes vote, by blacklisting the peers on the wallet config, this was actually used in the past to solve the problem that Burst had with the forks caused by the centralization of the BN pools, as well as their attempt to get people to use a modified blockchain during all the fork shitstorm...

    Blacklisted nodes don't communicate to the wallet in which they are blacklisted so if 51% of the network nodes have a peer blacklisted, even if that peer has 51% of network capacity, the 51% attacker has a 51% chance of being mining in a solo fork chain and a 49% chance of having its newly mined blocks being submitted to the actual blockchain... This is what is called "turning the spell against the wizard"...

    This is voting because one person blacklisting the peer will not make anything happen except its wallet don't communicate to/from that peer, now if the majority of the community vote like this, that node can't mine so Burst has already a way of ensuring 51% attacks are manageable...

    Now if they make it do this on-the-fly and without a single interaction from the user, it is, in fact, a good feature but it may bring some problems for them... Let's see how it goes but tbh I didn't saw a single thing in CHIA until now that really made me like it.

  • Before burst had reward assignment there was a hacky pool solution by comunity. This was done by miners plotting with pool burst id. If you have 51% of the mining power of the network you can overule all other miners. Since your chain will eventually be the strongest and hence controll the chain fully. Lets say you controll this with dynamic ip's on several nodes it will be hard to block.

  • @quibus Well that's not really a pool right? It's a shared address xD
    But when I wrote the post I was actually thinking that I had read something like that before...
    Regarding it being hard to block I agree with you, You can only defend yourself as long as the attacker is a not so clever one xD
    Provably it's possible if they bind it to a wallet address instead of a peer IP, although I'm not sure if it is fair because this can be the origin of other kinds of attack....
    That's why I said that it can be a good feature if CHIA has it without the need to user interaction, but until it happens it's just smoke and mirrors.