In fact, watchers of the personal finance and crypto spaces are already marking up Chia quite heavily – reliable crypto tracker DigitalCoin expects the price of Chia Network, assigned with the XCH signage, to rise by over 55 percent before the end of 2021, and cross the $5,000 mark in about six years’ time.
The latter two, for instance, use a process called ‘proof of work’, which requires users to own high performance computing components and keep them running for long hours in order to ‘mine’ these cryptocurrencies.
As a result, users need to show that they are assigning chunks of their storage space over a continued span of time, which can be done even with a fairly regular computer configuration.
According to reports that archived a now-deleted AWS China explainer page, integrating the Chia Network architecture on AWS reportedly takes “as little as five minutes”, following which users can generate their crypto wallet address where the mined or “farmed” Chia coins are to be credited, and start with it.
Given that Chia replaces the entire need for graphics cards and processors, and puts the focus on storage, ironing out disproportionate market influences is yet another fringe benefit that Chia brings over established crypto coins.
While this is creating a somewhat strong demand for storage media in China already, Chia uses only a fraction of the overall energy that Bitcoin or Ethereum do.
While some have already argued that whether Chia can be termed ‘green’ or not is really in relativity to other cryptocurrencies, there is no denying that Chia does have a far more sustainable model – both in terms of energy consumption and the kind of PC components that a user would require to have for it.
The biggest have, a key market crisis that can arise out of all this is a scarcity of HDDs and SSDs the way we lack graphics cards at the moment.
As we have seen with Bitcoin, cryptocurrencies can potentially surge in value beyond market forecasts as well, and if Chia can offer all the things that it has promised, XCH will likely be the most exciting cryptocurrency to have been released since Bitcoin itself.