Chia was founded by the founders of BitTorrent. The consensus algorithm Of Proof Of Space and Time is used, which combines two consensus mechanisms Of "Space Proof" and "Time Proof".
Chia raised a $3 million seed round from A16Z and others. It intends to complete the SEC registered IPO prior to the official listing of the product. So Chia's tokens will be divided into two parts: one is like a stock that pays dividends, and the other is a cryptocurrency that can be traded and used. At present, the method of token issuance is not clear.
Chia introduced the verifiable delay function (VDF) on the basis Of the traditional Proof Of Space. The VDF calculation results must take a certain time and can be verified quickly by anyone in the network. This result can increase the probability Of PoS getting the block weight. Since the time parameter of VDF is linear, the optimal mass energy is the earliest.
Chia's consensus process is divided into two steps. After the Proof of Space (PoS) stage, the three best Proof results are propagated to the network, PoT nodes start processing them, and the blocks verified by PoT will be synchronized to the whole network. The better the PoS quality, the faster the PoT process. PoST proves that the algorithm can effectively avoid rewrite attacks, DDoS and spam attacks.
In addition to the consensus layer innovation, Chia also provides a programming language for better building smart contract transactions -- Chialisp, which supports atomic exchange, authorized payee, recoverable wallet, multi-signature wallet and limit price wallet instances of smart contract.