Chia Network with an aim to replace Bitcoin by providing a eco friendly proof-of-space consensus model as a one of kind consensus protocol, famously called the farmers instead of miners playground.

For Miners:

Comparing Bitcoin, where miners race to find a PoW, the miner who cracks the hash announces a new block to the network, the block gets attached, the miner gets its reward, and the miners switch to extending this new block.

In PoSpace-based spacemint blockchain assigns a quality to each PoSpace, and the protocol specifies that the PoSpace of best quality announced should be considered as the extension of the chain. To finalse the block one must augment this PoSpace with the output of a verifiable delay function. Best quality of PoSpace is refered to the time parameter for the VDF — which specifies how many sequential computational steps are required to computee the output.

Chai Quality of Chia:

Chia’s security analysis in an idealised setting, reported the following:

No network delays

An adversary can compute the VDF no faster than the honest parties.

PoSpace are ideal that allows absolutely no time-memory trade-offs

No difficulty while resetting

Feature Image by MoonX

Attack precautionary measures:

Chia has implemented methods and facilities to address long range attacks (where adversary tries to generate a chain that forked, which is large number of blocks). Chia achieves this without relying on wasting massive computing power as required by PoW. Chia alterates PoSpace with VDFs.

Building blocks on chia:

The main building blocks used in Chia Blockchain: