FAQ

FAQ


Chiamine FAQ

Yes!
How do I join?
1. Download the latest Chia Client to get started.
2. When you have started up the Chia Client, go to the pool-tab
3. Click the button “Add new Pool”
4. Click the connect to pool and use the following address: https://farm.chiamine.org
For a more graphical guide see HOW TO JOIN CHIAMINE
Yes. To be able to join any pool you’ll need to re-plot with the new protocol (portable plots). It will be possible at the same time as the pool protocol is live.

1. Download the latest Chia Client to get started.
2. When you have started up the Chia Client, go to the pool-tab
3. Click the button “Add new Pool”
4. Click the connect to pool and use the following address: https://farm.chiamine.org
No. There are no official pools, nor will there ever be. That goes against the decentralisation the Chia Network is going for. However – we will only use the official pool protocol provided by the Chia Network, and we have a trademark agreement with them, which allows us to use their name and logo

2021.06.15 A small motivational update on the pool protocol.

We are getting near! We can see that the Chia devs are working hard on creating the pool protocols and solving any bugs. Recently there has been a lot of updates to the pool code and more is on the way, so we estimate that the wait is soon to be over. And by running a testnet pool it has given us much experience on how the code works and behaves so we aim for a quick release once it hits mainnet.

The Chia Network will have a Zoom/AMA about Plotting Speed and Security in Chia on Tuesday June 15 at 5PM PDT – https://www.chia.net/2021/06/13/AMA-plotting-speed-and-security-in-chia.html

Older UPDATE FROM THE CHIA NETWORK

The Chia Network recently created a new FAQ regarding pooling. A lot of interesting information we recommend you to read before continuing here:

https://github.com/Chia-Network/chia-blockchain/wiki/Pooling-FAQ


How on earth did you find this FAQ before the official one at Chia.net? We will make it easy for you (and us. Don’t look at us like that, we focus our energy properly) and share parts of their great FAQ here with you guys. However, if you want to read it from the source itself, check out this link.

But before we get into that, we are sure you are more interested in how you get started in this pool. After all, finding us probably means you already have a grasp on what Chia is, and are keen to get going. So! Let’s get started!

1.1 How do I join the Chiamine Pool?

As soon as we know how the protocols works, we will let you know! But as far as we can tell it will be quite easy for you all to get started when we go live!

1.2 No seriously. How do I get up and running in here? Dumb it down further for me!

We will dumb it down as soon as we have something to dumb down. Wait and see!

1.3 What are your fees?

Right now, during our beta-phase the pool fee is 0%! That is our way of showing appreciation for you having chosen us as your pool.

After the beta we aim to have one of the lowest fees on the market. We will let everyone know exactly what it’ll be in good time before implementation.

1.4 How do I get in contact with you if I have any questions?

You can email us at info@chiamine.org or join our Discord Server.

With that said – let’s jump to the Chia-FAQ. What is it and why is it so much better than other crypto currencies?

1.1.1 What is Chia?

Chia was incorporated in August of 2017 to develop an improved blockchain and smart transaction platform. We are building the Chia Network to improve the global financial and payments systems. Chia is the first enterprise-grade digital money. Chia is using the first new Nakamoto consensus algorithm since Bitcoin. Called Proof of Space and Time, it was created by Bram Cohen, the best network protocol engineer alive and the inventor of BitTorrent. Chialisp is Chia’s new smart transaction programming language that is powerful, easy to audit, and secure. Reference smart transactions currently available are: atomic swaps, authorized payees, recoverable wallets, multisig wallets, and rate-limited wallets.

1.1.2 What is Proof of Space and Time?

Proof of Space is a cryptographic technique where provers show that they allocate unused hard drive space for storage space. In order to be used as a consensus method, Proof of Space must be tied to Proof of Time. PoT ensures that block times have consistency in the time between them and increases the overall security of the blockchain.

1.1.3 How does Proof of Space and Proof of Time work?

Proof of space can be thought of as a way to prove that you are keeping some storage unused on your hard-disk drive. Users of the Chia blockchain will “seed” unused space on their hard-disk drive by installing software which stores a collection of cryptographic numbers on the disk into “plots.” These users are called “farmers.” When the blockchain broadcasts a challenge for the next block, farmers can scan their plots to see if they have the hash that is closest to the challenge. A farmer’s probability of winning a block is the percentage of the total space that a farmer has compared to the entire network.

Proof of time requires a small period of time to pass between blocks. Proof of time is implemented by a Verifiable Delay Function that takes a certain amount of time to compute, but is very fast to verify. The key idea of a VDF is that they require sequential computation, and since having many parallel machines does not yield any benefit, electricity waste is minimized. There will likely be relatively few VDF servers (“Timelords”), as the fastest one will always finish first and it takes only one fast and fair Timelord on the network to complete a block and move the chain forward.

1.1.4 What is Chialisp?

Chia has a newly developed, innovative blockchain programming language called Chialisp, which is powerful, easy to audit, and secure. Chialisp is a superior on-chain smart transaction development environment that will unlock the security, transparency, and ease of use that cryptocurrencies promise.

Where can I learn more about Chialisp?

Documentation can be found at Chialisp.com.

1.1.5 Why is Chia better? (And believe us, it is!)

Chia has a new innovative Nakamoto consensus algorithm that removes the energy demands of Proof of Work from the system. Compared to other cryptocurrencies, Chia has significantly better security due to its more decentralized blockchain. Chialisp is Chia’s new smart transaction programming language that is powerful, easy to audit, and secure and will unlock the security, transparency, and ease of use that cryptocurrencies promise. Chia is also adopting more modern cryptographic tools to enable richer smart transaction capabilities. Chia is taking a new and superior approach to funding, building, and supporting a blockchain via an eventually public, for-profit, open source development company that holds a pre-farm. Chia will use its pre-farm (Strategic Reserve) to ease the volatility of the coin to mitigate bubbles and crashes and to drive adoption of chia.

1.1.6 What is the Chia Network strategy?

It is our belief that the blockchain industry is still led by developers. We intend to be the superior chain for deploying new applications and services as well as being the only serious and secure choice for applications like sovereign backed stable coins. The Chia Network business will be the first for profit company that manages a pre-farm and we intend to be the first publicly tradable “near ETF” cryptocurrency. We believe that – as Redhat and MySQL AB were necessary to drive corporate adoption of linux and mysql – we will be the source for support and training as sovereigns, financial institutions, and corporations look to use cryptocurrency in daily commerce. Finally, we believe that we will be able to leverage the storage ecosystem to drive adoption at corporations and end users as harddrive manufacturers and storage server sellers are likely to bundle space farming into their offerings.

Our Business Whitepaper is the definitive document on our strategy and approach.

1.1.7 What is the difference between mining and farming?

Mining requires expensive single use hardware that consumes exorbitant amounts of electricity. We are mitigating this problem through a fair, eco-friendly, and better blockchain that uses farming to leverage existing empty hard disk space distributed on nodes around the globe. Farming remains decentralized because anyone that has installed our software and has plots can win the next block. Mining requires expensive custom single use hardware and access to electricity at wholesale or better prices which only purpose built corporations can afford to mine. 

Farming is more decentralized because it relies on empty hard disk space and anyone with a mobile phone, laptop, or corporate network tends to have extra space not currently being used. Unlike mining, once you’re done farming your storage you can repurpose it to, for example, store your family photos.

1.1.8 Why do I want to farm Chia?

You can farm Chia on the unused storage of your laptop, desktop, or corporate network and, in return, you have the chance to receive rewards in chia for helping secure the blockchain. Our software allows you to allocate a certain amount of unused disk space to create plots. Since the only resource intensive step is the initial plotting, once you download the Chia node software, your drives will be plotted in the background. Once plotting is complete, your computer will begin farming on your behalf and the software does all the work and tracks your rewards for you. Ongoing farming uses very little network bandwidth and almost no resources other than storage. By making the farming process available to anyone with unused disk space, we are moving towards our goal of a truly decentralized blockchain that will also serve as a cross subsidy to the storage and cloud industry.

1.1.9 What is Chia’s inflation?

After the Chia pre-farm, Chia offers farming rewards of 64 chia every 10 minutes. Over the first 12 years the farming rewards will be halved at the end of each 3rd year. From year 13 to infinity, the rewards will remain constant at 4 chia every 10 minutes leading to ever decreasing inflation rates. Chia’s inflation falls through the 0.50% rate 22 years after mainnet launch.

1.1.10 Does Chia use Bitcoin’s code?

No. Chia is written entirely from scratch.

1.1.11 Isn’t Bitcoin good enough?

When Bitcoin was developed, it was not foreseen that specialized hardware could vastly outperform the computers that everyone owns. What was intended to be a decentralized network is now controlled by a small number of miners with access to chip fabrication plants and wholesale electricity purchasing (or worse). The miners who currently control the Bitcoin Network feel they have a competitive advantage as is and oppose changing the protocol even when it’s clear that it should be changed. Chia has had ten years to study the new digital money ecosystem and believes we can make cryptocurrency more decentralized, more secure, and easier to use.

1.1.12 Is the value of Chia going to be as volatile as other cryptocurrencies?

We believe that Chia coins will be less volatile than other cryptocurrencies due to the planned nature of our planned public company status which will allow financial institutions to hedge and leverage coins and equity. Initially, we expect Chia Network to largely be valued based upon the valuation of the chia that the Company will hold on its balance sheet. Movements in the price of chia on digital exchanges are likely to be mirrored by price movements in the price of our stock on a stock exchange. There will be more ways to get exposure to the success of chia than traditional blockchain projects. This will also allow the usual options and derivatives to our stock to be used as something like a synthetic derivative for the price of chia coins. Additionally, our ability to use the Chia Strategic Reserve may reduce some volatility of chia in the market.

1.1.13 Where has Chia advanced the state of the art in applied cryptography?

Chia has created three new core inventions and advanced the interest in, and adoption of, a fourth. Firstly, Chia created the first intended for production BLS Signatures library. Second, Chia is the first production use of Verifiable Delay Functions, or VDFs. Third, Chia created Proof of Space and Time for Nakamoto consensus.

Finally, Chia is the first production use of class groups of unknown order which has spawned significant new research into their applicability to cryptography.

1.1.14 Will the average person be able to use Chia as a payment instrument?

Our hope is that, over time, Chia will be supported by point of sale systems and consumer payment apps all over the world. For example, if you pay for a coffee at Tully’s in England with your GrabPay app from Thailand, it should “just work” without you needing to know it was paid in Chia.

Or, for example, if services like Venmo or Cash App aren’t available where you live, using Chia will be far less of a hassle than executing a slow and expensive wire transfer. Using legacy banking to send and convert cash across borders is cumbersome, slow and expensive, and while alternative money transfer services might be faster, they’re not cheap: Western Union can charge upwards of 10% in transfer fees.

The technology is completely open source and accessible, and anyone can build a new wallet without our permission or assistance. However, we intend to help wallet, exchange, and merchant processing partners with support and integration services, joint marketing and lending for liquidity.

1.1.15 Why is it named Chia?

We’re green money! Our founder Bram Cohen started the company knowing he wanted to reduce the energy dependence of blockchains through a “green” option. The concept of farming seemed to be the best metaphor for filling unused disk space and monitoring it for winning sprouts. This led us to look for a grain that had the properties we wanted to embody with our new Network. The team wanted a name that would be short and impactful. Everyone was amused that it was also a grain associated with a whimsical meme. Chia Network was born.