Chia Price（XCH）USD

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What is Chia?

Chia is a blockchain, digital currency and intelligent trading platform designed to promote cross-border payment, custody services and institutional custody. Chia was developed by Bram Cohen, the founder of BitTorrent. It was originally conceived in August 2017 and launched in May 2021. In March, farmers’ incentives were launched. In May, cryptocurrency was launched and transactions were enabled.

It has attracted big name supporters including Andreessen Horowitz and Galaxy digital, and has ambitious plans to create a “configurable International Commercial Bank faster than bitcoin“.
Chia differs from other cryptocurrencies in its unique “space and time proof” consensus mechanism, that is, the security method of blockchain.

What is XCH Token?

XCH is the native token of Chia network. It is used to trade and provide rewards as an incentive to users.

XCH Price Forecast

Chia network has proposed an intriguing new consensus mechanism, similar to Solana’s mechanism. If the architecture can be proved to be capable of large-scale operation, it may be very interesting for the target enterprise customers that Chia network seems to plan.

However, its XCH token has lost 95% of its value from an all-time high, which means that cryptocurrency investors obviously disagree with Chia’s value proposition. To make matters worse, the network has been trading below $200 for more than six months, which shows that this is not a macro decline, but the result of the basic mistrust of the market. It is difficult to determine what might be the cause of this situation. One possibility is Chia’s approach, that is to hand over the governance right to the Executive Committee.

In addition to token, Chia also pursues public listing, which leads investors to believe that there is no economic significance in exploiting XCH. Cryptocurrency investors have traditionally been sceptical about corporate structures.However, if Chia network can find a way to better communicate its use cases and stimulate community support for the project – possibly by changing its governance – the price of XCH may be reversed. In addition, Chia network directly launched its first native peer-to-peer (P2P) exchange in Chia wallet.

It also worked with stable to introduce the first dollar denominated stable currency into the network. Considering that Chia seems to have a basically sound product, it is too early to abandon its long-term prospects, although the cryptocurrency market is unpredictable.

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