Chia Terminology

  • August 13, 2023

Chia (XCH) — a cryptocurrency based on Proof of Space and Time (PoST) technology, which is an environmentally sustainable alternative to cryptocurrencies based on Proof of Work (PoW).

Proof of Space and Time (PoST) — a unique consensus algorithm used in Chia that combines hard disk space and time to create blocks, ensuring decentralization and reducing energy consumption.

Farmer is a member of the Chia network, which provides free space on its hard drives for storing blockchain data and receives rewards in the form of Chia coins (XCH).

Timelord — member of the Chia network, responsible for creating new blocks by solving mathematical problems and transferring them to farmers.

Spatial Proof (Plot) — a special file that is created by a farmer and stored on his hard disk. It is a proof that the farmer provides a certain amount of free space for the Chia blockchain.

Verifiable Delay Function (VDF) — a function that takes a certain amount of time to perform a calculation, but the result can be verified much faster. VDF is used in Chia to provide security and time synchronization on the network.

VDF ASIC — a specialized chip designed to perform VDF calculations, which increases the performance and efficiency of Timelords.

Block — a unit of data consisting of transactions and other information that is added to the Chia blockchain. Blocks are created by Timelords and added by farmers.

Blockchain is the technology on which Chia is based, which is a decentralized digital registry that stores all transactions and network data in the form of a sequence of linked blocks.

Mempool — temporary storage for not yet confirmed transactions waiting to be included in the block.

Node (Node) — a device or server connected to the Chia network that stores a copy of the blockchain and validates transactions.

Validator — a member of the Chia network that verifies transactions and blocks to ensure that they comply with the rules of the network.

Consensus — the process of agreement between network participants on the state of the blockchain and the correctness of transactions.

Fork — a situation where a network is divided into two or more versions of the blockchain due to inconsistencies between nodes or changes in software.

Hard fork — a type of fork that requires updating the node software to maintain compatibility with the new version of the blockchain.

A soft fork is a type of fork that introduces changes to the rules of the network, but remains compatible with the previous version of the blockchain.

Timeline — a sequence of events in the Chia network that include the creation and addition of blocks, transactions, and software updates.

Public key — unique address used to send and receive Chia coins. The public key originates from the private key and can be distributed securely.

The private key is a secret code that is the basis for the public key and is used to sign transactions and control access to funds at the address.

Quantitative Easing is a mechanism in the Chia network that provides for a gradual decrease in the block reward over time in order to smooth out inflation and maintain the stability of the ecosystem.

The Seed phrase in Chia (or mnemonic phrase) is a set of 12, 24 or other number of words that serve as a unique code to restore your wallet and access your Chia coins (XCH). The seed phrase is generated when creating a new wallet and is your private key encrypted in the form of words.

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