You're confused by all of the terms around chia? In this post we will explain things in simple language!
Why is Chia better?
Chia is a new cryptocurrency, and it will have a better security system than other cryptocurrencies. Chia has a new programming language that is easy to use. Chia uses more modern cryptography to make smart transactions. Chia is a company that raises money to make Chia better. It will use its money (Strategic Reserve) to help make Chia less volatile so it's easier to use. Chia will be a super-fun, easy-to-use cryptocurrency!
Why would I want to farm Chia?
You can use the free space on your phone or computer to grow plants. When you grow plants, you help make the Chia network stronger and more secure. You can also earn money for doing this.
What is Chia plotting?
You can farm Chia by making a file that takes up space on your computer. The bigger the file, the bigger the farm. The longer you wait to make the file, the bigger the farm. You can move Chia farms from one computer to another without any problems. Some people make special computers that are good at making Chia farms quickly, and then move their farms to computers that are not so good at making them.
How does Chia farming work?
You have a bingo card with a bunch of squares. You wait for the numbers to be called out. If the number is on your card, you win! You win a proof of space. Proofs of space are used to make unfinished blocks. Unfinished blocks are sent out to timelords. Timelords finish the blocks and send them back to you.
What is a Timelord?
A timelord is a person who helps the network by doing calculations to make sure no one is trying to cheat. They get to decide which block they want to work on, and they get to decide how long they want to work on it. If someone else tries to cheat, the timelords can work together so that no one can cheat and everyone gets their fair share.
What is Difficulty and Weight?
The number of times you have to try to get a block right is affected by a thing called "difficulty". The purpose of this thing is to keep the time between blocks the same. If there is a lot of new space on the network, you have to try more times to get a block right, and the difficulty goes up. If there is less space on the network, you have to try less times, and the difficulty goes down.
How does a Chia transaction work?
When you send someone money, the money is locked up in a safe. To unlock the safe, you need to tell the bank clerk a secret code. The code is your password (private key). When you tell the bank clerk the code, he gives you money. This is how it works in Chia.