When was XCH coin issued? Learn about the origin of XCH coin in one article

The XCH coin, the native currency of the Chia blockchain, was officially launched on the mainnet on May 3, 2021.

Oct 25, 2024 at 01:20 pm

When Was XCH Coin Issued? Exploring the Origins of the Chia Coin

Origins of XCH Coin

1. Conception: Chia Network was founded in 2017 by Bram Cohen, the creator of the BitTorrent protocol.
2. Mainnet Launch: The XCH coin, native to the Chia blockchain, was officially launched on May 3, 2021.

Purpose of XCH Coin

XCH is the primary currency used on the Chia blockchain, serving several purposes:

• Incentivization for Farming: XCH rewards participants for allocating storage space and computational resources to the network through a process known as farming.
• Transaction Fees: XCH is used to pay transaction fees for sending and receiving chia.

Unique Features of the Chia Blockchain

The Chia blockchain differs from many other cryptocurrencies in its consensus mechanism:

• Proof of Space and Time (PoST): Chia utilizes a novel consensus mechanism that verifies storage capacity and time invested rather than computational power. This reduces the environmental impact associated with mining.
• Burstables: Bursting is a feature that allows slow storage devices, such as hard drives, to participate in network consensus by dividing the required storage space into smaller chunks.

Timeline of XCH Coin Development

Here is a brief timeline highlighting key milestones in the development of XCH coin:

• 2017: Chia Network founded.
• 2020: XCH farming announced.
• May 3, 2021: XCH coin launched on mainnet.
• August 2021: Coinbase lists XCH.
• Present: Chia Network continues to develop and improve the Chia blockchain and XCH coin.