Chia Network

Chia is an open-source layer-1 blockchain launched in March 2021 by Bram Cohen–inventor of BitTorrent. Chia uses a consensus algorithm called proofs of space and time, which allows anyone with an internet connection and some free disk space to participate in securing the network, leading it to become one of the most decentralized blockchains with nearly 400,000 nodes as of March 2022. The blockchain uses the Chia Asset Tokens (CAT) as its native token, which was upgraded to CAT2 in July 2022 to address potential security weaknesses.

The company also launched the Chia Open Digital Economy (CODE) framework, which aims to assist game developers to transition to Web3 as well as promote the use of the metaverse.

Funding and financials

Chia raised USD 61 million in Series D funding led by Richmond Global Ventures and Andreessen Horowitz in June 2021, at a valuation of nearly USD 500 million. The company had geared the fresh funds toward expanding operations and its business reach.