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- English name: Chives
- English abbreviation: XCC (XCC Chives)
- ICO: No
- Pre-Mine: No
- Description: Forked from Chia
- Block time: 18.75 seconds (same as Chia)
- Block reward: 200 Chives (Chia: 2 XCH)
- Block allocation(Stage 1 & 2): 90% is allocated to miners, and 10% is allocated to the community
- Block allocation(Stage 3): 45% is allocated to miners, 45% is allocated to the master nodes, and 10% is allocated to the community
- Reward halving: Halving in 3 years, to a block reward of 12.5 Chives from the 13th year (same as Chia)
- Total issuance: No upper limit (same as Chia)
- Need to Replot(Can not use chia plots)
Chives is a hard fork created by volunteers in the community using Chives code. As a completely decentralized, no reservation, no ICO, and community autonomy cryptocurrency, it can create a low-power, green and environmentally friendly blockchain system with Chia™.
Running a Chives Farm is similar to mining, but using hard drive storage space instead of processing power. During block creation a snapshot the network storage space is taken;
Personal income is determined by the percentage of storage space a user contributes to the total storage space on the network. The more storage space you allocate to a Chives Farm, the greater your profit.
To start a Chives Farm it must be plotted, a process that requires a read and write to the allocated farm space. Once your hard disk is plotted, you may become a farmer and harvest it as long as you keep the proof.
The initial plot process fills the farm space with random input proofs, reads the drives through direct access to the API, and then sorts them to quickly find the proofs obtained.
Chives uses the free disk space on the hard disk to run Proof-of-Space (PoSpace) and coordinate with another consensus algorithm, Proof of Time (PoTime) to verify the blockchain.
The income of Chives farmers is proportional to the amount of resource storage space; if you have 10 times the space, you will get 10 times the reward.
On the blockchain of the Chives network, there is no upper limit to the total number of Chives coins that can be generated through farming rewards (farming), but block rewards will be reduced over time.
A block is generated every 18.75 seconds, and each block rewards 200 Chives. Of this, 45% is allocated to miners, another 45% is allocated to the master nodes, and 10% is allocated to the community. Halving of block rewards in 3 years, to a final reward rate of 12.5 Chives every 10 minutes from the 13th year.
- Chia officially reserves a large number of coins.
The official developers of Chia coin reserve 21 Millions coins for their own use, which is unfair to everyone who participates in Chia. The 21 Millions coins officially reserved are equivalent to the total reward of all miners mining for 12 years straight.
- The problem of concentration of computing power caused by the large-scale mining pool of Chia coin.
In order to prevent the participation of large mining pools from causing too low returns for retail investors, Chives refers to Dash’s governance model, citing the concept of master nodes and community autonomy.
Anyone can become a master node by staking Chives and deploying to a public network server.
Master nodes do not participate in mining, but guarantee the diversity and health of the network, for their contribution the master nodes will receive 45% of the block reward.
Anyone can become a master node, which provides another channel for people to participate in community projects and receive rewards.
- The problem that the community does not obtain block rewards.
Currently in Chia’s model, only two groups of officials and miners can obtain block rewards: The official team who owns Chia by reserving 21 million coins, and miners who need to buy a lot of equipment and participate in mining to gain income.
All those who have done publicity and promotion for Chia, have contributed, but will not receive any of the block rewards. This situation violates the spirit of community participation in fairness and openness.
Chives will allocate 10% of the block rewards to people who contribute to the community, including but not limited to: Chives project developers, document writers and translators, and various social media promoters for Chives.
The master nodes vote to determine which work will be funded, and the entire process is completely managed and operated by the community.