Chia is based upon an innovative consensus algorithm, Proof of Space and Time, that leverages the vast amounts of over-allocated hard drive space to create the first new Nakamoto Consensus since Bitcoin in 2009.
Proof of Space is a cryptographic technique where farmers prove that they allocate unused hard drive space to the network. Proof of Time increases the overall security of the blockchain by increasing the attack resistance of our consensus to 51% in most cases. Learn more about PoST in the Chia Green Paper and our new consensus working document to see how our 1.1 version of consensus is secure up to 51% attacks in almost all conditions.
Compared to proof of work blockchains, Chia is less energy intensive and more inclusive while being at least as secure. Compared to proof of stake blockchains, Chia is much less vulnerable to attack or manipulation and does not suffer from the problem of “the rich get richer” and the centralizing effects of staking. Chia delivers the security and safety of Bitcoin along with the functional benefits of a purpose built and more secure on chain smart coin environment.