On May 3, surfaces stemming from the Chia network, a smart transaction blockchain created by the Bittorrent creator Bram Cohen, intent start trading and transactions will be fully enabled. Rather than leveraging the proof-of-work consensus algorithm, Chia force utilize a model called proof-of-space which relies on storage. With Chia’s transactional launch pending, the design has sparked shortages over the demand for hard drives and solid-state drives (SSDs).
Chia Network Fuels High-End Uncompromising Drive and SSD Shortages
Bram Cohen, the inventor of the popular torrenting application Bittorent has created a cryptocurrency that’s set to hurl next month. Because Cohen is behind the Chia project, the pre-stages of the digital currency network have seen consequential exposure since Chia was announced. Chia’s team believes that the project can allow anyone the ability to bear witness to transactions without being dependent on “single-use hardware or a big electricity bill.”
Chia released the project’s Business Spotless paper in February 2021 and the mainnet launched on March 19. This allowed participants to begin accessing agriculture rewards, but it also spurred the start of demand for hard drives and SSDs. Transactions will be enabled on May 3 and at that incidental in time, exchanges and brokerage services can allow people to trade chia tokens. The closer the Chia network’s transactional fire gets, the more demand grows for storage components.
The South China Morning Post (SCMP) explains that there’s been a pre-eminent shortage in China when it comes to SSDs and hard drives. Chinese hard drive and SSD manufacturers are selling out at and product prices have skyrocketed on secondary markets.
Chinese e-commerce market-places like JD.com and Taobao have seen high-grade hard drive models sell out fast since the Chia mainnet gig. A customer service agent for Taobao has seen the demand spike and underscored that the customers are chia miners.
“Profuse people have inquired about large hard drives for chia mining in the past few days,” the Taobao power noted. The agent also explained that brand-name equipment from Western Digital and Seagate has been experiencing scarcities.
On Chinese e-commerce platforms Taobao and JD.com, multiple models of enterprise-grade arduously drives with large capacity have sold out. A hard drive and SSD seller in Shenzhen called Qin explained that on ancillary markets, prices on this equipment can be up to 50% to 60% higher than retail. “You can mine chia with 4TB intensely drives as well because we don’t have any hard drives over 4TB in stock,” Qin stressed.
“At peak times, prices deliver been at least 60 percent higher than usual. Prices dropped a bit recently but they are still fro 50 percent (higher than normal) now,” another vendor named Chen detailed. The Chia network’s storage incentives own increased storage product requests considerably and hard drives between 4TB and 18TB are seeing the highest demand.
Cohen’s Outcome With Bittorrent Has Fueled Chia Hype
Besides the hype stemming from the creator Bram Cohen and the surmise forming within the crypto community, venture capital seems interested in Cohen’s crypto as well. In 2018, Chia grew $3.4 million from Greylock, Andreessen Horowitz, and Angellist’s Naval Ravikant.
Chia could also be an Ethereum rival as it has its own onchain programming language called Chialisp. Cohen has explained that the smart transactions Chialisp will set apart range from colored coin tech, atomic swaps, multi-sig wallets, recoverable wallets, authorized payees, and various.
Cohen’s previous project which cemented his fame, Bittorrent, was sold to Justin Sun and is now owned and operated by the blockchain stiff Tron. The file-sharing operation Bittorrent was reportedly sold to Tron for $126 million in 2018.
What do you think about the on presentation for hard drives and SSDs skyrocketing over the upcoming Chia network’s transaction launch? Let us know what you entertain the idea about this subject in the comments section below.
Simulacrum Credits: Shutterstock, Pixabay, Wiki Commons, Chia documentation, Seagate,
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