What is Chives Network?
Chives is a hard fork created by community volunteers using the CHIA network code. As a completely decentralized, no reservation, no ICO, and community autonomy green cryptocurrency, it can create a low-power, green and environmentally friendly blockchain system with Chia™.
Chives is not affiliated with Chia Network Inc., but is built on Chia’s outstanding open source code.
2 Chives startup and algorithm
Chives was released on June 30, 2021, and the binary file for mining was released on July 5, 2021. Chives is a branch of CHIA. In order to prevent large mining pools from dominating, Chives uses a combination of proof of space and time (PoSpace + PoTime) and proof of service (PoSE). Miners of Chives can use free hard disk space to mine 45% of chives openly, fairly and transparently.
Chives builds a second-layer network-the main node network on the basis of the first-layer miner network, which is similar to DASH. The second layer of the network is supported by the master nodes (also known as the full nodes), which provides unique performance support for Chives. The master nodes do not participate in mining activities, and have the functions of instant transaction, decentralized management and budget decision-making, so the master nodes will receive 45% of the block reward.
The remaining 10% is mainly used to establish a healthy and complete Chives community environment, which is decided by the master nodes voting to fund projects that positively contribute to Chives network as a whole.
3 Chives mining model
In Chives farms, plotting is a process that requires a disk read and write to the allocated farm space. Once your hard disk is plotted, as long as you keep the proof generated, you may become the farmer and harvest it.
The initial plotting process fills the farm space with randomly input proofs, and then reads the drives through direct access to the API, and sorts them to quickly find the proofs obtained.
Chives uses the free disk space on the hard disk to run the proof of space (PoSpace), and coordinate with another consensus algorithm-proof of time (PoTime) to verify the blockchain.
On the blockchain of the Chives network, there is no upper limit or limit on the total number of Chives coins that can be generated through farming rewards (farming).
Block reward: A block is generated every 18.75 seconds, and each block rewards 200 Chives. Of this, 45% is allocated to miners, 45% is allocated to the master nodes, and 10% is allocated to the community. One halving of block rewards every 3 years, to an final rate of 12.5 Chives generated every 10 minutes from the thirteenth year.
4 Master node system
Chives contains a two-tier network. The first layer is a network composed of miners, which provides users with funds sending and receiving services and prevent double spending. The second layer is composed of master nodes which form a network, providing unique performance support for the Chives network.
The master node system is also called Proof of Service (PoSe), because the essence of the master node is to provide key services for the entire Chives network. The entire Chives network is supervised by the master nodes. If miners try to possess all block rewards or run an old version of Chives software, the master node network will isolate the block and prevent it from being added to the blockchain.
To become a master node, a user must have 100,000 Chives (the specific number is to be determined by the community vote) as a “stake”. The deposit is always fully controlled by the holder and can be freely transferred by the holder. After the deposit is transferred, the corresponding master node will go offline and stop receiving block rewards.
5 Decentralized Budget Management
In the decentralized budget management system, some rewards are managed by the network itself, and are developed and expanded in the ecosystem in the name of the operator based on the voting status of the master nodes in different budget proposals. These funds are used to support the development and promotion of the entire chives. The master node votes on specific budgets and projects that need to determine the direction of the entire Chives. This process is completed in a completely transparent manner through the website. The budget can be used for anything that creates value in the ecosystem, including but not limited to core code development and maintenance, website construction, document writing, language translation, video production, community promotion, and online advertising.
This is a decentralized system, fully controlled by the master nodes. The budget in the system is directly set and paid by the blockchain. People work for the network through voting by all master nodes and get direct rewards from the network. For each project, if the budget is approved, it will be added to the total budget and paid directly from the blockchain to contributors. This allows the Chives community to hire all kinds of employees and make payments. The system usually conducts project voting and fee settlement on a monthly basis. If there is a balance, it directly subsidizes the contributors of Chives.
The entire Chives is based on the CHIA branch, adding an asset mortgage, community autonomy, main node network, budget review and other functions. Chives use a combination of proof of space and time (PoSpace + PoTime) and proof of service (PoSE); 45% of chives are allocated to miners, 45% are allocated to master nodes, and the remaining 10% is allocated to participants who contribute to the Chives community ecosystem. Chives upholds the spirit of openness and open source, and encourages people from all walks of life to work together to promote the development of Chives.
Thanks again to the developers of CHIA!