Chia Network Introduces Pool Protocol to Help Farmers Pool Plot to Mine Chia Coin
Chia network was released Pool log on July 7th to give Chia Coin (XCH) miners a better chance of winning a share of the coin by partnering with other farmers rather than competing with them.
XCH is managed by setting up a “plot” on a storage device such as an HDD. The blockchain network then presents a “challenge” to a block of plots, and if one of the plots meets that challenge, it gains a certain amount of XCH.
Chia’s popularity started with great anticipation from the mining community in March and has resulted in cyberspace on the blockchain exploding from around 100 petabytes at launch to over 30 exabytes today. Of course, with the further expansion of cyberspace, the level of difficulty also increases and the chance for farmers to win coins decreases.
This is where the pool protocol came in. “The pools are guaranteed to collect any block rewards that someone farms with them wins,” said The Chia Network. “Farmer rewards are shared fairly to incentivize participation.” This allows farmers to earn XCH more often.
Chia Network compared this method to “lottery insurance” in Pooling User Guide. Big miners willing to risk their plots to get more XCH don’t have to participate. The pool is primarily intended for farmers who are less adventurous and in need of a more regular income.
Pooling also allows farmers to move their parcels between pools or return to self-management. “The worst thing a pool can do is make it hard for you to get the rewards they should be getting from them,” says Chia Network, “and you can see for yourself whether they do or not. They can’t stop you from leaving. “Chia refers to pools other than the market.
Farmers who wish to participate will need to update the Chia Blockchain software on the website to version 1.2.0 update chia.net. The project says plots made with previous versions will continue to work, so those who don’t want to join the pool don’t have to do anything.
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