1 Introduction
Chik 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™.
Chik is not affiliated with Chia Network Inc., but is built on Chia’s outstanding open source code.
2 Chik startup and algorithm
Chik was released on June, 2023. Chik is a branch of CHIA. In order to prevent large mining pools from dominating, Chik uses a combination of proof of space and time (PoSpace + PoTime) and proof of service (PoSE). Miners of Chik can use free hard disk space to mine 100% of Chik openly, fairly and transparently.
3 Chik mining model
In Chik 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.
Chik 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 Chik network, there is no upper limit or limit on the total number of Chik coins that can be generated through farming rewards (farming).
Block reward: A block is generated every 18.75 seconds, and each block rewards 2 XCK. Of this, 100% is allocated to miners. One halving of block rewards every 3 years, to an final rate of 0.125 XCK generated every 10 minutes from the thirteenth year.
4 Conclusion
The entire Chik is based on the CHIA branch, adding an asset mortgage, community autonomy, main node network, budget review and other functions. Chik use a combination of proof of space and time (PoSpace + PoTime) and proof of service (PoSE). Chik upholds the spirit of openness and open source, and encourages people from all walks of life to work together to promote the development of Chik.
Thanks again to the developers of CHIA!