FAQ
Learn more about Chaingreen
What is Chaingreen?
Chaingreen is an eco-friendly alternative cryptocurrency with the goal to become the “green” Bitcoin, hence its name.
It uses the Proof of Space and Proof of Time consensus algorithm in the configuration proposed by the developers of Chia, which is significantly more energy-efficient than the Proof of Work one (used by Bitcoin, Ethereum, Dogecoin). You can simply make use of your laptop idle hard drive or SSD storage to validate transactions on its chain and earn rewards for every block you “farm”. Neither specialized equipment nor huge investment is required, which makes farming Chaingreen extremely cost-effective and accessible to the mass user. Chaingreen is thus 100% decentralized with no coins being pre-farmed and allocated to the developers of the project.
What is the technology behind Chaingreen?
Chaingreen uses the Proof of Space and Proof of Time consensus algorithm to validate the transactions on its blockchain that was proposed by the creators of Chia. Chaingreen is essentially a fork of Chia that has no pre-mining and no infinite supply as opposed to Chia’s project.
You can find some of the Chaingreen’s blockchain repositories here:
chaingreen-blockchain: Consensus code, networking, and reference Chialisp implementations.
chaingreen-blockchain-gui: An Electron/React graphical user interface to the plotter, node, and wallets.
What is Proof of Space and Proof of Time (PoST)?
Proof of Space is a cryptographic algorithm by which provers (“farmers”) prove that they have allocated free disk space, a.k.a. “plots” of storage space. To protect against malicious users that have plenty of idle disk space, the Proof of Time consensus is also used. It demands a certain amount of time to actually pass between blocks which removes the benefit of having many parallel machines running increasing the security of the chain. Having a lot of storage, however, would increase the chance of earning the next block reward. The probability is equal to the farmers’ allocated storage space divided by the total network storage.
What equipment do I need to farm Chaingreen coins?
Just a hard disk drive or SSD with a minimum of 256.6 GB free storage space.
Why should I farm Chaingreen?
Farming Chaingreen does not require any huge investment, access to cheap electricity or single-purpose equipment. It uses free disk space that regardless remains idle, because people tend to buy more storage than they actually need. So why not put it to good use?
How can I start farming Chaingreen?
To become a Chaingreen “farmer”, you first need to make sure you have enough free storage space on a hard drive or SSD. Then you can download the Chaingreen’s desktop client from here, which will store cryptographic numbers on your hard disk into plots. This is the most energy-consuming part of the farming and will take a few hours. Once the plotting is done, the software will start farming in the background - the energy consumption and use bandwidth will immediately go down. Your block rewards can be tracked in the Chaingreen’s desktop client.
What is Chaingreen’s block reward for farming?
A new block is found every 18.75 seconds and the block reward is 500 CGN (Chaingreen coins). There is a halving every four years, which means that the block reward will be reduced to 250 CGN in 2025, to 125 in 2029 etc. until the last Chaingreen coin is farmed in 28 years.
Is Chaingreen’s mainnet live?
Yes, Chaingreen’s mainnet was launched on May 21, 2021 for both farming block rewards and making transactions on the chain.
Is Chaingreen decentralized?
Yes, Chaingreen is a completely decentralized project. Everybody can farm Chaingreen tokens with the use of their free disk space on their computers, mobile phones or any other device. Our team has not pre-farmed any coins.
Why does Chaingreen have a limited supply?
Same as Bitcoin, Chaingreen has been designed to fight the inflationary nature of the fiat money and the uncontrollable money printing by central banks that constantly reduces the value of our savings. Chaingreen can be viewed as a more eco-friendly alternative to both Bitcoin (a.k.a digital gold) and real gold. It is a deflationary cryptocurrency with a limited supply, which by the market laws of supply and demand is expected to rise in value as the time passes. In four years half of the total number of Chaingreen coins will be farmed and every four years the number of new coins minted will be halved. 28 years will pass until the last 6 675 120 000-th token is created.
Why is Chaingreen eco-friendly and sustainable?
Chaingreen uses the Proof of Space and Proof of Time consensus algorithm, which is much more energy-efficient than the Proof of Work one that is used by e.g. Bitcoin. Besides, there is no need to buy specialized hardware that has been built with the single purpose to mine Bitcoin. In general, you can use free disk space to farm Chaingreen tokens.
How is Chaingreen different from Chia?
Chaingreen’s idea has been inspired by Chia’s project, but Chia is and is working as a for-profit organization. It would take 21 years for the Chia farmers to farm as many Chia tokens as there have been pre-mined already; thus, the project is extremely susceptible to the development team and is not truly decentralized.
On the other hand, no Chaingreen coins have been pre-farmed in order to achieve total decentralization. With the creation of Chaingreen, we are looking to provide an eco-friendly and cost-effective alternative for cross-border transactions via the blockchain technology.
Why is Chaingreen better than Bitcoin?
More decentralized. It is completely decentralized because everybody can farm Chaingreen tokens with no significant investment and specialized equipment. On the other hand, Bitcoin can be only mined by specialized ASIC chips that have an extremely high energy consumption and require you to make a significant investment. Thus, the majority of Bitcoin hash power is currently concentrated into mining farms with lots of financial resources and access to cheap electricity.
More eco-friendly and sustainable. The Proof of Space and Proof of Time (PoST) algorithm by definition requires much less energy than Proof of Work (PoW) to achieve the same level of security. Additionally, to mine Bitcoin you need to purchase hardware that cannot be used for anything else, which also increases Bitcoin’s ecological footprint.
Faster and cheaper transactions. The Bitcoin network has generally low capacity and blocks are found only every 10 minutes. Therefore, confirmation times are slow while transaction fees are high. This is opposed to Chaingreen’s blockchain which is much more energy-efficient and finds a new block every 18.75 seconds.
How can I get Chaingreen?
You can either buy or farm Chaingreen. The Chaingreen mainnet supports transactions, so if you do not want to farm, you can always buy it from somebody in the Chaingreen community. Chaingreen will be also available for trading on global exchanges in the near future. Nevertheless, currently farming remains the best option for you to obtain Chaingreen coins.
Where can I trade Chaingreen?
Chaingreen can be currently traded peer-to-peer with other Chaingreen community members. In the near future Chaingreen will be listed on major global exchanges.
Where can I trade Chaingreen?
Chaingreen can be currently traded peer-to-peer with other Chaingreen community members. In the near future Chaingreen will be listed on major global exchanges.
Can I use Chaingreen as a means of payment?
Yes, Chaingreen coins can be easily used as a means of payment. Blocks are mined every 18.75 seconds and transaction fees are very low, which makes it the perfect coin for making transactions.
Is Chaingreen a good store of value?
Yes, Chaingreen is a deflationary cryptocurrency similar to Bitcoin, which is expected to rise in value. It has a limited supply capped at 6,675,120,000 coins with the last being farmed in 28 years.
What is the price of Chaingreen?
Chaingreen’s worth is determined by the supply and demand market powers. In the short-run it’s price may be volatile but in the long run it is expected to rise due to its deflationary characteristics.
How is the team behind Chaingreen incentivized? Have you done a pre-farm?
No, we haven’t pre-farmed any coins. We believe in total decentralization and our developers are able to farm in the same way you can and are not prioritized in any way. We are enthusiasts about this technology and believe that Chaingreen can become the eco-friendly “Bitcoin” used for global transactions and as means of payment.
How is the project funded?
Since we have not done any pre-farming, the Chaingreen is community-funded.
We accept donations at:
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BTC : bc1qdmmkz5lpa3h7grvmw2wagwy7f8x8yzldjrcgvc
LTC : ltc1qrk5kx46artj8fusq5jy06l79n6jfy6mwxp0u5a
ETH : 0x1abCde9faaC5B1EA55eadeDa5F36b83B41D5B424
XRP : r3XMeM8dj1MCMujtDG9jEuuH3FsuTt3m9E
DOGE : DFz7JUvVf2kAt67zSDDujLkqjwD83FDSZc
XCH : xch1dennqptdu6h9cfengx4qgahhlclrytctdatyfv9vp90p63f3fnnq8mj7f0
CGN : cgn1dennqptdu6h9cfengx4qgahhlclrytctdatyfv9vp90p63f3fnnq8mj7f0
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Thank you for supporting Chaingreen!
What is the goal of Chaingreen?
A global eco-friendly means of payment that achieves what Satoshi Nakomoto envisioned about Bitcoin - an electronic cash system that is 100% decentralized and secured by a global network of idle unspecialized equipment that everybody has access to.
Where can I store my CGNs (Chaingreens)?
You can download the Chaingreen official wallet from here.