Updated: Jun 21
Chaingreen - Total Decentralization Gone Green
The first question that comes to people’s minds when they hear about a new cryptocurrency is “What’s different about it?” or “What’s in it for me?”. And legitimately so. That’s why we have no intention of beating around the bush, and we will answer these questions for you right off the bat instead.
So what is Chaingreen? In a nutshell, Chaingreen is a green cryptocurrency. You are skeptical about that claim, right? We know what you mean. Green-energy champion Elon Musk and his Tesla made it abundantly clear that Bitcoin is not environmentally-friendly due to the increasing use of fossil fuels for the cryptocurrency’s mining needs, which is bad for business, especially if you are selling electric vehicles. What makes Chaingreen actually “green”?
We aren’t going to delve too deeply into the technical aspects here (we have a Whitepaper for this purpose ), but we will still explain the basics and what exactly sets us apart from the rest of the crypto world. Bitcoin, the Number 1 cryptocurrency, uses the so-called Proof-of-Work (PoW) consensus mechanism, which is extremely energy-intensive. The reason for that is the fact that the “mining” of new Bitcoins happens thanks to specialized equipment, which consumes exorbitantly high amounts of electricity. That is why the digital gold has attracted a lot of critics over the years that accuse it of solving one problem while aggravating an already pressing issue, namely humankind’s carbon footprint and, respectively, climate change.
Unlike Bitcoin, Chaingreen utilizes a Proof-of-Spacetime (PoST) consensus model, which, as the name suggests, replaces the “work” with “spacetime” resource - the process of filling a specified amount of hard drive/SSD storage for a specified period. To put it simply, thanks to this model, the “minting” of new coins doesn’t require the purchase of specialized hardware but makes actual use of the idle hard drive or SSD storage you already have available on your laptop, personal computer or phone. You can find out more about what PoST is in our blog post on the matter.
We didn't need to reinvent the wheel though. The guys at Chia Network came up with this innovative idea first and they didn’t leave us any other choice but to be inspired by it. Based on their technology, we have created Chaingreen, which allows you to harness the power of your idle disk space and start farming immediately. Yes, you’ve read it correctly, it’s farming, not mining, even the technical terms sound green. Cool, right? 😏 What’s even cooler is that as part of our project, everybody can farm CGN tokens with the use of their free disk space on computers, mobile phones or any other device at their disposal. Chaingreen and Chia Network - What’s the difference?
While Chaingreen uses Chia Network’s technology, we have decided to approach the green crypto endeavour a bit differently and to avail ourselves of some of Bitcoin’s advantages as well. Unlike Chia Network, we haven’t pre-farmed any coins, driven by the idea of total decentralization, which means that the access to transaction validation is democratized and literally everyone can do it.
Similarly to Bitcoin, Chaingreen is a deflationary cryptocurrency with a limited supply, but contrary to Bitcoin, CGN is more eco-friendly and sustainable, while achieving the same level of security. Moreover, Chaingreen transactions are much faster and cheaper, as our energy-efficient blockchain finds a new block every 18.75 seconds, as opposed to every 10 minutes in Bitcoin’s case.
Our idea was to get the best of both worlds - the one of Bitcoin (a.k.a digital gold) and the green one, the way towards which has already been paved by Chia Network. Chaingreen’s mainnet has been live since May 20, 2021 for both farming block rewards and making transactions. Our coin is yet to be listed on major global exchanges, so for the time being you can either buy it from somebody in the Chaingreen community or farm it. Currently, farming remains the best option for you to become a CGN owner. We hope that all of the above has been hard proof that we don’t only claim to be green, we are green. Plotting, farming, harvesting - these are all processes associated with creating new CGN coins. We haven’t started planting real trees yet, but who knows, we might start soon 😉.
We are community based project, and so we accept donations if you like the project and would help it advance its development : BTC : bc1qdmmkz5lpa3h7grvmw2wagwy7f8x8yzldjrcgvc
XRP : r3XMeM8dj1MCMujtDG9jEuuH3FsuTt3m9E DOGE : DFz7JUvVf2kAt67zSDDujLkqjwD83FDSZc
CGN : cgn1dennqptdu6h9cfengx4qgahhlclrytctdatyfv9vp90p63f3fnnq8mj7f0
All collected donations will be used for further development of the project. Every quarter a report will be published on our website, stating the amount of donated funds and how they have been spent. Check out our FAQ sections for more answers to your questions.