What is XCH coin? What can XCH coins do? How to store XCH coins?

The Chia network, powered by the XCH cryptocurrency, decentralizes storage services, offering secure alternatives to cloud storage by enabling users to rent and lease unused storage space.

Oct 27, 2024 at 10:51 pm

What is XCH Coin?

Definition: XCH (Chia) is a cryptocurrency and platform that enables decentralized storage, providing a secure and reliable alternative to cloud-based storage services. It was launched in March 2021.
Consensus Mechanism: Chia utilizes a novel consensus protocol known as Proof of Space and Time (PoST), which relies on unused storage space instead of computational power for block creation.

What Can XCH Coins Do?

Storage Provider: Holders of XCH can rent out their unused storage space, enabling them to earn passive income by participating in the decentralized storage network.
Storage User: Users can lease storage space from providers on the Chia network, ensuring the secure and reliable storage of their files.
Farming: XCH coins can be farmed by utilizing unused storage space. This process involves allocating a portion of the hard drive to store "plots," which are then verified by the network to earn XCH.
Transaction Fees: XCH is used to pay transaction fees on the Chia network, which are required to validate and process transactions.

How to Store XCH Coins?

Official Chia Wallet: The official Chia wallet, called "Chia GUI," is the recommended method to store XCH coins as it provides secure storage, syncing, and transaction features.
Hardware Wallets: XCH coins can also be stored securely using hardware wallets such as the Ledger Nano X or Trezor Model T, which offer enhanced security by keeping the coins offline.
Software Wallets: Software wallets on mobile or desktop platforms, such as Abra and Coinbase Wallet, allow users to manage and store their XCH coins with convenience. However, they may offer limited security compared to hardware wallets.

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