Chia Network has developed a cryptocurrency that is more environmentally friendly than Bitcoin and Ethereum because it does not consume much energy during use and relies on recycled hardware. Bram Cohen, founder and CEO of Chia Network, has rich experience in developing decentralized technology - he invented BitTorrent, a popular decentralized file-sharing network. According to analysis, Chia will be the most ideal infrastructure for global storage of financial assets because of its low cost and sufficient decentralization.
The two most popular cryptocurrencies, Bitcoin and Ethereum, are often criticized for the energy-intensive process called proof of work used by their blockchains to verify transactions. We have delved into Ethereum, but we see that Ethereum is not a UTXO architecture, thus not a very ideal structure for financial assets. If SINSO BOX is deployed in Ethereum, it will become more bloated and have high energy consumption.
Our project is meant to help poor areas. We have no reason to use a system that consumes high energy and costs. If we are to do a DEMO or a small area pilot, we would choose DPOS architecture or SOL technology. However, we want to build a safe and low-cost technology base for a country in the next few decades. Thus, Chia is undoubtedly a very good choice.
SINSO BOX closely follows the Chia system and assists the Chia CDI (Circular Drive Initiative) alliance. In the future, we will be the first to adopt the hard drives of the Chia CDI plan in a pilot area in South Asia or some other underdeveloped areas. Together with Chia hard drive manufacturers Western Digital and Seagate, we will promote the recycling of hard drives to reduce electronic pollution, and the realization of Chia’s beautiful vision: “Chia is green money for a digital world.”
Every year, the number of hard drives eliminated from data centers reaches approximately 22 million, which can be vital to the financial construction of underdeveloped countries.
Centralized data and cloud computer rooms, large host systems, and computer room cooling systems are still very costly. The philosophy of Chia CDI, which is exactly the same as that of SINSO, to minimize the cost of system construction, can be combined with the new global carbon emission rules when rationalizing our moves to cooperate with local governments.
A rare win-win situation can be achieved when uniting the construction of a green digital economy and gaining more carbon emission rights for local countries. In the end, a pilot area in South Asia will be used as a radiation source to build the largest CDI pilot module in South Asia and win the support of local governments to promote the implementation of blockchain globalization applications.
At the 26th United Nations Climate Change Conference, the blockchain industry appeared for the first time, to explore the application of blockchain, DeFi, and tokenization in carbon exchanges. The aims of this show-up, to promote cooperation among enterprises, governments, financial institutions, and civil society, as well as to develop and design markets solutions for clean and net-zero economies, are achieved through cross-sectoral dialogues, innovative partnerships and investments in sustainable solutions.
In the conference manual, a list of sponsors and partners was announced. Chia is one of them and the only blockchain technology company. This also indicates that Chia is keeping pace with the times, cultivating technology, and is solving a series of diachronous problems.
Having worked on "Climate Warehouse" cooperating with the World Bank and reached cooperation over carbon credit blockchain technology with Hub Culture at the UN Climate Change Conference - COP26, signed a memorandum concerning technical support for the "Climate Change Measurement System" with the Costa Rican government, Chia has been contributing the energy of the blockchain to environmental protection and helping to build a community with a shared future for mankind.
At present, governments still have not found a very good blockchain solution to solve specific domestic issues. SINSO BOX is a solution in the field of national livelihood, which makes it easier to discuss specific implementation paths. We even have to make a comparison between SINSO BOX and Kenya’s M-pesa system. In particular, it is necessary to build a targeted comparison system on environmental issues, including gaining political benefits and carbon indicators for developing countries, and attracting governments to take pilot projects through specific visions. The regional practice of a "green financial system" will not only stay as a concept.
Since our core partner, Mr. Najeeb, is a member of a pilot area in South Asia and is also a government consultant there, we have discussed the government’s pilot policies and had a conclusion that it is practical to set the area as our first pilot site.
The technical problems that have been plagued us are about to be resolved. The release of the CAT test version is very important to SINSO BOX, and we are confident in its development. In addition to speeding up our research and development, the CAT standard can be organically integrated with the Chia ecology. We no more need to consider hard forks when building our own token system. We used to consider how to use Chia's ecology and meanwhile maintain the independence of the token system. Now we don't need to worry about that anymore.
The system we developed based on the CAT standard is fully compatible with the Chia ecosystem. We are also proud to announce that our token system has 1 billion potential users and the logic behind is to maximize the popularization of the financial system, not just Defi. The CAT standard has enabled us to support a national-level medical insurance system. Besides, our structure can open up to underdeveloped areas, and let CAT be applied to more use scenarios, such as credit points or digital currency on a national scale, etc.
Miners and mining pools have always been the main participants in the SINSO BOX cryptocurrency ecosystem. They provide blockchain security by packaging blocks and verifying all transactions on the blockchain. The purpose of the mining pool is to gather the mining capabilities of individual miners to participate in the mining business together. Individual miners must use mining pool services to obtain a stable income cash flow to pay for mining costs, which replaced the lottery-style unstable income model. At the same time, mining pools must rely on miners to provide integrated mining capabilities to obtain stable income.
SINSO BOX will use a decentralized autonomous organization (DAO) mining pool, e.g. MaxiDAO to further promote the SINSO project and spread Chia's sermons through the empowerment of the ecology. Under the DAO governance, miners and mining pool operators not only jointly mine rewards, but also jointly manage and develop their businesses. If we use MaxiDAO, then we will build a concept of DAO mining pools. The SINSO project must be an integration of MaxiDAO and the real economy. We have developed countless small shop owners into miners, which is of great value to DAO.
As a new form of community governance, all miners will use SINSO BOX’s mining pool operation services and will become stakeholders in the community. The new national infrastructure and foreign investment can be well integrated, and income distribution can be performed transparently. This will not become a private company project. The country-based governance token systems may need to be redesigned. In a country dominated by market economics, this is undoubtedly a great tool to attract national investment.
DAO is the key to solving social contradictions. Furthermore, to make the entire economic system and operating mechanism transparent, the idea of DAO is a weapon for us to move forward courageously. For our project, Chia's DAO mining pool concept has given us great encouragement and confidence.
One of the core technologies of blockchain is decentralization. Tracing back to origins, the key factors contributing to blockchain’s huge volume and potentials include encryption technology, encrypted data, cryptocurrency. Digital encryption technology is the key to the application and development of blockchain. Once the encryption method is cracked, the data security of the blockchain will be challenged, and the immutability of the blockchain will no longer exist. Thus, the importance of encryption technology has become an international consensus.
SINSO BOX is a Chia-based decentralized medical insurance & charity platform with demanding requirements on data and technology. The combination of DeFi, DAO algorithm, and Chialisp technology can not only ensure the stability of the SINSO BOX ecology but also be applied to ecological applications, promoting a new wealth consensus.
Under such a wealth consensus, people don’t have to worry that their money will depreciate,be stolen, or be embezzled for other purposes. Donors can even know where each bit of their money is invested, and how to help the poor in every way to get rid of the predicament, which promotes the formation of a more effective virtuous circle between donors and recipients. Within the big data ecology of SINSO BOX, every transaction can be traced to the source. Therefore regulators and the government can better understand people's livelihoods and regional financial dynamics.