Chia Network native coin Chia (XCH) was up approximately 3.5% and trading around $765.21 at the time of reporting according to market data provided by CoinMarketCap. The Chia ecosystem has attracted notable cryptocurrency retail traders and also tech enthusiasts since its inception. In a bid to upgrade its system to handle the heightened workload due to high demand, the Chia ecosystem unveiled Version 1.1.6. that will help the system onboard and operate seamlessly.
— Chia Project (@chia_project) May 21, 2021
The Chia ecosystem got the community’s attention with its ability to deliver fast profits with minimal investment. Anyone who successfully registers an account with the platform can start farming Chia coins through the unallocated space in their hard disk drive (HDD).
Consequently, high-capacity hard disk drives have seen their prices skyrocket in the past few months. More Chia coin investors have been purchasing and accumulating high-capacity hard disk drives in the past, a phenomenon that has caused a notable shortage in the market.
Chia Network Version 1.1.6
Founded by Bram Cohen, the Chia network leverages the proof-of-space concept, which was described as a greener means to financial freedom away from the proof-of-work concept in Bitcoin.
Over time, the Chia network has grown to a scalable unicorn with its market capitalization of around $16,297,312,806 according to Binance-backed Coinmarketcap.
According to the company, there are 514,760 units of Chia (XCH) coins in market circulation. However, the company set the maximum supply number of Chia (XCH) coins at 21,514,760 units.
The remaining coins are to be distributed amongst the community members through a lottery on the proof-of-space concept. As retail traders continue to heavily speculate in the cryptocurrency market, the Chia (XCH) coin is expected to rally further.
Traders can seamlessly exchange XCH coins with other coins on the listed exchanges. With the liquidity secured, the Chia network is now working towards improving the system to handle the demand.
The Chia network Version 1.1.6. is expected to solve some of the existing challenges including significant syncing and performance improvements. The system has experienced challenges in wallet synchronization, which has slowed down notable customers’ onboarding process.
One of the investors’ replied through the Twitter comment section that the wallet synchronization is slow and has since even stopped. “Wallet syncing is still incredibly slow. Is a fix coming for that? My nose is synched to 312,571 but my wallet gets stuck and stops syncing currently stuck at 175,968,” @JimsDSM noted in his tweet.