Chia Network is an eco-friendly decentralized layer 1 blockchain built for enterprise use. Using the first new Nakamoto consensus algorithm since Bitcoin, named Proof of Space and Time (PoST), Chia aims to make a cryptocurrency that is sustainable, compliant and secure.
PoST makes blockchain mining an energy-efficient process, claiming only to use 0.16% of the annual energy consumed by Bitcoin and 0.36% of Ethereum. Chia has since also announced that they intend to become a regulatory-compliant blockchain company.
The key features of Chia Network include smart transactions, robust security, energy efficiency, at-home mining capability, improved shared mining (pooling) and increased scalability, among other features. Moreover, Chia Network is the most decentralized blockchain ever with around 200,000 nodes and boasts its own on-chain programming environment called Chialisp.
Chia Network's native currency, XCH, is used for transactions and rewards to incentivize users.