“We have initiated discussions with existing and new sources to secure additional funding after the launch of our core network,” said a note in February, adding that “at our current burn rate, our operational trajectory is approximately 5.7 months.”
The core network Bluechip was launched in March this year.
“As with all related corporate developments, we will formally issue a press release to fully disclose all material information,” the company said when approached for comment.
According to an official document dated 10 February, the company has raised around $16 million in funding under Simple Agreement for Future Equity (SAFE) agreements, with the last round of $5 million closing in August 2020. “No investors have been promised kia in exchange for their investment,” it said, while some investors have redemption rights, expressed in kia, at the kia price at the time, if the company fails to float its shares in a public auction as planned.+
The company is backed by venture capital firm Andreessen Horowitz, Galaxy Investment Group, dcm, true Ventures and others. Cypherpunk Holdings, which is backed and run by Cryptonews.com founder Antanas “Tony” Guoga, plans to invest $300,000 in convertible bonds.
According to the white paper, no single shareholder will own more than 50% of the company, and no investor or fund will own more than 10% of the company’s outstanding shares on a convertible and combined basis. The investors as a group own the equivalent of approximately 35.1% of the outstanding shares, while project founder Bram Cohen, who is also the inventor of BitTorrent, will receive approximately 47.4%, representing his seed capital and subsequent cash investments contributed to SAFE on a converted basis.
The white paper also states that the company “will always consider an IPO or a capital increase as part of its product and business strategy”.
Meanwhile, its own token Chia (XCH), described as “green money for the digital world” on a “clean blockchain”, began trading today on exchanges including Gate.io, MXC.COM and Bibox.
It traded at $1,786 yesterday, compared with $1,596, the earliest available price on Coinmarketcap.com. Trading volume reached $9.7 million.
The Chia network uses what it calls a “proof of space and time” model and a programming language for smart transactions on the network called “Chialsp”.
“Instead of using energy-intensive dedicated computing resources, Chia relies on storage combined with additional variable time (via a “verifiable delay function” or “VDF”) to ensure the integrity and security of the blockchain. The Chia farmer will spend a few CPU cycles creating “charts” on hard disks, but then in the coming years will use the energy-saving resource of hard disk storage to participate in the consensus mechanism that
neue Blöcke in der Chia-Blockchain validiert”, sagten sie und fügten hinzu, dass Chia als Belohnung für Chia-“Farmer” geschaffen wurde.
Das Unternehmen geht davon aus, dass seine Blockchain bei einer Reihe von Transaktionen zum Einsatz kommen wird, unter anderem bei grenzüberschreitenden Zahlungen, der Emission von Finanzaktiva und Stabelcoins, und plant die Bereitstellung von Softwarediensten und Support für seine Open-Source-Blockchain sowie den Verkauf von Smart-Transactions-Software an Regierungen, Finanzinstitute und Unternehmen.
