What is coming next? Summing up the transaction session
May 4, 2021 3 min read
Prefarm is not going anywhere soon. In the next couple of weeks they might start loaning to market makers. As per Gene these loans are going to be small comparing what is currently farmed and in circulation.
Interests is payable in chia and in chia only.
In the next few weeks likely the prefarm will be moved to their interim custody.
Nano X support comes in late summer.
Transaction fees are go to the farmer who farmed the block in question. You get that plus the 1/8th of the entire reward in the standard pooling protocol.
1.1.4 is going to be released this week and will contain bug fixes and performance improvements.
If you are farming on Pi 4 and not on 1.1.3 upgrade immediately. If 1.1.4 is out then go straight to 1.1.4.
Unless you are small enough don’t use pools. Small in Bram’s scale is 1 petabyte so most if us is considered small. Keep plotting today when they release the ability to plot to a singleton which will be later this week you can start plotting to those and that will be in preparation to joining to pools.
Pool support is probably 2-3 weeks from now.
Direct question on what is considered small – Bram said 1/10000th of the actual Total network size. So currently it’s around 200 TiB. Later it may change and we get to the previously mentioned 1 petabyte.
At about 7-12 exabyte range network will likely reach the S-curve so then the growth is going to be linear or less.
Chia is actively engaged with storage providers so people should be able to buy storage. Yeah, at what price?
ASICs can change chia protocol? Well we have ASICs already they are the SSDs. They will become cheaper and more reliable over time.
What’s in our plot? Plot file not useful outside of farming to help to secure the chia network. You can always delete them and use the space 🙂
Team will continue to focus on speeding up plotting.
Chia is moving faster than expected.
K32 should not be retired anytime soon (years away from that). As per Bram people are way too worried about this.
At some point there is going to be a way to resume plotting but currently they are focusing on making plotting faster so not anytime soon.
Main focus right now is to get pooling done.
Will GPU ever help people with plotting – NO!
What minimum network bandwidth is needed – 1 Mbit should be enough. It’s not about speed but the number of connections the system can handle and the CPU power what is crucial.
How secure opening port 8444? Each message is serialized and checked so any malicious message is dropped instantly.
We are in adoption phase it’s not easy to keep up with network growth not only for small fishes but for whales too.
Lot of work is put into ChiaLisp – on chain programming language of chia.
ChiaLisp is gold and baked and done and the company has been in touch with governments and major player to get onboard.
Company is not in a rush they want to change how the entire financial industry which will take time :).
By end of May Bram expect the network will be 4 exabyte.
When exchanges? They either do not know or they cannot tell.
Anything on price? They do not have a vision for price but a vision for adoption and that is their focus.
3 thoughts on “What is coming next? Summing up the transaction session”
Highly descriptive post, I enjoyed that a lot. Will there be
a part 2?
Well, going to continue to to sum up these live sessions. There is one I need to do which was about plots. Probably in a day or two it will be added. Thanks for coming back and using my blog.
Thanks again for the blog post. Will read on…
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