Chia Network (XCH) altcoin announced today that it has confidentially submitted its Form S-1 draft registration statement to the U.S. Securities and Exchange Commission (SEC) regarding its planned initial public offering of the stock.
XCH Altcoin Price Rises After IPO News
The size and price range of the envisaged public offering has not yet been determined. The initial public offering is expected to begin after the SEC completes its review process, subject to market and other conditions.
Layer-1 blockchain Chia (XCH), developed by BitTorrent creator Bram Cohen, took off after Chia Network signaled its intention to become a public company.
After the development, XCH bounced from the daily low of $39 to as high as $47.60.
Unlike networks that use proof-of-work or proof-of-stake consensus mechanisms like Bitcoin and Ethereum, Chia uses a new "proof of space and time" mechanism to validate network transactions. Instead of miners and validators, the Chia network enlists "farmers" to write 100GB hash "plots" to their hard drives and SSDs.
Many of today's most popular blockchains started by raising money through initial coin offerings (ICOs) to spur the development of their projects, promising to give cryptocurrencies to early investors when the project launched.
In contrast, the Chia network stock and native coin are separate entities and offer no management rights to coin holders.
*Not investment advice.
