Chia Network, a prominent blockchain company, has revealed its intention to go public via an initial public offering (IPO) in the form S-1, as reported on April 14 by its representatives.
The company was founded by Bram Cohen, who is also known for his contributions to the development of the Bittorrent protocol.
Chia Network’s flagship product, Chia (XCH), utilizes a novel consensus algorithm known as Proof of Space and Time (PoST) that replaces the more commonly used Proof of Work (PoW) and Proof of Stake (PoS) mechanisms.
PoST uses storage space on devices like hard drives to verify transactions, and users are incentivized with rewards for contributing free disk space to the network.
The announcement of the possible IPO has caused XCH’s value to soar by more than 14%, with the token currently trading at around $45 as of April 16.
Other major cryptocurrencies such as bitcoin and altcoins have also experienced a positive upswing in value in the past week.