Detailed introduction

PipsCoin is based on the technology developed by the Chia Network Team, which set out to build a new crypto-currency infrastructure with a focus on reducing the energy consumption generated by graphics card mining. 

With conventional crypto mining (proof of work) – graphics cards are used to confirm proof of work, or the consensus that transactions are valid. This process is energy intensive and leads to todays issues with energy consumption caused by the cryptocurrency mining process. 

With the Chia Networks “proof of time and space” – the cryptocurrency is utilizing hard drive space to validate the transactions. What this means to the network is the energy requirements of this style of crypography is significantly lower than the proof of work model. 

The university of Cambridge released a tool which looks at the energy consumption of Bitcoin (Link). At August 2021 it shows that the Bitcoin network (est. 94.5 Terawatt Hour) is 50% more consumption than the combined consumption of all electrical lighting of USA (est. 60 Terawatt). To compare with the compare Chia Network, Chiastatus.com reports a current energy consumption as of August 2021 at 0.303 Terawatt Hour.