GLASGOW, Scotland--(BUSINESS WIRE)--Chia Network, Inc., a next generation open-source blockchain and smart transaction platform founded by Bram Cohen, today announced a Memorandum of Understanding (“MOU”) with the Government of Costa Rica. This MOU outlines Chia’s technical services in support of Costa Rica’s National Climate Change Metrics System (SINAMECC) to use Chia’s secure, sustainable, inclusive blockchain technology for immutable data storage.
Costa Rica will lead the development of an open-source software platform that will be shared freely with other nations to improve the management of their climate inventory and operate national registries to manage carbon inventory, climate registry and record bilateral corresponding adjustments with trades occurring to shift credits among countries. The MOU outlines Chia’s support of Costa Rica’s leadership on climate and deep commitment to transparency.
“The Government of Costa Rica selected Chia as an open-source partner due to both its technical software and open-source expertise, but also the platform’s commitment to secure, sustainable, inclusive blockchain technology and immutable data storage,” said Andrea Meza Murillo, Minister of Environment and Energy of Costa Rica. “This is a critical step toward robust, transparent cooperation on climate action focused on environmental integrity.”
“We are honored to partner with Costa Rica, the recognized leader on climate action and driver behind the Paris Agreement, as another key link to an open-source blockchain as a tool for the greater global good,” said Gene Hoffman, President & Chief Operating Officer of Chia. “Realizing the platform’s potential in partnership with the Government of Costa Rica has been one of our most exciting ventures to date. We hold the Country’s leadership in the highest esteem and are committed to continuous management, delivery and access to nations reshaping their climate initiatives.”
Chia is committed to being the rails for enabling climate inventory management and is at COP26 in support of its commitment. Chia’s co-stewardship on the project will enable a direct connection to a public blockchain-based Climate Warehouse, and ultimate project operationalization in Costa Rica and elsewhere.
Last week, it was announced that Chia Network will develop the next and most functional prototype for the World Bank’s Climate Warehouse. The Climate Warehouse was convened by the World Bank and will be launched under international governance as the underlying data architecture that connects all national parties, market participants and service providers to meet and hopefully exceed the goals of the Paris Agreement article 6.
About Chia Network
Chia Network Inc. is a state-of-the-art open-source decentralized blockchain, digital currency and smart transaction platform. Founded by Bram Cohen, inventor of BitTorrent, the Company believes that “digital money” should be easier to use than cash, harder to lose and nearly impossible to steal.
Using the first new secure Nakamoto consensus algorithm invented since Bitcoin, Chia operates an eco-friendly, secure and user-friendly system for cross border payments, issuing and exchanging financial assets, lending, escrow payments, institutional custody and distributed identity. Chia’s blockchain is based on “Proof of Space and Time” which has a significantly reduced carbon footprint compared to “Proof of Work,” used by all other crypto networks. Built on Chialisp, the company’s smart coin language, Chia’s blockchain allows its users to build and execute secure "smart coin" transactions.
The Company is funded by leading venture capitalists including Richmond Global Ventures, Slow Ventures, Andreessen Horowitz (a16z), Naval Ravikant, True Ventures, Cygni Capital, Galaxy Digital, Greylock, MetaStable, Stillmark, DCM, and others. Chia’s advisors include Dr. Dan Boneh, Research Partner at a16z and Applied Cryptography Professor at Stanford University; David Frazee, Managing Partner at Richmond Global Ventures; Katie Haun, General Partner at a16z; Dr. Krzysztof Pietrzak, Cryptography Professor of IST Austria. For more information, visit chia.net and connect with us on Twitter (@chia_project), Facebook, GitHub, Reddit, and LinkedIn.