In Chile the world of cryptocurrencies is being born, one of its most important and mediatic projects is “La Chaucha”. I can not stop describing Cesar Vázquez the first time I saw him, in the Chilean summer, with his “snoopy” athletes standing out from the crowd for his self-confidence and simplicity.
The “Chaucha” as such, was born to educate the Chilean society with respect to the whole world “Blockchain” in August of 2017. Currently quoted on the exchange (also Chilean) OrionX.io
Some questions jumped instinctively:
Why is it called “Chaucha”?
The word Chaucha was born in the mid-twentieth century to characterize the Chilean peso 20 cents coin and over time became synonymous with a “small amount of money”.
We use this name to reflect the cultural identity of Chile, and also to transfer the concept of “la chaucha” to the world of cryptocurrencies.
A cryptocurrency does not maintain an economic value by itself, which makes it “a shanty”, but the same society (development, marketing, trading, mining) assigns an added social value to this object that is reflected in its price. market.
This serious response makes me smile, to say “chaucha” in Chile is like saying “some coins of little value” in a loving way and it may be by that name that causes me so much affection.
What algorithm is the Chaucha based on?
The Chaucha source code is based on Litecoin (Scrypt) and within these weeks we will change the difficulty calculation to the Dash Dark Gravity Wave algorithm.
What kind of mining do you use?
The Chaucha mining process is based on Litecoin’s Proof of Work, and no major changes have been made to this process.
How many miners do you have?
There is a fluctuation of between 360 to 580 workers in the Chaucha Network, which deliver between 600 MH / s at 1.2 TH / s so that our cryptocurrency remains in operation.
Given that the price of electricity in Chile is high, do not you think that this type of mining causes the currency to fall only in a certain elite?
The main idea of the Chaucha is to be a tool for self-learning by the community, and for this reason we decided to choose an algorithm that does not discriminate in terms of hardware so that the users could understand the problems that currently exist on “centralized” mining. ”
In Chile, cryptocurrency mining will never be profitable because of the problems that exist in our electricity generation and distribution networks, but it is also possible to use existing Cloud Mining platforms on the Internet, which also have benefits and risks that must be studied by the same users.
And what future do you see the dog on the issue of usability?
First people have to know the cryptocurrencies, use them and then you can see the usability and adoption part.
Camilo Castro, the co-creator of “La Chaucha” is in charge of educating companies and interested people before they understand the good and the bad of using “la chaucha” as a means of payment.
We will continue talking, luckily for me and bad luck for Cesar, I have it within reach of a click, so I will remain pending, even if it is to know what sports will take in the future general meeting of the project to be held in April.
Writer by birth, curious by profession … I learn a little more every day from the cryptocurrency.