Frequently Asked Questions
What is Spare?
Spare is the world’s first block chain to utilize the revolutionary new consensus algorithm Proof of Space and Time (PoST) AND recycled crypto resources, allowing it to be farmed on existing Chia plots (learn more about Chia).
This combination of PoST and farming on recycled plots gives Spare the smallest carbon footprint of any cryptocurrency on the planet.
Is the Spare project open source?
Yes! Spare is a fork of the Chia project. At the end of the day the community is who will determine how successful Spare becomes. We want the minds and creativity of developers across the globe.
At launch the Spare project will be available on GitHub for anyone to review, verify and improve!
Why was Spare created?
Cryptocurrencies have officially entered the mainstream, and their growth has been exponential. The number of coins on the market have exploded to, at the time of this writing, near 8k. This rapid adoption by the public and institutions has led to two primary problems: sustainability and control.
In recent months the sustainability of cryptocurrencies such as Bitcoin have been called into question based on the consensus algorithm used to mine and validate the blockchain called Proof of Work (See above “What’s wrong with current cryptocurrencies like Bitcoin?”). We believe cryptocurrencies are here to stay, but that they must be sustainable to persist. In 2021 Bram Cohen, a world renown network protocol engineer and creator of BitTorrent release a new type of cryptocurrency called Chia.
Chia introduced a new consensus algorithm to the world that drastically reduced energy consumption utilization, validating the blockchain with unused hard drive space (Farming) rather than using raw processing power (Mining). This was a huge step in the right direction and a massive evolution, but we knew there was a way to make it even better.
The adoption of Chia has been explosive. The ability for anyone in the world to be able to farm Chia, even on an old hard drive or laptop, has driven massive growth. However, as Chia’s network has grown, and the likelihood of receiving rewards has decreased, many Chia farmers are sitting idle with dedicated hard drives or farming setups. This underutilization has created waste in the ecosystem. The eureka moment came for us when asked “Why not recycle all of these Chia plots and let people farm another currency on the same plot?” Spare was born.
While all cryptocurrencies may run on a decentralized technology, this does not mean that they are decentralized in practice. The emergence of large organizations launching coins that are controlled by a central entity runs in opposition to the philosophy of a truly decentralized currency. We believe in the spirit of a completely decentralized block chain, both as a technology AND philosophy. So, Sparecoin is not designed to be controlled or managed by an entity, it’s designed to be a decentralized digital currency both technically and in spirit.
What’s wrong with current cryptocurrencies like Bitcoin?
One word… resource utilization. Cryptocurrencies like Bitcoin have been increasingly criticized for the amount of energy that’s required during mining, a process that involves significant amounts of computing power due to the consensus mechanism used for puzzle solving called Proof of Work (PoW). Proof of Work is extremely resource intensive and does not unlock all the possibilities of decentralized block chains. In fact, it’s estimated that Bitcoin alone uses as much energy as the country of Switzerland, and as cryptocurrencies enter the mainstream, that number is only going up.
Spare, on the other hand, uses a new consensus algorithm called Proof of Space and Time (PoST) created by Bram Cohen a world renown network protocol engineer, creator of BitTorrent and founder of Chia, the blockchain that Spare is forked from.
What is Proof of Space and Time?
Proof of Space and Time (PoST) is the method used to prove that mines, or farmers in Spare’s case, are allocating unused hard drive space for storing unique data for the Spare network over a period of time.
PoST is an alternative and, we believe, superior method to Proof of Work (PoW) which is used in most major cryptocurrencies such as Bitcoin. The big issue with PoW is the high amount of energy consumption it requires to function. Mining using POW is an expensive and ultimately unsustainable method. Alternatively,, PoST requires a radically reduced amount of energy to work once the initial plotting is complete. In fact, the energy requirement is so low it could, theoretically, be done even on a mobile device. For a more detailed breakdown of Proof of Space and Time, we recommend checking out Chia’s very thorough Green Paper.
How is Sparecoin different from Chia?
We believe Chia’s technology approach is correct but their management of the coin and large pre-mine of 20+ years worth of Chia prevents barriers to it being fully decentralized. Chia has been transparent about their intent to be an “enterprise-grade digital money”, with the goal of taking their company public in the near future. Their large premine will allow them to reduce volatility and inflation at will, and gives the company a massive lever that the public does not have access to. As digital currencies mature, there is definitely space for this type of approach and potentially a need, however this is not the approach we’ve taken with Spare.
Spare was created leveraging the technology of Chia but in the spirit of Bitcoin. The Spare blockchain is not managed or controlled by a company. By using pre existing Chia plots, Spare has a radically reduced footprint, even from Chia since the plotting process is the more resource intensive step.
Is Sparecoin a Chia token?
No, we are not built as a token on top of the Chia block chain. We are a fork of Chia and a unique block chain.
How can Spare claim to be using recycled resources?
Spare allows farmers to use their existing Chia plots to farm Sparecoin. This essentially lets farmers use the same plot of land to grow two crops simultaneously and without interference or security compromises.
How does Spare use Chia plots?
Instead of requiring additional hard disk space for plots, Spare recycles and uses your already existing Chia plots. Your plots can be farmed on both Chia and Spare simultaneously.
Does the spare app need any keys from Chia to reuse plots?
Yes, in order to reuse your Chia plots the Spare app will access your keys the same way the Chia app does. The keys used for plotting are only accessed locally on your node to answer challenges and earn block rewards on your plots.
We recommend, as a best practice, to separate your key used for plotting from your key used for rewards. This way, you can keep you wallet key with rewards completely separate, inaccessible and secure.
For a more detailed explanation read our Letter to the Community on security and transparency
Will farming spare on my Chia plots affect my Chia farming?
No, you can farm on both Chia and Spare at the same time and farming consumes very little system resources.
Can I create new plots using the Spare app?
In the spirit of creating the lowest energy and resource use blockchain we do not support creating plots in the Spare app.
What can I do with Sparecoin?
Sparecoin (the native token to the Spare blockchain) was designed to be a secure, decentralized digital currency that not only anyone in the world can use as an exchange for value but that anyone in the world can actually farm, even on basic consumer hardware.
Can I buy Sparecoin on any exchanges?
Spare will be listed on XT.COM on September 8, 2021 at 06:00 UTC
Who started Spare and is it a company?
Spare is not a company. It was started by a group of crypto engineers and enthusiasts who loved the concept of Chia and the potential use cases that a low resource blockchain enables. We thought, wouldn’t it be great if that capability existed without a company behind it managed and controlling it. Basically Bitcoin but based on Chia’s proof of time and space. That’s what we did. It’s not about us, it’s about the possibilities.
Will Sparecoin be managed like Chia?
No. Chia has set aside 20 years worth of coins to be used as a sort of federal reserve that they control and are heavily managing the blockchain. Spare by contrast will be managed like Bitcoin.
Enough FAQs already! How do I start farming Sparecoin? Do I need any special equipment?
Damn! You made it through all those FAQs?? Good job, here you’re reward …
You can start farming Sparecoin today, in as little as a few minutes and with no special equipment. Here’s how to start farming:
- Download and install the Spare App
- Run the Spare App and choose which Chia plots you’d like to use to farm Sparecoin on. If you don’t have any Chia plots, then go download Chia Blockchain, install it, create a plot and point the Spare App to it.
Happy farming!