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Chia Network Announces CFO as it Prepares to Go PublicSAN FRANCISCO, Jan. 18, 2019 /PRNewswire/ -- Chia Network, developer of a digital money concept creating a more environmentally friendly and functional alternative to Bitcoin, is announcing it has brought aboard veteran finance executive, Mitch Edwards, to serve as the company's Chief Financial Officer. Edwards, who has held top executive positions at Overstock.com, BitTorrent and a range of other leading public and private companies, will oversee Chia Network's financial planning, risk management, record-keeping and financial reporting as the company prepares to file for an initial public offering. "I'm thrilled to join this team of brilliant people who are changing the world," Edwards said. "I believe Chia will become one of the dominant and most widely-used digital currencies in the world. It solves many of the endemic problems of the largest cryptocurrencies. In the near term, I look forward to using my experience in taking global companies public to guide Chia through its IPO and expand internationally." Chia Network is planning to raise as much as $50 million in an initial public offering that will allow up to two million shares of the company to be available to investors at an opening price of $25 per share. In order to make shares available to as many investors as possible, Chia is opting for a 7-day, modified Dutch auction process where the general public can bid on shares alongside institutional investors. Edwards will play a pivotal role in the process. "Mitch Edwards is the ideal CFO for Chia," said Ryan Singer, CEO of Chia Network. "He combines experience working with disruptive decentralized technologies with a deep background and credibility on Wall Street. I'm very excited to work with him in the years to come." "I'm excited to be working again with my friend Mitch Edwards, who I worked with for several years previously at BitTorrent," said Bram Cohen, co-founder of Chia Network who previously founded BitTorrent, a pioneering communication protocol for peer-to-peer file-sharing. Chia Network is also announcing the winners of the first track of its competition to create implementations of Chia's verifiable delay function (VDF) algorithm, where contestants set benchmarks for the algorithm's speed. The contest, which also featured a second track focused on security, began in September. For the first track, the reference implementation of the algorithm—which served as a template and guide for contestants—was completed in 169 seconds. The winners of the first track of the contest are:
"The teams used a variety of approaches, contributed to interesting discussions on our Keybase channels, and considerably improved upon our reference implementation," said Singer. "The entries are helping us learn a lot about how to create a better VDF." First and second-place winners of the first track receive prizes of $40,000 and $20,000, respectively. Chia's judges were so impressed with the hard work of all competitors, the company has decided to award $2,000 each to all of the other teams that submitted an entry. The winners of the second track of the contest—which is a test of the algorithm's security—will be announced when Chia Network has reviewed all submissions. About Chia Network Media Contact
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