CHIPS was initially set up as a side project by the lead developer of Komodo Platform. As it has been in development for some time now, it was largely a question of when rather than if this coin would be created. Once the decision was made to actually move forward with CHIPS – jl777 wrote the code and deployed it, posting it on bitcointalk.org. The thread didn’t really get much attention until CHIPS was listed on Coinexchange.io in September of 2017. jl777 felt that the appropriate way to allow for decentralized distribution of CHIPS would be a 100% no-premine coin that had an open and fair launch from the beginning, allowing miners to mine the coin as was done in the pre-ICO crypto era. The idea is that if a pure mining launch coin was good enough for Bitcoin, it was good enough for this project.