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It looks like we are on the cusp of the blockchain revolution. It all has started with the implementation of decentralized currencies. We have witnessed their rapid growth and increasing demand for cryptocurrencies over the past decade. Consider Bitcoin, the value of which has grown from zero to over $40,000. In recent years, many other more sophisticated financial systems have appeared.
As a means of decentralization, these technologies can be regarded as a fundamental breakthrough in information technology — beyond mainframes, personal computers, the internet, mobile and social networks. They can radically change the life of humanity, as the internet did in its time.
Though the main practical application of blockchain technology is decentralized money, the scope of its use is much wider, covering such areas as logistics, medicine, copyright protection, the operation of the land fund, etc.
Therefore, the next step in the development of this technology is the expansion of its functionality and versatility. In this article, we will discuss an example of an ecosystem based on blockchain technologies — the Qchain network.
More than just a cryptocurrency
We are all accustomed to the idea that modern blockchains are cryptocurrencies, but what if we go beyond the usual framework and organize other services based on a decentralized platform? The developers of the Qchain system had set an ambitious goal — they wanted to create a multifunctional universal ecosystem based on the latest generation of the blockchain network, universal and accessible for the widest possible range of users on any device. What came of this? Let’s have a look.
QChain is both a private and public blockchain platform that can be used by governments, commercial enterprises, and individuals. At the moment, it can be launched based on Windows, Android, and iOS operating systems, as well as in browser mode, that is, on virtually any device.
Most of the blockchains operate based on peer-to-peer networks (P2P). QCHAIN uses a protocol based on TCP/IP with a virtual channel. This arrangement has resulted in an impressive 100,000 trns/sec throughput (these are Testnet results, the system can potentially run faster).
Another distinctive feature of the Qchain network is that there is only one transaction hash in its block. This structure minimizes the block size. In Qchain, it is only 120 bytes.
In addition, in Qchain you can simultaneously form independent side chains — smart contracts. This allows signing smart contracts between several parties at once. Another step towards universality is the network’s ability to integrate third-party accounting systems, documentation, etc., arranged in Qchain based on the SDK.
As we have already noted, Qchain implements not just purely financial functionality. All available services are organized as separate products. Here is a brief description of each.
QPayments. This service for fast payments allows carrying out any operations with tokens and fiat money.
Qstaking. After reserving an amount of 100,000 QDT tokens, the user receives dividends from all operations in the system.
QDex. The independent decentralized exchange enables users to buy and sell, as well as exchange popular cryptocurrencies with a transaction fee of 1%.
Qchain Place Marketplace. This is a platform that allows users to buy and sell their own goods and services. In this case, all calculations are carried out in the system’s tokens — QDT.
Power Smart. A multi-level affiliate program that provides bonuses for invited members up to level 3.
QTI index. It tracks trends in the value of cryptocurrencies (general market trend) and allows users to quickly respond to noticeable changes.
Games (Magic lotto and Xgame chain). A completely transparent scheme of draws, which is, in fact, a unique case in gambling.
Qstorage. You can store your files in the Qchain decentralized network. They are encrypted on the devices of other users and divided into parts. This allows achieving an almost 100% guarantee of data protection.
The developers of the system plan to further expand its functionality in the near future — introduce solutions to work with the Internet of Things, cars with autopilot, trader bots, etc.
Main features and advantages of Qchain
Now let us discuss the key benefits and the main features of the Qchain ecosystem.
The Qchain network allows its users to earn money if they actively participate in the system’s work. You can use staking, rent out unused megabytes on your hard drive, profit from participating in a liquidity pool or the QTI index.
The capabilities of smart contracts allow creating a 4-dimensional blockchain, which enables users to conclude a deal between several participants at once (up to 10 deals), significantly expanding the scope of the Qchain network.
For those planning to launch their startup, Qchain offers a dedicated token builder. With this tool, anyone can create a token for their project easily and quickly and start an ICO.
Qchain implements an advanced modification of the hashing system based on its own cryptographic design. The increased hash (32 bytes) provides high crypto resistance.
Besides, Qchain found a solution to the 51% attack problem.
At the moment, some system’s products and functionality are not yet fully launched, but the roadmap for its further development has been publicly announced. According to it, the system will be fully operational by early 2022. Well, we are all looking forward to it. Crypto enthusiasts believe that blockchain technology is the future and the emergence of ecosystems like Qchain brings it near.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.