What is Quai network? | CryptoTvplus: DeFi, NFT, Bitcoin, Ethereum Altcoin, Cryptocurrency & Blockchain News, Interviews, Research, Shows

Quai is believed to have been coined from the Mandarin word “Kuai” which has the literal meaning of “piece”. The word is believed to have been used historically to refer to coins of silver or copper, and is the colloquial measure of money. Today I’m going to walk you through how the network works and tell you everything you need to know.

mechanism

It is a decentralized modular network of 13 independent blockchains using Proof-of-Work 2.0 (PoW2) consensus and running as a decentralized modular network. All blockchains on the network fall into one of three categories: Prime, Region, or Zone. Despite its multi-chain structure, the network allows the blockchain on its network to be fully interoperable, facilitating both cross-chain transactions and communication.

Proof-of-Work 2.0 (PoW2) implements a hybrid of merged mining and sharding, allowing miners to secure multiple blockchains with the same amount of hash power. By using the same amount of hash power to secure multiple asynchronous chains that would be required to protect a single monolithic chain, Quai Network is able to harness the amount of energy required for each transaction when connecting to PoW blockchains to minimize significantly.

It uses PoW2, which they claim is more efficient than the original PoW process as it allows hash power (the combined computing power of a given cryptocurrency network or the power of a single mining rig on that network) to be reused to many chains to secure. As a smart contract platform, the network also claims that it is the first decentralized cryptocurrency that can scale to accommodate any commercial activity in the world.

Architecture

The network uses sharding to improve network performance by splitting a single blockchain into multiple smaller and faster blockchains. Proof-of-stake chains like Ethereum, Polkadot, and Near have done most of the sharding work up to this point. With combined mining, miners can protect many blockchains at the same time without increasing their power consumption. Unlike Bitcoin, Quai networks can become greenhouse gas negative while using 10,000 times less energy per transaction. At launch, Quai will begin with a prime chain, three region chains, and nine zone chains.

prime chains

The Quai network will initially consist of a single prime chain using a memory-intensive hashing method shared by all subchains (region and zone). All miners need to mine the prime chain as it aggregates and balances state changes across the network.

They are less suitable for simple transactions and dApp activities due to their higher difficulty and slower throughput (one block every 15 minutes). Since all miners mine the prime chain, prime chains are used in situations where the entire network is targeted.

region chains

Cyprus, Paxos and Hydra are the three regional chains that the network will debut with. Compared to the Prime chain, region chains have higher throughput (one block every five minutes) and lower difficulty. Since a miner can only mine one region chain at a time in addition to the prime chain, unlike prime chains, no miner is able to mine all region chains. Nevertheless, native communication between all three region chains is possible.

zone chains

One level below the region chains are the zone chains. Three zone chains will be nested under each region chain at launch, for a total of nine. Miners can only select one Zone chain to mine, just as they can only select one Region chain in addition to the Prime chain. Zone chains are best for routine transactions and contract interactions because they offer the highest throughput — up to one block every 10 seconds. Zone chains can communicate with each other even if they are part of another region chain. As a result, the zone chain will be where most of the Quai Network’s activity will take place.

The typical blockchain must strike a balance between security, decentralization and throughput, i.e. efficiency over a given period of time. Quai Network claims to circumvent this “blockchain trilemma” with its multithreaded architecture that enables scalability. This allows the network to process up to 50,000 transactions per second.

tokenomics

The Quai token serves as the backbone of the network. Although Quai Tokenomics is still under development, the Quai team has released some information about their token plans

The majority of the allocation will go to Adoption Incentives and Mining as 25% and 20% are earmarked for them. The remaining 65% is shared among Partners, Community, Incentives, Bounties and Contributors, with Strategic Partners and the Foundation each receiving 15%, while the Founders and Bounties each receive 5%. Infrastructure partners are included as they are allocated 5.5%.

Photo credit: Quai Network

Community consumes 3% while contributors consume 4%. Exchange liquidity is set at 2% and testnet incentive at 0.5%. These numbers are subject to change by the team as development progresses.

team

Alan Orwick: Co-founder, computer scientist with two years’ experience working with Apple, and research analyst for the Information Service Group

Siriam Vishwanath: co-founder; Advisor for Azul Mobile and Lynx Laboratories. He is also co-founder of Accordion Health, GenxComm and Privasera. Siriam is Professor of Electrical and Computer Engineering at the University of Texas

Karl Kreder: co-founder

Diploma

Quai Network is attempting to address major blockchain issues at mainnet launch. The network adopts a Proof-of-Work (PoW 2.0) methodology, which will help the environment better than the traditional Proof-of-Work and would help provide a secure system for its blockchain and ensure smooth operation between blockchains in to enable its network, which drives innovative development within the Web3 space.

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