The first blockchain (bitcoin) made a real sensation to the market back in 2009 by literally turning the idea of the interaction on the Internet upside down. However, it had (and still has) a number of shortcomings and unresolved issues that slow down its further development:
- Low throughput and problems with scaling due to the consensus mechanism used and the large size of its block.
- Interface which is difficult to understand and scares off many potential users.
- Lack of universality – as of now, only financial services work with cryptocurrencies and are widely used.
- Vulnerability to 51% attack. There is a theoretical possibility of a 51% attack when a user (or a group of users with the highest computing power) can take full control of the network.
- Mistrust and misunderstanding on behalf of society. Although many have heard something about blockchain, few understand how it works, and are very unlikely to invest their time and money in it.
- Weak legal base. Blockchain is a decentralized system not regulated by any state, which means it is poorly regulated by laws.
Modern blockchains are more than just cryptocurrencies — they are entire ecosystems with a wide variety of implemented services including distributed data storage, copyright protection, logistics solutions, rare digital assets trading, etc. These are only some of the features< so the potential for further development of the technology is great. Moreover, low bandwidth, poor scalability, incomprehensible interface, and vulnerability to attacks of 51% gradually become a thing of the past.
Freedom (thanks to decentralization), transparency of the operations, their reliability, data protection, and low cost (for the user) are the undoubted advantages of blockchain technology.
The article is about one of the examples of a modern system based on the latest generation blockchain – Qchain, as well as its capabilities, advantages, and development prospects.
Qchain ecosystem overview
QChain is a blockchain platform that can operate both in private and public access. Government organizations, commercial companies, and individuals — all can become its potential users, that is, virtually everyone.
The applied scheme of operation with smart contracts enables the creation of 4-dimensional blockchains, allowing people to conclude deals between several participants at once.
Unlike most other modern blockchains, QCHAIN does not use peer-to-peer networks — it has its own protocol based on TCP/IP, a virtual communication channel over the Internet. This results in high speed and good protection.
Like any other blockchain, the Qchain network consists of nodes of several types that determine the nature of their work. Moreover, any node can work on any device.
Qchain allows users to conduct transactions with other crypto-assets, for example, Bitcoin, Etherium, Litecoin, Dogecoin, etc. Besides, the QCHAIN network has the ability to integrate third-party accounting and documenting systems.
The following products are currently available to users:
- QToken and QStaking. Service tokens QDT act as an internal currency and are intended to attract investments (they pay dividends with QDT). Staking allows users to receive passive income from all transactions in the network.
- QSwap service is used to buy and sell QST stable tokens (analogous to fiat dollars) for cryptocurrency and fiat money.
- QChain Place is a marketplace for network members where one can buy and sell their own goods and services using the QDT token as a currency
- QToken NFT is a service for trading rare and valuable digital artifacts.
- Magic Lotto and Xgain chain games. Thanks to decentralization, players get access to fair and transparent drawings, as well as guaranteed payouts without any fees.
- QDex is a decentralized exchange where users can trade and exchange popular cryptocurrencies with a minimum fee of 1%.
- QStorage is a decentralized data storage in which files are encrypted, split into pieces, and distributed among other network members. This scheme excludes the possibility of personal data leakage.
- QTI is an index of digital assets for tracking the market situation, allowing you to analyze what is happening with major cryptocurrencies and respond to changes in the shortest possible time via buying or selling cryptoassets.
- Power Smart - our multi-level referral program, another way to make money by inviting your friends to Qchain.
The architecture used in the technology allows further implementation of new services and features, which are planned in the near future.
Benefits of Qchain
A number of applied innovative solutions have made Qchain one of the best networks. Its advantages include:
- High throughput (in testnet mode, the developers managed to achieve 100,000 transactions per second), which is comparable to the giants of the financial market such as Visa and MasterCard (approximately 45,000-50,000 transactions per second).
- The small size of blocks – about 120 bytes (only the hash of one event (transaction) is written into the block. This significantly increases the speed of transfer, processing, and search of data (for reference: the block size of the Bitcoin network is 1 MB).
- Low cost of maintaining the network – thanks to the applied consensus scheme (PoS + PoT), it does not require as much energy as with the PoW consensus.
- Excellent scalability and versatility. The Qchain blockchain can potentially run on almost any device ranging from a smartphone to a supercomputer, including a quantum one, size of the blocks, and high bandwidth allow scaling the network almost indefinitely.
- The ability to embed a third-party service. Thanks to the SDK, virtually any platform based on dynamic libraries can be embedded in the Qchain network.
- You can create your own token for ICO. The function of creating them enables any user to quickly organize an ICO for their own project, without involving developers, lawyers, and other third parties.
- Reliable protection. The applied consensus technology completely excludes the possibility of a 51% attack. Qchain implements an advanced modification of the hashing system based on its own cryptographic design. Its main advantage is the increased hash (from 20 bytes to 32 bytes), which results in high crypto resistance.
- You can earn money. In Qchain, a user can earn on staking by renting out unused megabytes on a hard drive; money is made on the growth of the QDT token rate, on wrapped tokens, and via the usage of the QTI index.
The prospects of Qchain network development
The services listed above represent a far from a complete list of possible functions that will eventually be added to the network. In particular, developers are going to add the feature enabling interaction with the Internet of Things and smart technologies, allowing the system to work with vehicles with automatic control, trader bots, and to further expand the digital economy.
Versatility and wide functionality are the milestones that determine the prospects of the system’s further development.
As information about the technology spreads and the general blockchain literacy of the population increases, mistrust and misunderstanding will become the thing from the past. The huge interest and increasing capital flow in this sector will have an impact on the governments — they will no longer be able to ignore the blockchain anymore, and the poorly developed legal framework will be improved in the upcoming years. Some steps have already been taken for instance in Switzerland, which is considered the most favorable jurisdiction (in terms of its legal framework) for blockchain startups.
The rest is a matter of technology, and most of the existing problems have already been solved to a certain extent by modern platforms — such as Qchain.
We can state with confidence that the blockchain in general and Qchain, in particular, will be soon integrated into the everyday life of an average person. They will be happy to use a variety of functions from financial transactions, data processing, and storage to contracts for the supply of goods and services, games, and much more.