Quai Network; A Brand-new Layer 1 (L1) That Entirely Reimagines The Restrictions of Proof-of-Work (PoW)
The first decentralized cryptocurrency was Bitcoin, which was first released as open-source software in 2009. Fast forward to 2022, the number of users and transactions is increasing at an exponential rate along with the adoption of cryptocurrencies and blockchain. Although it’s simple to understand how revolutionary blockchain is, scalability — the ability of a system to expand while meeting rising demand — has always been a problem. Highly secure and decentralized public blockchain networks frequently have trouble reaching high throughput.
Over the years, there exists the Blockchain Trilemma, which asserts that it is nearly impossible for a decentralized system to concurrently attain equally high degrees of decentralization, security, and scalability, which is frequently used to explain this situation. Existing blockchain networks only include two of the three elements. A highly centralized blockchain network is less secure and more scalable. Transactions would proceed more quickly due to the computational power being more evenly distributed due to the low node count.
However, thousands of enthusiasts and professionals are fortunately working on scalable solutions. The architecture of the primary blockchain which is Layer 1 like Solana and Polkadot, etc. is being modified by some of these solutions, while Layer 2 protocols like Polygon that run on top of the underlying network are being targeted by others.
On the other hand, Quai Network is introducing a brand-new Layer 1 (L1) that entirely reimagines the restrictions of Proof-of-Work (PoW), scaling a PoW consensus mechanism to heights once thought to be unattainable. Without the network sluggishness and exorbitant transaction costs, Quai will be able to offer the same security, decentralization, and fault tolerance as conventional L1s. Additionally, Quai Network is EVM compatible, allowing for simple deployment and execution of Solidity contracts.
Quai is a scalable, EVM-compatible network of merge-mined blockchains enabling fast, accessible, and low-cost decentralized finance. Quai’s unique network of blockchains allows for seamless interaction across chains while maintaining decentralization. Quai is EVM compatible, so migrating Defi protocols or NFT projects is a breeze.
This astounding performance is made possible by a method called merged mining, which Quai Network has developed. By splitting the amount of work found in the block header, combined mining involves mining two or more blockchains simultaneously. Quai Network has achieved tps and throughput numbers that are much above those of conventional L1s by combining merged mining with a hierarchical chain topology.
The Quai Network is composed of 13 chains. The longest block time, highest difficulty, and highest hash rate are all found in thePrime chain at the top. The Prime chain, which is mined by all Quai miners, serves as the foundation of security for the inferior Region (and subsequently, Zone) chains.
Sharded blockchains serve as the inspiration for Quai Network. To increase performance, a single blockchain is divided into numerous more compact and quick blockchains. The incentive system and shard organization technique are what distinguish Quai Network.
Quai Network is Proof-of-Work, in contrast to the majority of sharded blockchains. Proof-of-Work offers an objective verification system that defies centralized social adoption. Giving Quai Network two key benefits which are, a very distributed group of network validators and actualization of value outside of the sphere of social consensus.
QUAI NETWORK VALUES
Quai Network values openness, decentralization, and security. They believe that blockchains were built to minimize central authority and spread equality among societies.
- Openness:- The community is encouraged to contribute, and all Quai Network code is open-source. Transparency is something that the team actively pursues during development and implementation.
- Fast:- Quai Network enables quick block generation thanks to its 13 concurrent blockchains. The Prime chain has a block duration that is roughly 15 minutes, Region chains have a block time that is roughly 5 minutes, and Zone chains have a block time that is roughly 10 seconds. Given that each of these chains asynchronously produces blocks, the average block time on the Quai Network can be estimated to be 1.1 seconds.
- Decentralization:- Blockchains, according to Quai Network, was designed to reduce centralized control and promote social equality. Increasing a blockchain’s speed is useless if decentralization is compromised. Quai Network has created Proof-of-Work 2.0, a highly decentralized and open-source system that makes use of merged mining and sharding. The team believes Quai Network will provide one of the most competitive conditions for the future of human commerce since this concept underpins all we do.
- Security:- When using digital currencies, security is a top priority. When it comes to the network’s security and integrity, Quai Network takes no shortcuts. All Quai Network state changes are finally verified by 100% of the network’s hash power using merged-mining and coincident blocks.
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