QUAI NETWORK NOVEMBER RECAP
The crypto space is one that never lacks drama. There is always news and content causing conversations on the different cryptocurrency platforms. The month of November wasn’t any different.
We witnessed the Trust Wallet’s new browser extension which came at the perfect timing. Binance faced scrutiny over FTX after the exchange was directly involved in the scandal that saw FTX fall from grace and into bankruptcy. Up until this moment, BlockFi, a cryptocurrency company, has been the biggest casualty of the FTX collapse. BlockFi filed for bankruptcy protection on November 28.
Baby Doge swap got listed on BNB Chain Dapp Bay. The one that hit the most was Bitcoin (BTC) dropping to fresh two-year lows. Although it was on track to finish the month above $17,000. After dropping below the $1,100 threshold, Ethereum (ETH) price stabilised and was on track to finish November at $1,300.
With all the happenings, One thing that remained static is Quai Network being the fastest, most secure blockchain on the planet, creating the only decentralized solution that scales to all global commerce. The Quai team started experimenting with cross-chain transactions in November, went to the Texas Blockchain Summit and Token2049 London, and engaged in a Layer 1 Consensus discussion with Tron, Near, and Hiro.
The team is eager to showcase the significant advancements made for the upcoming Iron Age Testnet, with an emphasis on cross-chain transactions in the core protocol and enhancements to the functionality of the Quai Dashboard.
QUAI PROTOCOL
Throughout November, Quai’s core developers focused on implementing and testing Cross-Chain Transactions (ETXs).
On November 29th, Quai Network presented a 25-minute Developer Update with one of Quai’s co-founders, Dr. K. In the update, Dr. K covered in-depth Quai’s basics and spoke about development progress as well as the innovations that Quai is bringing to the blockchain field.
VP of Engineering, John talked about how he has been working on the cross-chain implementation. He stated that they’ve been working out most of the kinks in the initial implementation with testing, and it’s now in a place where they just need to do some polishing and final testing.
QUAI DASHBOARD
The Quai team has been working tirelessly to maintain and enhance the functionality of the Quai Dashboard ever since its Beta release on October 14th. The team has been able to fix numerous bugs thanks to community input and integrate the Reddit rewards feature, enabling users to view real-time updates of their rewards totals from Twitter and Reddit.
The developers are looking forward to improving the Dashboard’s incentives and providing support for the final three sites rewarded in the Social Media Rewards Program: YouTube, Instagram, and TikTok, now that a stable release is live for Twitter and Reddit.
LAYER 1 DEBATE BY TEXAS BLOCKCHAIN
Co-founder Alan Orwick had the distinction of speaking on behalf of Quai at a Layer 1 consensus discussion on November 2nd, which was sponsored by Texas Blockchain. Along with a fellow proponent of Proof-of-Work 2.0 from Hiro, and proponents of Proof-of-Stake from TronDAO and Near Protocol, Alan got the chance to participate in the discussion as a proponent of Proof-of-Work 2.0.
Alan addressed several common misconceptions regarding Proof-of-Stake and gave insights and examples of the advantages of Proof-of-Work 2.0 throughout the hour-long discussion.
TOKEN2049 LONDON SPONSORSHIP
After a very successful sponsorship of the previous Token2049 event in Singapore, the Quai team sponsored Token2049 London. Speaking at the occasion, CMO Raleigh Moore presented the conference with the mission of Quai. The video for the
Raleigh’s speech from the previous Token2049 Singapore event is available on Quai’s YouTube channel.
TEXAS BLOCKCHAIN SUMMIT
Austin played host to the Texas Blockchain Summit, which drew international decision-makers and business titans. Quai Network is pleased to have participated in the event at the state’s capital given that Texas is a hotspot for mining operations and infrastructures.
EDUCATION
Quai Network published an article on the Ethereum Virtual Machine. In summary, a distributed state machine called the Ethereum Virtual Machine (EVM) enables users to tie code execution to the completion of a transaction. Users are now able to create intricate spending criteria and user interactions that were not feasible in a straightforward payment network. On Ethereum, smart contracts are enabled and carried out via the EVM, which is updated by Ethereum nodes.
The canonical, or “right,” state of the EVM is often established through majority consensus across nodes, with each Ethereum node maintaining a copy of it. This design preserves blockchains’ decentralized nature while making way for far more complex on-chain activities than straightforward peer-to-peer transactions.
Numerous initiatives, like BSC, Tron, and EOS, provide low-cost EVM compatibility at the expense of decentralization and/or security. But none of these initiatives has been able to maintain cheap fees while maintaining Ethereum’s level of decentralization, security, and functionality.
Quai Network, on the other hand, is a pre-Mainnet network of blockchains that uses merged mining and sharding to provide the EVM’s functionality at a low cost without sacrificing decentralization or security. Quai Network expands decentralization and smart contracts to unprecedented heights by utilising a number of interconnected blockchains that produce blocks asynchronously and each runs an independent EVM.
ABOUT QUAI NETWORK
The Quai Network is an open-source Proof-of-Work blockchain network that boosts throughput and security by using merged mining. Users of the Quai Network will benefit from quick transaction speeds without sacrificing security and decentralization. In the network’s numerous blockchains, there will be chances for miners to engage in competitive mining.
Traditional Layer 1s are finding it difficult to scale effectively in response to the rising demand, which leads to high costs and centralization. Quai Network is the first decentralized blockchain that can actually scale for widespread adoption by offering a unique and scalable multi-chain solution.
The Quai Network, a Proof-of-Work scalability system capable of thousands of transactions per second, will soon be available for Mainnet release. The Quai Network’s token, abbreviated QUAI, is employed for value exchange as well as network security. The token supply has not yet been established.
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