QSwap will allow network users to trade tokens using crypto and fiat currencies—through its native stablecoin, the QST.
What is Qchain?
Qchain is available for individuals, businesses, and governments. Governments and public agencies can leverage the network’s enhanced properties to run in a permissionless and transparent environment. Qchain’s support of smart contracts also allows the platform to be a four-dimensional blockchain, allowing parties to conclude up to five different deals concurrently.
The network has introduced several innovations to tackle traditional problems plaguing legacy and first-generation blockchains. A big obstacle hindering the adoption of decentralized systems revolves around scalability and throughput. To counter these limitations, Qchain uses an improvement of the internet’s TCP/IP model, away from the peer-to-peer (P2P) mode of communication in use by leading platforms such as Bitcoin and Ethereum.
Decentralization and Throughput Superiority
Accordingly, Qchain’s throughput is several folds faster than Bitcoin, capable of handling intensive dApps which would otherwise struggle to run in any other first-generation ledgers. According to the project’s creators, the network managed 100k TPS during testnet. However, they said the platform could be faster, optimally processing up to one million TPS.
Based on this throughput, Qchain faces no scaling problems. As a result, on-chain transactions are relatively cheaper, a feature that would drive adoption in the future. Qchain creators project the network to grow infinitely. In their estimation, even once it grows to of the same magnitude as Bitcoin, its total blockchain size wouldn’t exceed 1GB.
Scaling and transaction fees are directly correlated. The congestion due to low throughput continues to bog adoption. Ethereum, the most active smart contracting platform, for example, can only process 15 TPS. Due to its high demand, Gas fees constantly fluctuate. As of May 2021, the average transaction fees stood at over $50, forcing an outcry from the broader crypto community.
QStorage DCS—A Decentralized File Storage System
Qchain also plans to launch an open-source QStorage DCS in Q3 2021. This solution protects personal data leveraging the blockchain’s ability to encrypt files and the distribution of its nodes. Of note, Qchain nodes can operate in almost all devices, including Quantum computers. As of July 29, data shows that there were over 33k nodes that have cumulatively confirmed more than 1.1 million transactions.
The level of node distribution and support, Qchain says, is because of the consensus style in place. The network uses a combination of PoS and PoT, enabling more distribution and, therefore, security. Additionally, the consensus style is more energy-efficient, unlike Proof-of-Work systems used by blockchain like Bitcoin.
Qchain’s NFTs, Gaming, and Swapping Solutions
The platform’s openness allows for broader functionalities and applications. Users, for instance, can leverage Qchain’s smart contracts to create custom tokens and organize crowd-funds, cutting out intermediaries. At the same time, Qchain’s features encourage innovation, enabling its developers to launch marketplaces, DEXes, blockchain games, and more, channels that its users can leverage and earn.
To enhance the buying and selling of assets—including NFTs minted through QToken NFT, Qchain has launched the Qchain Place, where QDT–the platform’s internal currency. Using QDT, holders can also stake at least 100k QDT via the network’s QStaking portal, diversifying their revenue bases. Furthermore, the Magic Lotto, a blockchain-based lottery game without hidden fees launched in Q2 2021, QDEX—a DEX that charges a one percent commission, and Power Smart—a market affiliate program-is part of Qchain’s product roster.
In the future, Qchain plans to rollout solutions in Internet-of-Things (IoT) and release trading bots.