Quai Network- A Potential Project for Impressive Airdrop after Aptos
With rising demand, Layer 1 is currently struggling to provide full scalability, resulting in high fees. By offering a novel and scalable multi-chain solution, Quai Network is a decentralized blockchain with the potential for global adoption.
In this article, Market247.io will help you gain more knowledge about the Quai Network project.
What is Quai Network?
Quai Network is a new design for creating blockchains that are significantly more efficient. Our solution is based on groundbreaking advances in blockchain sharding technologies as well as the use of Proof-of-Work 2.0. Because Quai Network is modular, it can scale horizontally as the network grows to accommodate more users. The platform paves the way for the next billion users to participate in Web3.0 by making significant advances in overall blockchain scalability.
Traditional Layer 1s are struggling to provide adequate scalability in the face of rising demand, resulting in high fees and centralization. Quai Network is the first decentralized blockchain that can truly scale for global adoption by offering an innovative and scalable multi-chain solution.
How does Quai Network scale?
The Quai Network is based on sharded blockchains. To improve performance, it divides a single blockchain into many smaller and faster blockchains. The incentive structure and mechanism for organizing shards are what truly distinguishes Quai Network.
Quai Network, unlike most sharded blockchains, is Proof-of-Work. Proof-of-Work is an objective mechanism that is highly resistant to centralized social cooption. The platform has two distinct advantages:
- A network validator set that is highly decentralized.
- Tangible value creation occurs outside of social consensus.
Quai can handle significantly more transaction throughput thanks to sharding. Each chain can confirm and validate transactions asynchronously. Users can freely move between chains in order to optimize the ecosystems that benefit them the most.
Because users can freely move funds, miners are incentivized to mine in areas where users are interacting in order to collect transaction fees. This effect, combined with miner rewards, results in an even distribution of hash rate and security across the many different shards.
Because of the ability to colocate in different shards, nodes will have the incentive to optimize their network topology in addition to miners and users. This procedure is similar to selecting the best VPN to connect to the internet. As a result, nodes will experience fewer hops and lower latencies between peer sets, allowing each shard to produce larger-sized blocks.
Furthermore, the platform can add more shards to further optimize the miner, user, and node incentive structure in order to produce more transaction capacity.
Key Features of Quai Network
There are three key features of the platform as follow.
Fast
Quai provides high-speed block production by running 13 blockchains concurrently. The Prime chain has a block time of about 15 minutes, Region chains have a block time of about 5 minutes, and Zone chains have a block time of about 10 seconds. With all of these chains producing blocks asynchronously, the average block time on the platform can be estimated to be 1.1 seconds.
Decentralized
Improving the speed of a blockchain is pointless if decentralization is sacrificed in the process. The platform has remained highly decentralized and open-source by developing Proof-of-Work 2.0, which employs both merged mining and sharding.
Secure
All Quai Network state changes are eventually confirmed by 100% of the network's hash power through the use of merged mining and coincident blocks.
Token and Tokenomics
Key metrics of Token
- Token Name: QUAI
- Blockchain: Quai Network
- Total Supply: Updating…
- Circulating Supply: Updating…
Tokenomics
The Quai token serves as the network's backbone, ensuring network security, spam resistance, and simple value exchange in a decentralized system.
Quai Network has a hard-capped token supply in order to achieve short-term deflation and long-term inflation.
Incentives for Adoption
25% of the tokens are set aside for adoption incentives aimed at providing critical integrations for the Quai Network. Partnerships with Fortune 500 companies, governments, and underserved societies may be formed.
Mining
As block rewards for miners, 20% of the total supply of Quai Network will be reserved. The platform, like other Proof-of-Work algorithms, incentivizes beneficial hash power allocation by rewarding miners who confirm a legitimate block that is propagated to the entire network.
Because mining Quai Network's Prime, Region, and Zone chains are difficult at different levels, block rewards vary depending on which level of the hierarchy the miner successfully mined the block in.
Foundation
The Foundation receives 15% of the tokens. These tokens will be used for a variety of ecosystem-building activities, such as additional marketing, business development, brand awareness, and protocol support. If unallocated, these tokens have a 10-year vesting period and will be burned.
Strategic Alliances
15% of the tokens are allocated to strategic partners who share Quai Network's goals and values.
Partners in Infrastructure
5.5% of the tokens are reserved for infrastructure partners who are committed to assisting the project in becoming the most globally accessible blockchain platform to date. Node hosting, mining pool operations, RPC access, and other services are available. Our long-term goal is to use these partners to promote ongoing decentralization efforts.
Founders
5% of the supply has been dedicated to Dominant Strategies' founding members in recognition of their ongoing efforts in developing the Quai Network protocol and ecosystem.
Bounties
Individuals who create contributions in the form of written code, content, media, and other associated forms of ecosystem promotion will receive 5% of the token supply.
Incentives for the Testnet
Individuals who contributed time and have power to Quai Network's Testnets have been compensated with 0.5% of the total token supply. The distributed community of dedicated Testnet participants has been and continues to be an important part of Quai's development process. Individuals will be awarded tokens based on the reward structure outlined prior to each Testnet, as well as participation in Quai's Mainnet Rewards program, giveaways, and other events leading up to the Mainnet launch.
Contributors
Core contributors to the Quai Network ecosystem will receive 4% of the token supply. These tokens are distributed to individuals and groups working on Quai Network core tooling and infrastructure.
Community
3% of the supply has been set aside for community use. The specifics of this allocation have yet to be disclosed.
Liquidity in the Exchange
The project will allocate 2% of the total token supply to exchanges to provide early liquidity. This liquidity will be used to accommodate the initial influx of adopters following Mannet's launch before sufficient user-provided liquidity is available.
Team, Investors and Backers
The section below is about information about the Team, investors and backers.
Founding Team
The Quai network project was founded by Karl Kreder, Sriram Vishwanath, and Alan Orwick.
Sriram Vishwanath is a professor in Electrical and Computer Engineering and has co-founded multiple startups across many sectors.
Alan Orwick is a former Software Engineer at Apple. He has a background in Computer Science from Texas University.
Funding
Quai has been successful in raising a total of $10 million in funding over two separate phases. Their most recent round of funding came from a Venture - Series Unknown round, which took place on May 6, 2022.
Two investors are responsible for Quai Network's funding. The most recent investors include Alumni Ventures and Polychain.
Roadmap
The project hasn't given any official information about its road map.
Growth Incentives
Following the launch of the Mainnet, the Quai Foundation will use the tokens allocated to build partnerships that will incentivize users and developers to transact and build on the Quai Network.
The Quai Foundation intends to collaborate with startups, established businesses, nation-states, community leaders, and others to create unique opportunities for new and existing users to participate in a global economy. The Quai Foundation will support the growth of the most robust and decentralized financial ecosystem to date through grants and partnerships.
Conclusion
With sharding and the introduction of the Proof of Work 2.0 concept, as well as a $8 million investment from Polychain Capital, Quai Network has made bold claims about its network. However, because the project has an anonymous team and has not announced a specific roadmap, it is necessary to follow up to verify more information.
Website: https://quai.network/
Twitter: https://twitter.com/QuaiNetw
Discord: https://discord.com/invite/ngw88VXXnV
GitHub: https://github.com/dominant-strategies
Common Question
Has Quai Network released the token yet?
Well, not yet. The project has no information about its token release
Will Quai Network provide airdrop for users?
It might be. Even if the project has any official announcement about the airdrop, it still has a high rate for all users who support the project from day 1 to receive the airdrop.
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