Quai Network Introduction - A Hidden Gem

cryplykos (26)in #quainetwork • 2 months ago

Introduction to Quai.png

🤔What are they trying to solve?

Although other blockchain projects have demonstrated the potential to provide a widely accepted cryptocurrency, the scope and scalability of the solutions they frequently offer remain constrained.

Quai Network is aiming to solve this problem with a completely integrated mining and sharding environment in addition to requiring a reliable validator.

Let's dive a bit deeper 👇

Quai Network is designed for the global and computer economies. It is the only completely programmable and scalable Proof-of-Work Layer-1.

By utilizing:

🔹Innovative Proof-of-Work primitives creating Infinite Scalability. It is the capacity to accommodate an ever-expanding user base of both humans and AI agents.

🔹Native “stablecoin” connected to the cost of energy AKA Energy-Based “Stablecoin”, functioning as decentralized money for the compute economy.

Quai provides trustworthy real-world value on-chain, serving as the financial backbone of a compute-driven economy.

💠Infinite Scalability

Quai Network utilizes Proof-of-Entropy-Minima (PoEM) as a fork-choice mechanism to maintain consensus while managing increasing execution shards. This enables network development by adding shards as needed to meet demand, but the main drawback is longer cross-shard settlement times.

Miners are utilized to create objective links between shards, ensuring trustless bridging between all shards in the network.

There are many factors in the Infinite Scalability of Quai Network:

🔹Proof-of-Entropy-Minima (PoEM)

🔹Merged Mining

🔹Multithreaded Execution

🔹Interoperability

🔹Hierarchical Structure

Quai Network's pre-defined scaling system effectively manages congestion and maintains low fees despite increasing usage.

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💠Energy-Based “Stablecoin”

Quai uses Proof-of-Work to secure the network and generate a decentralized "stablecoin" tied to energy, using market incentives to drive the token's price towards energy costs.

Energy is the primary input for human activity and artificial intelligence, making it an ideal foundation for a new currency.

The Quai Network protocol utilizes two native tokens: Quai & Qi. It uses Qi as a medium of exchange while Quai as a store-of-value and programmable money use-cases.

Quai Network is a pioneer in the emerging field of decentralized Proof-of-Work "stablecoins," with protocols such as Themelio and Hacash.

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🔷Testnets

Quai Network is still in testnet and development stages, with two testnets remaining on its roadmap before introducing the mainnet.

Quai team at Dominant Strategies plans to run both Testnet and Devnet, along with tools like block explorers, network statistics pages, and faucets.

🔷Founders

🔹Karl Kreder: He is currently the CTO of Quai Network.

🔹Sriram Vishwanath: A professor of Electrical and Computer Engineering, he is also a co-founder of technology companies such as GenxCom and Privasera.

🔹Alan Orwick: He was a software engineer at Apple for 48 months, contributing to the development of this technology company.

With the help of these three incredible individuals, Quai Network was established with the intention of introducing cutting-edge technological solutions in the fields of decentralized networks and blockchain.

🔷Partners & Funding

Numerous reputable partners and investors in the blockchain space have expressed interest in and investment in Quai Network. In addition to providing financial resources, their support creates avenues for Quai Network's growth and development.

As of right now, Quai Network has raised $10 million in two investment rounds from investors like Alumni Ventures and Polychain Capital.