Quarashi – The Decentralized Global Currency & XQN
Quarashi is a decentralized, global cryptocurrency that can be easily converted into local currencies. The Quarashi platform will allow customers to use the currency to buy and sell products online.
XQN is a decentralized global cryptocurrency that can be easily converted into local currencies. The XQN platform will allow customers to use the token to buy and sell goods and services on the XQN marketplace.
Quarashi will look and feel like a normal currency, with the difference that it is backed by a blockchain. This means that you can not spend your money twice – the system will only allow you to spend the amount of XQN equal to one unit of the currency you are paying with.
The Quarashi platform will allow customers to use the currency to buy and sell products online.
Customers will be able to choose from a selection of goods and services produced by suppliers in local currencies, and then pay with Quarashi. The platform will also let suppliers accept payment in local currencies, so the customer can pay with Quarashi to avoid any transaction fees. For example, if you want to buy a product for £1 in pounds sterling, it is not always possible for that item to be available for £1 by converting pounds sterling into dollars or euros. But if you have £1 of Quarashi that you can spend on that item, then the product can be purchased for £1 in pounds sterling and delivered to your home next day.
This is a new kind of global economy based on cryptocurrency. It is based on trust. And it is based on an economy where there are no middlemen – no banks or other intermediaries taking a lot of the profit out of things people produce themselves.
The system works like this: there is an online marketplace (the XQN marketplace) where people can post items they want to sell. When someone wants these items, they go online and post a bid using Quarashi. The system automatically
This is a well-known problem. It is called the "double spending problem" because that is what it looks like: double spending. You can only spend your money once. You can't spend your money twice.
Bitcoin solves this problem in a way that is not very elegant, but works. The idea is that everyone keeps a copy of every transaction that goes through the system, and when you send some bitcoins to someone else, they just set aside their copy and send you the other copy. It's not very efficient, and it means that your money could be lost if the server goes down or gets hacked, but in practice no one seems to mind too much.
It's easy to get worked up about this issue – but if you want to understand why bitcoin is so important, you've got to understand how it works.
But Quarashi won't work like this at all; instead of keeping copies of every transaction, we will keep copies of each block (that's what we call the list of transactions). When someone tries to spend a unit from their wallet, we will check whether their wallet has enough XQN in it already. If it does, we will immediately transfer them enough XQN from our own wallet to cover the amount of
When people say that a cryptocurrency is decentralized, they mean it is not controlled by a central bank or government. It is like having a million different banks. Decentralization means that it's hard to make changes to the system – so these cryptocurrencies are more resistant to manipulation by governments or central banks.
In the future, we will see very many cryptocurrencies. Some will be niche currencies for specific applications. Others will be global currencies like Bitcoin, Litecoin, and Ethereum. The reason for this is that every time someone uses one of these currencies to buy something, they are contributing to the network in an effort to get everyone else to use the currency as well. These currencies make it possible for anyone with an internet connection to take part in global commerce without having to rely on banks or governments.
This is an old idea, but not an obvious one. How can the money you keep in your bank account be more secure than the money in your wallet? According to the traditional view, a bank deposit is just a check your bank has written against itself. If that check were lost or stolen, you would have no protection.
It's true that banks can lose customers' deposits through bad management, but they also provide many other services to their customers that protect them from this risk. In particular, the federal government insures banks against losses from a number of sources, including theft and fraud. Because it's costly for banks to insure themselves against all possible risks, these guarantees are usually with high limits – so even if a lot of money were lost or stolen, we'd still have enough to cover our losses.
So why couldn't we achieve the same thing with cryptocurrency? We could make it impossible for someone to spend the same unit twice by adding some kind of "proof of work" mechanism to the system. The proof would be coded into the coin itself, so anyone could check it without having to rely on someone else's honesty. It would be pretty cheap to verify, too: even if there were a huge number of coins out there (which isn't likely
It is a common misconception that all currencies are backed by gold. This is not true. There are plenty of fiat currencies (like the dollar, the euro and the yen) that are not backed by gold. Only a few of them – such as the Swiss franc – have ever been backed by gold.
However, many cryptocurrencies claim to be backed by something else: precious metals, oil and so on. In fact, none of them are – at least not today. The value of digital tokens is derived from demand for them and supply (and to a lesser extent, from people's confidence in their ability to grow).
Innovations like Bitcoin and Ethereum introduce trust into an otherwise trustless system: you can no longer rely on a central authority to make sure your money doesn't disappear or get stolen. It is up to you to do this yourself, using technologies like encryption, pseudonymity and – if necessary – trusting other people online with your money.
But this trust needs to be earned. The market has proved itself willing to support new technologies only when the investors are sure they will work well enough for mainstream use
The motivation for this approach was what we have called the Bailout problem. The financial system is built on trust. Banks, for example, have to trust that the money they lend will be paid back. Customers have to trust that if they borrow money from a bank, their interest will not be paid out of their bank account and that their accounts are safe from unauthorized use by third parties.
In an ideal world there would be no banks and money would be free-floating, so everyone could just pay each other in whatever currency they wanted, without needing banks to facilitate the exchange. In practice this is not how it works. Money is supposed to represent value and people want to hold it in a way that makes them feel secure – it's a way of making sure they'll always have money if they need it. So while money is free-floating in theory, in practice banks are all you need to hold onto your wealth, because even if you don't use them there's someone else who does: your bank.
So when people say "money" in the abstract, what they really mean is "whatever's being held by my bank." When I say "I'm looking for work" I'm really asking "do you know of any job openings.
More Information :
Website: https://quarashi.network/
Telegram: https://t.me/quarashinetworkofficial
Twitter: https://twitter.com/QuarashiN/
Reddit: https://www.reddit.com/user/Quarashinetwork
Author
Bitcointalk username: supachok
Bitcointalk link: https://bitcointalk.org/index.php?action=profile;u=3437217
BSC Wallet Address: 0x804372b65cBFFb6deACb11220B85310713106082