How The Quintric Monetary System Is Changing Money By Using Blockchain Technology

The Most Common Questions Asked About Quintric (Part 2)

Last time we compiled some of the burning questions within the Quintric community. We’re back with more! This time around, some of the questions are more technical or specific in nature, but we wanted to be as detailed as possible to ensure there’s no confusion on anyone’s part.

How does the Quint blockchain work?

First, you need to understand how most cryptocurrencies are powered. Bitcoin and similar altcoins are powered by a Proof of Work (PoW) system. In PoW, computers “mine” bitcoin by using some computational power to solve a mathematical puzzle.

While Proof of Work was revolutionary for its time, setting the stage for other blockchains to follow, it quickly became congested and lead to other problems such as unfair competition (bitcoin farms) and high energy consumption. That’s why Quint uses a Proof of Stake (PoS) and Delegated Proof of Stake (DPoS) system.

What is Proof of Stake?

Unlike Proof of Work, which assigns blocks based on whoever can solve the equation fastest, Proof of Stake assigns block creation through a combination of random selection and wealth or age (or stake). DPoS is a more efficient and more decentralized version of PoS.

PoS and DPoS use a reputation and real-time voting system to achieve consensus. A panel of trusted parties is created, each member referred to as a “delegate”. Delegates can create blocks on the network but cannot change transaction details. Witnesses can veto any transaction, but stakeholders can also vote to remove any witnesses that abuse power.

Delegates can be increased or reduced in size depending on the need of the blockchain, but each party has an equal stake. More than half of the block signers would be needed to collude, making it difficult to game the system.

Why does Quintric use Proof of Stake?

For a number of reasons:

• More energy efficient. Since PoW awards the block to the fastest and most powerful computer, a significant amount of electricity is consumed just to mine. Ars Technica reports that the Bitcoin network has an annual energy consumption of 32TWh- similar to the entire country of Denmark. PoS in comparison uses less than one second of laptop battery power per transaction (Bitcoin consumes the power equivalent to an entire household for a week!).
• Greater decentralization. PoW forces people with fast computers to collude or create mining farms. PoS’s reputation and voting system give the power back to the people, not the machines.
• Unmatched speed and efficiency. DPoS can reach up to 180,000 transactions per second, compared to Bitcoin’s 7 per second. That’s more than VISA, MasterCard, and NASDAQ combined!

What are the benefits of backing Quintric to gold and silver?

First, precious metals are resistant to inflation. Over the past seven decades, inflation for the dollar has soared, while gold remains consistently valuable internationally. While the dollar may fluctuate, gold and silver will remain sought-after investments.

Second, precious metals are the only commodities that truly extinguish debt. Paper currencies are subject to interest rates and banking regulations. The more we rely on money, the more debt is owed to repay the interest, which is essentially an arbitrary cost for borrowing money. Gold maintains its value.

Finally, precious metals power economic growth. The stability and value of gold and silver cannot be understated. While currency and banking rules continue to benefit the lawmakers and bankers that create these arbitrary systems, gold investments can generate a stronger, more active economy.

Is there a referral system?

Yes! Each referral yields 1% minimum and 1% gross for the life of the account referred. That means for whichever account you refer, as long as they continue to trade Quintric, you make money just for referring them.

Is the gold insured?

Yes, all gold used by Quintric is insured. Not by the federal government or FDIC, but by a private insurance company- Lloyd’s of London. Lloyd’s has developed an international reputation as a premier insurance provider not only in the United Kingdom but worldwide.

Are there any hidden vaulting or insurance fees?

There are no additional vaulting expenses or insurance expenses. These fees have already been factored into the price of Quint, because they charge at the U.S. mint rate. This price has a premium over the spot price and includes the vaulting fee and added value due to its recognition by the government.

Can the Quint really be used as legal tender?

Absolutely! Just as you would use money or a card, Quint can be used to buy goods and services in a marketplace.

How much will Quintric sell to one person?

It’s been stated, “if you to wire me $10 million, we’ll give you $10 million worth of gold, right now.”

Can I withdraw payment through credit card?

Yes! Currently, Quint has partnered with UPMA (United Precious Metals Association) through AMEX and Visa. Currently the offer is only extended to investors in the U.S, but international cards are currently in the works and should be functional on launch day or shortly thereafter.

Who else is Quintric partnered with?

Besides the UPMA, Quintric has developed partnerships with Cryptonomex and some of the founders of the BitShares platform for its blockchain technology, allowing it to achieve extremely efficient transaction speeds.

In addition, Monetary Metals has partnered with Quintric to offer businesses and investors a way to own gold and still earn a yield through trading.

What is Quintric working on right now?

The development team has been hard at work getting the system ready for its global launch on July 4. Their goal is to deliver a product that lives up to the hype and supports the international audience that the brand has cultivated in the past few years.

In addition, the Quintric mobile app is set for a fresh update. New features include a more sleek and intuitive user interface for mobile users, a marketplace for various wallet options, and more detailed charts and graphic representations.

If you missed Quintric Most Common Questions Part 1 see it here.

The author is not an attorney or financial advisor. The author would like readers to note that he is a co-founder and board member at the Quintric. None of the content presented should be construed as investment advice or as legal advice.