There are hundreds of different cryptocurrencies and all sorts of DeFi products available on the market. But, in recent years, platforms with products differing from the typical financial solutions are gaining popularity, and Qchain is one of these. The project started at the end of 2020, and now, at the end of 2021, it is already a fully operational platform (at the mainnet stage), and most of its main products are already available for all nodes.
Key platform features
Qchain has implemented some interesting technical solutions that differentiate it from other similar platforms. Thus, for example, there are n-dimensional chains of smart contracts, the block size is reduced to 120 bytes, and communication in the system goes through a virtual channel based on TCP/IP protocol, but not a P2P network, like in most others. Besides, the original consensus algorithm is also implemented. All this allowed them to solve the problems of scaling, reduce power consumption and increase throughput. Also, Qchain differs favorably with the minimum transaction commission in the system – 1%. Another important advantage of this ecosystem is its cross-platform nature – the application node can run both on a PC, a smartphone, and a tablet under Windows OS, Android, iOS, macOS. At the moment, the system token, QDT, is already listed on several world’s most popular cryptocurrency exchanges, and shortly, its value is expected to grow along with the growth of the network and the expansion of the functionality of the entire ecosystem as a whole.
Products overview
As for the system products, several interesting decentralized applications (not DeFi products) have already been implemented here:
- QStaking. This service allows QDT token holders to receive regular passive income from all transactions in the system (90% of all commissions collected in Qchain for any transactions are distributed among the stakeholders). This service is fully functional and has been generating income for QDT token holders since August 2021.
Magic Lotto. A decentralized lottery differs favorably from any other online game with its 100% clarity and transparency, thanks to a distributed ledger. Besides, it has a multi-level affiliate program, and the procedure for withdrawing earned funds is much easier and faster than in any offline lottery.
- QStorage. Decentralized storage provides the highest possible level of protection and privacy for files in the network. Besides, storing your documents here is about 85% cheaper compared to regular centralized storage. At the same time, no one will be able to restrict access to your data, thanks to decentralization.
The products listed above are already available online and you can try them out. But soon, by the end of 2021, the project team plans to implement several other interesting apps:
- Qchain place. An exchange for custom goods and services, where anyone can easily offer their goods and services to others, and the QDT token is used in that system as a currency.
- QDex. Decentralized exchange for exchanging fiat currencies for tokens. It will feature both the most popular crypto-assets such as BTC and ETH, as well as the world’s leading currencies, including USD and EUR.
- QTI is an index for tracking the general situation on the crypto market, thanks to which the holders of crypto-assets will be able to monitor their assets in the background mode and buy/sell them on time to get the maximum profit.
Modern blockchain platforms are no longer only the basis for creating DeFi products. The principle of decentralization, full transparency of all the operations, protection against attacks and censorship, high performance, versatility, and cross-platform nature will be useful in many areas, including medicine and logistics, copyright protection, property rights accounting systems, etc. Step by step, such solutions appear on the market, and it is likely that very soon they will become real competitors for the centralized applications we are used to, and this, without exaggeration, will be a real revolution in the digital economy.
