Quantis Digital Currency Introduction
Cryptocurrencies such as Bitcoin were originally designed to be private and secure payment systems that eliminated the need for trusted third parties. Blockchain technology also provided users with tools to allow them to communicate anonymously.
Quantis seeks to focus on the objectives established by the founders of distributed ledger technology and to develop enhancements that guarantee privacy and decentralization. Quantis also uses a hybrid consensus mechanism that improves upon existing blockchain validation methods.
What is Quantis?
Quantis is similar to other cryptocurrencies that you may know such as Bitcoin, Ethereum, and Litecoin. However, Quantis is primarily interested in defending the privacy of its users. The project emphasizes security and reliability with the following features:
• open source, so anyone can participate and mine it;
• P2P intranet transactions;
• instant transactions;
• anonymity;
• decentralized tools;
• self-sufficient and sustainable apps;
• hybrid consensus mechanism; and
• masternodes.
The project was not funded as an initial coin offering, nor was it pre-mined. All time and resources are contributed by the developers.
What is a hybrid consensus mechanism?
To ensure that the Quantis Network remains decentralized, transactions are validated using both Proof of Work (PoW) and a Proof of Stake (PoS) consensus mechanisms. Most cryptocurrencies only use one.
Proof of Work
PoW uses high-performance computers and equipment to validate transactions on the blockchain. The computers continuously work to confirm transactions by solving mathematical problems. Computers compete to find the solution and the winner is rewarded in the native cryptocurrency. This process is also referred to as mining.
Quantis Proof of Work Specifications:
• Algorithm: Scrypt
• PoW Supply: 15 million
• PoW Spacing: 30 Seconds
• PoW Interval: 5 blocks
• PoW Reward:
● ≤ block 50: 5 QUAN
● ≤ block 555: 1055 QUAN
● ≤ block 1555: 55 QUAN
● Halving ever 500,000 blocks
Proof of Stake
This method was developed as an improvement to PoW by removing the physical resources needed for mining. Instead of using computer hardware to compete for rewards, users are randomly selected to receive payment based on the number of coins that they hold. The more coins held by the user, the greater the chance to validate a transaction and receive a reward. This is known as staking.
Rewards may also be earned using masternodes. Similar to staking, masternode operators are periodically rewarded for validating transactions on the network. See the section titled, Quantis Uses Hybridation and Masternodes to Ensure Decentralization and Privacy below for more details regarding masternodes.
Quantis Proof of Stake Specifications:
• PoS Reward:
● 3 QUAN to masternodes
● 2 QUAN to staking
• PoS Minimum Age: 24 hours
• PoS Maximum Age: none
Quantis hybrid method
As stated above, Quantis uses both a PoW and PoS consensus mechanism to support decentralization of the network. This hybrid method solves some of the inherent problems of the PoW and PoS models.
Using PoW alone, the network is subject to centralization by miners. Wealthy miners are able to pay for high electricity consumption costs and can afford to purchase costly equipment to increase mining speed. As a result, the network becomes less decentralized and places the privacy of transactions at risk.
With PoS, early adopters and rich investors have more capital to invest and can stake more coins than others. Similar to PoW, the network becomes centralized with few POS validators.
Quantis combats these issues by allowing users to use both PoS and PoW. Users simply select the method convenient to them and transactions are validated through one mechanism or the other.
When the Quantis developers say that Quantis is “A new cryptocurrency focused on the rarity of privacy”, they mean it. The primary focus of the project is based on rewarding individuals that defend security and anonymity.
Quantis Uses Hybridation and Masternodes to Ensure Decentralization and Privacy
Quantis boosts validation on the network through the application of masternodes. Individuals can operate a masternode after storing a sufficient amount (5000 Quans in this case) of coins as collateral. Masternodes validate transaction 24 hours a day, even while you sleep.
Each masternode becomes one of the nodes that supports the blockchain. This way, the network remains decentralized. Masternodes support privacy and anonymity and serve to supplement rewards earned under the PoS model.
Quantis Masternodes specs:
• masternode collateral: 5000 QUAN
• masternodes enabled: at block #1000, approximately
This was a simple introduction to the Quantis Network. For more information on how to mine Quans or set up a masternode refer the our blog, forum, and press releases.
