Q: A state-of-the-art smart contract platform

Q is a novel smart contract platform on which developers can build and deploy their applications. While it is built on a state-of-the-art blockchain with all the features that developers expect, it boasts additional benefits that cannot be found in other protocols.

This blog post is the first in a short series which summarizes the benefits of building on Q. In this first post, I will describe the generic properties of Q, which apply to all applications deployed on Q. Beyond this, applications building on Q have the option to use and integrate Q’s governance framework, which opens up a whole new options space for decentralized applications. Future blog posts in this series will focus on specific use cases and highlight the benefits for those, particularly as they relate to Q’s governance features.

Basic features of Q

As a state-of-the-art smart contract platform, Q satisfies all the basic needs of developers that want to build on a public, open-source and permissionless blockchain:

• Q is fully EVM-compatible, which makes it easy for developers familiar with the Ethereum ecosystem or other EVM-compatible chains to build on Q.
• Comprehensive tooling and infrastructure is available. This includes a block explorer, a dApp for easy user interaction, mobile wallets, token bridges to the Ethereum Blockchain and more.
• Great usability: A full SDK and a well-structured documentation package is available. As one would expect, the dApp makes extensive use of the SDK, but a separate Governance Monitoring Service for Telegram also started building on the Q JS SDK to improve ease-of-use for Q System Smart Contracts.
• Solid performance metrics: The Q blockchain offers high transaction throughput (ca. 75 tx/s), fast block time (5 seconds) and low transaction fees (ca. 0.01 cent/tx).
• Q has attractive in-built features, such as in-protocol stake and vote delegation and the ability to earn yield while tokens are locked for governance voting.
• Q’s consensus mechanism is based on a delegated-proof-of-stake framework, resulting in a negligible carbon footprint and making it ecologically sustainable.
• Q has received regulatory clearance from major regulators in Europe.
• Q is admin-key free: all essential upgrades of the system are legitimized by defined governance processes.
• Lastly, in case of technical or other questions, the Q community is there to help. On the Q Discord server, questions are typically answered right away.

Benefits of Q’s unique architecture

Beyond these basics, Q has unique properties that make it particularly sustainable and therefore attractive for demanding and high-value applications:

• Unparalleled security: Q’s unique dual-layer node architecture provides a level of security against malicious chain takeovers and double-spend-attacks that is much higher than that of comparable blockchains. The so-called root nodes, which are comprised of people and entities of the highest reputation, monitor and enforce validators’ compliance with the network’s rules. This means that even though Q’s mainnet has only been launched recently, builders can rest assured that executing transactions on Q is safe.
• Sound economics: Historically, Layer 1 blockchains have relied on two sources of income for their security budget: An inflation subsidy and transaction fees. Typically, the inflation subsidy declines over time and is expected to be replaced by transaction fees. As has been pointed out by many researchers (see for example here and here), whether or not this will work is at least questionable. Q offers a third source of income: Fees of so-called integrated applications, which share all or part of the fees they generate in return for receiving governance services and security from Q. This makes the economics of Q independent of subsidies and transaction fees — a feature that is unique in the crypto space. The result is a level of economic sustainability which cannot be achieved by other Laye 1 protocols. This is particularly relevant for applications with longer-term time horizons.
• Transparent protocol development: With its transparent and enforceable governance, Q provides a clear path for protocol development in the future. Unlike other blockchains where change processes often chaotic and intransparent, stakeholders of Q know exactly what the rules of the system are, how changes are implemented and what the scope limitations of such changes are. This provides three distinct advantages: Firstly, builders can rest assured that there are not negative surprises that compromise or — in the worst case — break their code. Secondly, the core principles are “set in stone” so that developers can rely upon them. And thirdly, everyone can play an active part in contributing to Q’s further development. Together, these properties ensure that Q is future-proof, making it a good choice for demanding and ambitions developers.

Building on Q

So if you if you consider building on Q, what is the next step? A good gateway to information around Q is the Q website. Alternatively, if you want to deep-dive into technical details of Q, you can head straight to the Q repo. And of course if you have questions or want to discuss ideas, feel free to reach out to me or anyone else from the Q community.