AMA about QLC Chain Testnet, future plan
Yesterday, we hosted a YouTube Live AMA. However, due to connection issues, we had to reschedule our AMA. We apologize for the reschedule and thank you (our community) for your kind understanding. Despite postponing our AMA, we would like to answer some of the questions we have received from our community.
If you’re not familiar with QLC Chain, we are building the next generation public Blockchain for decentralized Network-as-a-Service(NaaS). The QLC Chain and supporting ecosystem will enable any individual, business or organization to leverage their network resources to become a service provider or network operator instantly. Our mission is to bring people online through a more straightforward, more pleasant, and more secure way with full transparency.
QLC Chain deploys a Multidimensional Block Lattice structure and uses virtual machines (VM) to manage and support integrated Smart Contract functionality. Additionally, QLC Chain utilizes dual consensus: Delegated Proof of Stake (DPoS) and Shannon Consensus, which is a novel consensus developed by the QLC team. With the dual consensus protocol and Multidimensional Block Lattice structure, QLC Chain can perform a high number of transactions per second (TPS), provide massive scalability and an inherently decentralized environment for NaaS related decentralized applications (dApp).
Two weeks ago, we invited a select group of community members to experience our Multidimensional Block Lattice Wallet and Explorer. In anticipation of our TestNet launch in September, we received many questions regarding our public chain structure, future development, and potential partnerships.
About the Multidimensional Block Lattice structure:
Q1: There’s a few projects talking about network speed and chain tech. Can you share how QLC plans to deal with speed? Also, what is the difference between the lattice structure compared to chain-on-chain technology in projects such as DX Chain?
Allen: Different projects are always competing for TPS to support commercial scenarios. There are also different blockchain structures dedicated to improving the network performance. We are not familiar with DX Chain and the chain-on-chain technology. However, after a quick Google search, we understand that it is a main chain plus side chain architecture.
Different from “block chain” structure, we are developing a Block Lattice structure for which every account has its own chain. Firstly, each node on the Block Lattice can produce blocks by themselves and contribute to the public ledger. By adopting this structure, we can improve the block chain throughput. For each node to produce a block instantly, is a vast improvement. Secondly, we believe this structure is a natural form for the network industry, especially for devices. Each node can be mapped to a device, for example, a router or Base Station. Each device can have an account and update the ledger respectively. At the same time, each device is connected to each other on the public ledger and transactions can be tracked among different nodes.
Q2: Could you please elaborate on smart contracts on top of Block lattice, and the value added you bring to the table compared to NANO or Hashgraph?
The difference between our Multidimensional Block Lattice compared to Nano’s Block Lattice structure is that we added smart contract, to support various types of tokens, and dApps. We choose the root token as the main chain for the DPOS and utilize the virtual machine to execute the smart contract. The virtual machine is based on NEO’s virtual machine, and implemented WASM technology for better performance. As an analogy, it is fair to say that bringing the one dimensional Block Lattice to become a multidimensional Block Lattice is similar to what Ethereum has done to Bitcoin. Hashgraph is a consensus algorithm that is suitable for DAG structure variations.
The main differentiator between QLC Chain and other public chain is that by nature it supports telecom functions with the function nodes pre-deployed.
The proclaimed weakness for potential DDOS attack against block lattice structure is solvable when the representatives are fully decentralized.
Thanks again for asking this question!
Q3: How is QLC Chain planning to work with NEO once your public chain is completed?
We are developing a cross chain protocol between QLC Chain and NEO. NEO will be used for network asset registration, and QLC Chain will record transactions and execute smart contracts.
Q4: Do you plan to market QLC as a base layer protocol such as EOS/ETH/ADA/IOTA etc, since you will add smart contracts and high tps on a new architecture?
That is correct. The Multidimensional Block Lattice structure is a base layer protocol that supports smart contracts. The initial internal TPS number reached 3,500. We’re confident that with more accounts on the network and some technology upgrades, the number can be doubled. Please see the image below for the full ecosystem of QLC Chain:
About the BaseStation:
Q5: When will we start the pre-sale of BaseStation?
As indicated in our roadmap, we are targeting to have the product available by the end of the year. The first hardware that will be available is our router.
Q6: How does BaseStation work as a node?
The BaseStation, as well as the router, will feature QLC ROM, contributing to the QLC algorithm and also serve as the backbone of the whole network. The owner of these devices will be able to earn QLC.
About the Future of QLC Chain:
Q7: Could you give us an update on partnerships? For example, Intop is on the website but hasn’t been addressed on a specific blog post.
We’re glad you raised this question, we have built a partnership with Intop. Once we have finalized the partnership, in terms of the detailed responsibilities of each party, we will share a blog about the partnership.
A brief introduction to Intop. Established in 2001, Intop is an Internet company based in Guangxi. The company is committed to the development, application and overall planning of Internet technology research and development, data center business, network security products, and services. Intop is the first professional IDC service provider in Guangxi and has built a complete data center management, operation, and maintenance platform, providing high-speed and stable network services to IDC users in China and Southeast Asia.
Q8: How do you think industries will adopt Blockchain technology? How does QLC Chain fit in this picture?
Building new partnerships with enterprises, mobile virtual network operators, telcos, both upstream and downstream players in this telecommunication ecosystem, will be one of our main focuses in the future development and operation. The network service is a broad concept, including but not limited to VPN, CDN, firewall, ID, storage, and name resolution. We estimate that 60%-80% of these services will move into blockchain in the next five years and QLC Chain as infrastructure will be able to support them in a decentralized manner.
Nowadays, the industry is becoming more open-sourced, and the competition is minimal. We look forward to building the ecosystem collectively. Blockchain standard for the telecom industry would be the most influential for massive adoption, and we believe QLC Chain’s standard will demonstrate its advantage for all the stakeholders in this industry.
Q9: Is QLC aiming to create its own chain for voice communication? For example, becoming a provider like Vodafone, T-mobile, etc.
Voice communication service requires some time for regulation entities to clarify. If we granted, we will pursue this path as well.
Q10: How do you plan to increase token utility?
Currently, QLC as a token has three main usage which reflects its value. First, it can be used to anchor bandwidth resources, thus earning QLC by sharing resources. Second, it can be used as payment for using bandwidth resources. Third, holding QLC to harvest the right to consume bandwidth for free.
Q11: In WinQ dApp I can set a minimum payment for VPN for 0.1 QLC. Will there be any smaller fraction? I mean, what if QLC would be worth $10? In poor and developing countries nobody would pay $1 per hour to use VPN or wifi. That’s why I am asking about smaller fraction of QLC, because I think this is very important for the development and sharing of QLC Chain all over the world.
Yes. Our idea is to build a free market for VPN, and that means adjusting the price according to the market. By design, QLC could be divided into 0.00000001.