What have we accomplished in the past quarter?
In the second quarter of 2020, we focused on delivering the QLC Chain based Bandwidth on Demand settlement platform to our customers, which automates the bandwidth ordering/billing/settlement/payment process through the QLC Chain. At the same time our customers adopted the payment functionality, thus forming a closed loop of the entire business process automation. At the same time, we were surprised to find that our customer, one of the world’s top subsea fiber network operators, is very open to introducing stable coins like USDC and PAX into the communication industry.
What is the Enterprise Wallet Service(EWS) based on QLC Chain?
In order to achieve enterprise adoption of stablecoins, we need EWS to support two things:
- EWS should be a KYC/AML compliance gateway or hub for enterprises sending/receiving stable coins.
- EWS should support the stable coin trade very easily.
Our experience in both the enterprise market and blockchain helps us deliver a wallet that is more in line with corporate needs. Through the wallet platform, the stable coin used by everyone on the blockchain can be extended beyond the blockchain itself. And what is more important, there is a huge opportunity that stable coins can be traded among enterprises worldwide. We believe the value of this is very significant for the entire blockchain.
Why are we doing cross-chain DeFi from Ethereum to QLC chain?
Furthermore, we need to satisfy the enterprise requirement for the stable coin trade. DeFi is becoming a potential solution on Ethereum, however, there are some problems that make Ethereum unsuitable for enterprise customers (e.g. cost and compliance).
In this case, we need to extend the adoption of stable coins from the Ethereum ecosystem to the QLC chain ecosystem, with the enterprise wallet service and legacy platform closely integrated into the QLC Chain ecosystem.
Meanwhile, the QLC token plays a very important role in the enterprise adoption of the entire QLC chain. QLC token holders can get reward from the automated billing settlement/payment process according to the voting weight. That is the yield farming model on QLC chain to leverage enterprises using stablecoin for settlement and payment.
How does QLC Chain plan to combine enterprise and individual DeFi services?
We are working on advancing both enterprise-level and individual DeFi applications.
Our plan is for individual stable coin holders to provide liquidity for the enterprise stable coin trade. This is the application scenario for our Automated Market Maker (AMM).
The requirements for the enterprise-level stable coin trade and the individual stable coin trade are actually very different, mainly because Institutions have their own asset preservation management needs, and the volume of the enterprise stable coin trade will be higher than the individuals’. However, if the traditional stable coin trade (without AMM) is done through a large number of manual brokers who are required to participate in this process, this process faces many legal compliance issues for enterprise customers. We believe AMM solves this problem.
The future of asset synthesis
On the other hand, it is worth noting that current crypto asset synthesis is based on the crypto asset itself (e.g. BTC, ETH or stable coins). But is it possible to have asset synthesis based on data? Or based on digital assets rather than crypto assets? Network resource is a very basic, digital asset at the infrastructure level and we are currently exploring the potential that network resources can enter the DeFi lending/leasing/insurance ecosystem and become a basic component of asset synthesis.
Please stay tuned and let’s keep moving forward. Thank you for your support!
About QLC Chain
QLC Chain is to resolve the data trust and security problem in the communication industry, and aim to build a public chain for Network-as-a-Service (NaaS) platform.
From the ledger structure perspective: QLC Chain supports each account to have its own chain of ledger integrated with telecom service capabilities, named the multi-dimensional block-lattice structured ledger.
From an adoption scenario perspective: QLC Chain’s mission is to create a secure and trusted environment for communication services and to narrow down the digital divide by leveraging Distributed Ledger Technology, enabling everyone to operate and benefit from network services.
Learn more about QLC Chain https://qlcchain.org/