QuarkChain’s plan for the second half of 2020: launch staking DeFi products and the new mainnet BigBang with multi-native tokens
Members of QuarkChain community:
Although the epidemic is raging around the world and our work is inevitably affected to some extent, the tasks of QuarkChain in the first half of 2020 have been successfully completed, including upgrading the major functions of the mainnet, reducing production, and launching QPool which can support the mining in QuarkChain mainnet. Besides, many breakthroughs have also been made in the blockchain solutions of enterprises and the government.
Half of the tough year 2020 has passed. Although we do not know what challenges lie ahead, our original intention of building an ecological world of blockchain remains unchanged. Hence, we will launch two major functions which are milestones for the development of the community and project in the second half of 2020.
1. Open staking DeFi products based on PoSW Consensus
QuarkChain proposes a new consensus algorithm called PoSW, which combines PoW and PoS to realize a more human-friendly consensus mechanism. Firstly, PoSW, like PoW, requires the competition of hash rate. Miners can join without admission. However, if the mainnet token of QuarkChain called QKC is staked during mining, the preferential benefit of reducing mining difficulty can be enjoyed. Similar to PoS, the more tokens you hold, the higher accounting right you will have. The opening of staking will allow miners and holders to work together for more rewards, and make the network safer and more resilient to attacks.
Staking 1.0 (At the end of June): bring the StakingPool smart contracts online
In the first half of this year, QPool, the mining pool which supports the QuarkChain mainnet, has been launched. By the end of June, the StakingPool smart contracts will be launched together with QPool. Ordinary token holders can deposit QKC into the address of the smart contract and cooperate with miners to mine and share profit. Based on the existing network data, the monthly rate is about 2% and the annual rate is about 27%. Please pay attention to the QPool announcement after the official launch.
Staking 2.0 (Q3 — Q4): DeFi products online
It is expected to launch an open source DApp with the functions of staking and mining in Q3, which will be modified and used by high-level users to realize the function of online staking of the StakingPool smart contracts.
It is expected that the online platform of DeFi will be launched in Q4, where miners can freely publish staking contracts and users can choose the staking through the different rewards promised in the contracts. Cooperation between miners and token holders is achieved through contract products, which will be QuarkChain’s unique DeFi product based on PoSW consensus.
2. The mainnet of BigBang with multi-native token function will be officially launched in Q3
In addition to the multi-chain heterogeneous blockchain structure from the heterogeneous sharding technology, the mainnet BigBang will also have the unique function of multi-native token, which means that except for QKC, the tokens published on the QuarkChain mainnet can have the same functions as QKC, including invoking contracts, paying transaction fees, and realizing the release of multi-native tokens with one click. In this way, projects on this network can have more flexible ecology than the contract tokens in some projects which can only rely on the network’s native tokens.
More introductions about multi-native tokens can be found in the following videos and articles.
For full video: https://www.youtube.com/watch?v=-at4Dmbn11M&feature=youtu.be
Currently, the associated functions for multi-tokens, such as staking, auction, and storage, have been developed. Now the final stage for security test and audit on the mainnet is underway. In Q3 of 2020, this function will be online together with a new generation of QuarkChain mainnet, called BigBang.
Acquisition mechanism of QuarkChain multi-native tokens:
- In the early stage of the project development, we will hold regular auctions on the chain. Participants need to bid with QKC and there will be only one winner in each auction, who can have the minting right.
- The token obtained by auction will have a unique token ID on the whole network, and the only way to obtain the token ID is to get the ownership of the token.
- Schedule for auction: once a week or a month, please pay attention to the auction announcements on the official channel.
The launch of multi-native tokens, staking and DeFi functions will improve the QuarkChain ecology and provide more opportunities for the applications on the chain in the future. In addition to these major functions, we will add or update more important functions according to the development of the industry and the implementation of blockchain technology, so as to make QuarkChain continue to become a leader in the public chain with a multi-chain heterogeneous structure based on heterogeneous sharding technology.