QLC Chain

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QLC Chain
QLC-Chain-Logo-Full.png
Ticker symbol QLC
Development
White paper QLC Chain Yellow Paper
Initial release November 2017; 1 year ago (2017-11)
Website qlcchain.org
Ledger
Circulating supply 240 million
Supply limit 600 million

Background

QLC Chain (formerly Qlink) is a decentralized Network-as-a-Service (NaaS) provider established in November of 2017. [1] The team’s core mission is to leverage blockchain technology with the telecom network industry by providing network service through a simpler, more pleasant, and more secure way with full transparency. [2]

QLC Chain deploys a multidimensional Block Lattice architecture and uses virtual machines (VM) to manage and support integrated Smart Contract functionality. [3]

Its public token sale was held in December of 2017. [4]

Architecture

Block-Lattice, Directed Acrylic Graph (DAG)

A “block architecture” where each individual account for transactions on the network possesses its own blockchain, controlled by the account’s private keys. Under this structure, the user’s blockchain is able to track account balances, as opposed to transactional amounts, which requires less storage and increases transaction speeds. The consensus algorithm has been able to achieve a peak of 7,000 transactions per second (tps), with more than 500,000 users and 700 consensus nodes.

Ability to handle multiple token issuances within an individual account. Each new token added to an account is mapped to a new chain, and each account will have the ability to hold different tokens and support multiple chains.

Supports smart contracts and the dual consensus algorithm (which works especially well for network transmission services).

Benefits QLC Chain with low transaction validation latency, scalability, low energy consumption, and inherent anti-centralization.[5]

Smart Contract Support

The Block Lattice supports distributed applications (dApps) through two types of smart contracts: the token smart contract, and the asset smart contract. Token smart contracts will be used for new token issuance, whereas asset smart contracts will be used for digital asset registration. Asset-based smart contracts apply to physical objects with service attributes, such as communication equipment that provides telecom services, or automotive equipment used to provide transportation services.[6]

Node support:

QLC Chain contains four network nodes: network address translation (NAT), storage, security, and routing.

The NAT node remaps IP addresses for reuse.

The routing node forwards information based on content keywords, distributed hash tables (DHT), and/or routing table.

The storage node contains saved content that can be retrieved from other nodes within the network.

The security node performs firewall functions and enacts the security domain access rule.[7]

Dual consensus algorithm

QLC Chain’s dual consensus allows the blockchain to perform a high number of transactions per second (TPS), provide massive scalability, and a decentralized ecosystem through its Delegated Proof of Stake (DPoS) and Shannon Consensus protocols.[8]

Delegate Proof of Stake (DPoS)

DPoS is the consensus mechanism which is used for transactions.

Shannon Consensus

Shannon Consensus serves the needs of data in an economically efficient manner, without requiring the hardware to solve hash rates with Proof of Work (PoW), or nodes with large amounts of tokens in Proof of Stake (PoS) consensus algorithms.

The Shannon Consensus mechanism seeks to incentivize nodes with lesser amounts of QLC tokens, rather than nodes with large amounts of QLC tokens. Nodes with larger amounts of tokens act as bookkeeper nodes that dole out tokens to other nodes running intensive transmission tasks. These nodes running intensive transmission tasks will eventually become bookkeeper nodes, perpetuating a cycle that will be out of the control of the QLC Chain developers.[9]

Decentralized Application (dApp)

WinQ is a mobile application to provide users with access and connectivity to virtual private networks (VPN) and Wi-Fi. The dApp allows users to register VPN servers and Wi-Fi hotspot assets on the blockchain and is a decentralized sharing platform.

Other features include a decentralized marketplace, a peer-to-peer sharing protocol to protect credentials, and a wallet app for sending and receiving QLC tokens, the platform’s internal currency.

Users of the application can earn QLCtoken by offering Wi-Fi and VPN services to other users. [10]