Quai Network: Abbreviated Introduction
Among the approaches to achieving distributed consensus in blockchain networks, the Proof-of-Work consensus mechanism is the oldest, arguably most established, and well-understood. However, it is limited in transaction throughput compared to traditional payment mechanisms like credit card transactions.
Quai Network uses a Proof-of-Work-based blockchain system to achieve higher transaction throughput via a parallel hierarchy of merged mined blockchains. The project notes that its
employed consensus mechanism is so functionally different from Proof-of-Work that it demands a new name: Proof-of-Work 2.0.
Quai Network encompasses a network of 13 blockchains, consisting of the Prime Chain, three Region Chains, and nine Zone Chains.
The native token, QUAI, provides various use cases and has a hard-capped total supply to achieve deflation in the long term and decrease inflation in the short term.
Dominant Strategies, the company contributing to the technology development to advance the Quai Network and its ecosystem, is located in Austin, Texas. The legal structure also consists of the Quai Foundation in Zug, Switzerland.
The team has a strong technical background, and the project has also secured investments.
Quai Network currently runs on its Testnet dubbed ‘Iron Age,’ the third iteration of five Testnet launches planned before launching the Mainnet in Q4 2022.
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