When will Quantum Chain have a chance (Does Quantum Chain still have a chance)?

08/20/2023 05:43 • Metaverse & Beyond • 87 views

When will Quantum Chain have a chance? When will Quantum Chain have a chance? When will Quantum Chain have a chance? In 2018, the founder of Ethereum, Vitalik Buterin, published a paper titled “How Bitcoin Solves Scalability and Privacy Issues in Blockchain Through Cryptography”. The article states that it can be understood as: a block contains a set of random functions and is verified by miners. Since this function is open source and open to developers (i.e. code) smart contracts for creation, it is an immutable data structure without any restrictions.

So if we want Bitcoin to achieve these functions, we first need to perform PoW mining, and then join the PoS consensus mechanism. Secondly, we need to build a decentralized public blockchain to protect the security and anonymity of cryptocurrency transactions. However, for the entire network, there is currently only one shard chain.

Does Quantum Chain still have a chance?

The development process of Quantum Chain has made significant progress in 2020 and is currently in the public testing phase. However, it is still far from a real breakthrough, and it will definitely not be officially launched on the mainnet until next year if we consider that the latter half of last year was the period when Bitcoin prices reached new highs.

Technically speaking, Quantum Chain has been developed for nearly 20 years. It has many opportunities and innovations that can be made and implemented in real-life applications. Therefore, its appearance is also a new attempt for the blockchain industry, such as Ethereum 2.0, Polkadot, Cosmos, and so on. However, these are not real breakthroughs but rather determined by its own technical background and team strength. So the process is not complicated in itself. Additionally, Quantum Chain can not only bring surprises but also make more people understand its underlying value.

First, let’s take a look at how Quantum Chain works. Essentially, its operating principle is to limit the block size to a large unit, so that each node has its own timeline and no network node processes the transactions in the entire block. This requires miners to execute a transaction first to receive rewards, which requires a significant amount of computing resources to verify whether the block has been packaged into valid hash values. Only after that, the “currency” in the block can be transferred to the system to complete the payment operation (usually a few hundred transactions per second). In other words, as long as someone is willing to use the token to send and receive transactions, they can be incentivized (not necessarily with a large fee). This way, it reduces the waiting time and latency issues in the consensus process until all other users join and discover that they have mined a new block because they know who controls their hash power, those who disagree with certain conditions will automatically become the final block producers.

Secondly, Quantum Chain adopts a dual-layer architecture, where the first layer is based on a parallel chain and the other part is a symmetric distributed ledger system. The second layer is based on sharding technology, and the third layer is a general solution. When the two platforms reach consensus, they are focused on data privacy protection and performance improvement. Moreover, as consensus algorithms become more mature, various DApps will also emerge.

Finally, we can see that the number of DeFi projects on Quantum Chain is continuously increasing, with a gradual slowdown since August 17th. Although market sentiment has improved this year, Quantum Chain still faces enormous challenges, especially recently when it has failed to address actual problems, especially those that have gained market attention.

Furthermore, the development of Quantum Chain itself also has certain limitations. Firstly, the existing smart contract models are not suitable for current application scenarios. Secondly, the design of Quantum Chain itself has not taken into account the potential regulatory risks that may exist in the future.

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When will Quantum Chain have a chance (Does Quantum Chain still have a chance)?

Does Quantum Chain still have a chance?

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