Opportunities and functionality of modern blockchain networks

What is blockchain today?

For more than twelve years of its history, blockchain technology has come a long way from an interesting implementation of the decentralization principle to a promising basis for many products and services, both financial and non-financial ones. Moreover, the rapid growth and expansion of functionality and scope of its application happened literally in the last few years. Thanks to smart contracts, distributed ledger, and decentralized applications (dApps), it is possible to provide complete transparency in all operations, independence, and reliability of the entire system, besides dApp applications can implement virtually any functionality. Indeed, cryptocurrencies and other DeFi products still dominate the market, but now there are applications and systems for medicine, gaming, copyright protection, logistics, etc.

And we will talk about such products based on a decentralized platform in this article.

Problems and prospects of the technology

Although the technology, as we said, is not a new one, there are a number of problems that have not yet been fully resolved. These are, first of all, problems of scaling and network bandwidth, problems of excessive energy consumption, and some closeness of this sector. But all this, to one degree or another, is characteristic of the systems of the first and second generation, that is, Bitcoin and Ethereum, which, despite the emergence of newer and technically advanced systems, continue dominating the market. Although there are already platforms of the 3rd, 4th, and even 5th generations, in which all of the above problems have already been solved, and their functionality is actually limited by the imagination of developers of dApp applications. Thus, for example, the throughput in the Qchain ecosystem is approximately 100,000 transactions/second (for comparison, for Bitcoin It is ~ 3..5 transactions/sec, and up to 15 transactions/sec for Ethereum), its original data transfer system based on a virtual channel allows to solve the problem of scaling completely, and the PoS + PoT consensus algorithm completely eliminates the need for powerful machines for mining and reduces electricity costs (to keep the network operational) by hundreds of times. Some interesting products have been already implemented here.

Qchain network functionality
And now let’s move on to considering specific applications and functionality based on the Qchain decentralized system. Here are the main ones:

  • Magic Lotto lottery. Almost all online lotteries that are on the market now have a significant drawback – the lack of transparency of the drawing process. But things are different in a decentralized blockchain-based system. Absolutely all the operations are listed in the distributed ledger, which means they are available to everyone. Besides, the process of withdrawing/exchanging the funds is greatly simplified and there is a multi-level affiliate program as well.
  • Qstorage file storage. Decentralization provides several advantages for storing files online: the highest level of protection and confidentiality, stable and uninterrupted access, the inability to organize censorship, and all this at a reduced cost (about 80-90% in comparison with the commonly used centralized storage).
  • Qchain Place, a marketplace for goods and services. In this marketplace, ecosystem users can buy and sell their goods and services using the internal token of the QDT system for calculations. The implementation of the terms of the contract is ensured by smart contracts. This creates a holistic ecosystem for small businesses with fully integrated systems for the protection of rights and mutual settlements.
  • QDEX exchange. On this exchange, you can exchange system tokens in a couple of clicks for other popular crypto assets, including BTC and ETH, and fiat money, including USD and EUR.
  • QStaking. By purchasing 100,000 QDT tokens and fixing them on own account, a user gets regular passive income from commissions within the network. The size of the commission for any operation is 1%, and 90% of the funds collected this way are distributed proportionally among the stakeholders.

And the solutions listed above are just a small part of those decentralized products that are on the market today. And thanks to their remarkable advantages, they will now be able to compete with centralized products, gradually changing the look of things we are used to.