What is Quai?
Quai Network is a layer one EVM-compatible network of blockchains that utilizes ‘merged mining’ to achieve high throughput without sacrificing decentralization.
So, what’s merged mining and what role does it play?
Merged mining encourages the sharing of hashrates across different blockchains known as shards.
Sharding simply entails splitting a single blockchain into many smaller and faster blockchains to improve performance. It helps to reduce network congestion & increase transaction/sec.
Unlike most recent sharded networks existing in the Web3 space, Quai uses ‘proof of work’ to achieve consensus.
But here’s what’s interesting…
This is not the traditional ‘proof of work’ consensus mechanism you may have constantly heard about.
Rather, Quai network uses Proof of Work 2.0 to achieve this.
Proof of Work 2.0 simply leverages both the technologies of sharding and merged mining to achieve incredible improvements in throughput and scalability.
This encourages lower transaction fees and is more eco-friendly compared to the traditional Proof of Work. This is because each shard/chain runs asynchronously (not at the same time as the rest) to process and validate transactions. Plus, it reduces the carbon footprint per individual transaction via incentivizing renewable energy mining.
The Quai token is the native token of the Quai network and will ensure network security and simple exchange of value in a decentralized system.
You can find a ton of detailed information regarding distribution of the $Quai token here…
Here’s a much interesting way to earn the Quai tokens:
Quai network has introduced a program known as the ‘Social Media Rewards Program’ where you can engage with their posts across several social media platforms & earn Quai tokens which you’ll receive upon mainnet launch.
You can track the amount of Quai tokens earned and ready to be exchanged upon mainnet launch using a dashboard.
You can read more about it here…
You can also join their Discord server to find out more about the Quai network…
Written by: Paschal Ajaegbu.