Home News Quai Network Aims to Revolutionize Transactions with 50,000 TPS

James Carter

25 Jan 2023

Quai Network Aims to Revolutionize Transactions with 50,000 TPS

The intention of the layer 1 network of the blockchain Quai Network ($QUAI) is to use multiple blockchains working in parallel and safeguarded by merged mining in order to reach over “50,000 transactions per second (TPS)” concerned crypto enthusiasts. In order to achieve high throughput, the network employs the Proof-of-Work (PoW) 2.0 protocol and sharding technology.

The Quai Network is maintained by its own native token, which is denoted by $QUAI. And the blockchain that is compatible with EVM is now in the Iron Age, which is the third public Testnet. In exchange for Quai tokens, this feature, which is about to go live, will soon make it possible for users to engage with and test the network. Additionally, the network provides a rewards program that may be accessed across other social media platforms, including social media platforms such as Twitter, YouTube, and Reddit, in an effort to foster early community interaction.

Developments Made by Quai Network

Quai will facilitate payments, decentralized applications, non-fungible tokens (NFTs), and smart contracts in an environment that is efficient financially thanks to its compatibility with Ethereum Virtual Machine (EVM). By utilizing Proof-of-Work 2.0, merged mining, and sharding, the modularity of the future generation of blockchain technology would be able to accomplish infinite scalability and achieve limitless scalability.

In addition, Quai Network is working to make the production of blocks on its 13 parallel blockchains significantly faster. The Prime chain has a block period that is approximately fifteen minutes long, the Region chain has a block time that is about five minutes long, and the Zone chain has a block time that is about ten seconds long. And it is believed that the typical wait time for a block is 1.1 seconds.

Also Read:  Bitcoin Market Forecast 04/09

In addition, Quai Network has only just made an announcement regarding a long-term strategic cooperation with Structure.fi , which is a financial platform with a mobile-first focus. This gives investors unhindered access to traditional markets as well as cryptocurrency marketplaces. In addition, the Crypto and Stock Trading App will include support for the Quai ecosystem by listing the $QUAI coin.