QNG RATIONALE OVER POS ALGORITHM WITH MASTER-NODE SUPPORT

qngnode (28)in #mccafe • 6 years ago (edited)

The QNG (Quantum Node Group) is a movement to monetize blockchain and present a blockchain network for secured decentralized payment system and ensured passive earning to adopters. We shall achieve this with the Proof of stake Algorithm with masternode support.
Hence, QNG shall move to launch it's native blockchain in Q3. Quantum Cash will be moved & relay from the Wavesplatform with a gateway at ratio 1:10 of the new Coin (QNODE COIN). I wish to explain briefly the algorithms that exist within the space and our rationale for POS.

QNODE COIN PNG.png

Why consensus algorithm is needed for cryptocurrencies?
In cryptocurrencies, the consensus algorithms are a crucial element of every blockchain network as they are responsible for maintaining the integrity and security of these distributed systems. Proof Of Work is the first cryptocurrency consensus algorithm created and designed by Satoshi Nakamoto, implemented to overcome the Byzantine faults, which allows the creation of bitcoin as a Byzantine fault tolerant system. It means that the bitcoin blockchain is highly resistant to malfunctions. Not only because of the decentralized network but also because of the proof of work algorithm.

Thus there are various types of consensus algorithm in blockchain prospect, some of them are explained below:

#1. Proof of Work(PoW)
#2. Proof of Stake (PoS)
#3. Delegated Proof of Stake (DPoS)
#4. Leased Proof of Stake(LPoS)
#5. Proof of Elapsed Time(PoET)
#6 . Practical Byzantine Fault Tolerance(PBFT)
#7. Simplified Byzantine Fault Tolerance(SBFT)
#8. Delegated Byzantine Fault Tolerance(DBFT)
#9. Directed Acyclic Graphs(DAG)
#10. Proof of Activity(PoA)
#11. Proof of Importance(PoI)
#12. Proof of Capacity(PoC)
#13. Proof of Burn(PoB)
#14. Proof of Weight(PoW)

#1. Proof of Work
(Those who own more computing power (huge mining machineries or hardware devices) governs the network).
It was the first introduced & most popular of all blockchain algorithm, invented by Satoshi Nakamoto. The major principle of this technology is to solve and give out a solution for complex mathematical problems. The Proof Of Work consensus algorithm is most commonly used in bitcoin and it is completely applicable only for public blockchain.inorder to validate the transaction, the miners should get to solve a cryptographic puzzle. The hashrate / computing power will help them to solve that critical puzzle, thus allows them to add a new block to the existing blockchain. The puzzle is extremely difficult to solve and requires computational power or work.

Pros
High scalability, attractive & expensive

#2. Proof of Stake
(Those who have more coins governs the network)
Proof of stake was designed to overcome the disadvantages of proof of work. In this type of algorithm, every individual miner can join the mining process using their coin stake. So, the more coins the stake has, more likely the staker will add a new block of the transaction to the existing blockchain. However, holding huge coins will provide a high level of authority.

Pros
Fast validation
High efficiency
Less or no hardware

#3. Delegated Proof of Stake (Those who have more coins/tokens, governs the network)

Delegated proof of stake is nothing but the variation of Proof of stake. The DPOS will give more influence and ownership to the coin holders. In this type of blockchain protocol, the coin holders with more coins can able to elect their delegates called witnesses, who are allowed to add a new block of the transaction to the blockchain.

Pros
Real-time voting security
Better distribution of rewards

#4. Leased Proof of Stake (LPoS)
It was developed by WAVES, a decentralized blockchain platform where the custom token is created. This type of blockchain consensus protocol creates a centralized community within a decentralized platform and allows the smallholders to get their chance of stalking. The coin holder can lease their coins and can get benefit from the leased coins. This coin makes the node stronger or gives more weight, thus increases the chances of being allowed to add a new block to the chain.

#5. Proof of Importance ( PoI)
It is an extended version of proof of stake, developed by new economy movement(NEM). instead of considering the number of coins that the participants possess, the algorithm recognizes the behavior of the participants who regularly carry out transactions are more likely to find blocks.

#6. Proof of Activity (PoA)
Proof of activity is a combination of both Proof Of Work and Proof of Stake. Initially, the system behaves under the algorithm of Proof Of Work - miners race to solve a critical cryptographic puzzle. Then it switches to Proof of Stake - the validated transactions of the particular block get into the blockchain network.

#7. Proof of Capacity (PoC)
proof of capacity allows the nodes of the blockchain network to use their empty space on the hard drive to mine the crypto coins. The more the capacity/space you have, the better your chance of mining the next block.

Pros
No need for dedicated hardware
Drive can be reused

These are some of the top blockchain consensus algorithms adopted by many projects. The QNG shall adopt the POS algo with MASTER-NODE Support. We are building as clone of DASH, PIVX or MARC.

QNG PRODUCT/USE CASES

#1. MASTER-NODE ADVANTAGE:
Our adopters can join the consensus by deploying MASTER-NODE at their convenience, to produces new coins and secure the network. QNODE (QNC) collateral shall be 41,200 QNC.

#2. MULTIPLE MN SUPPORTED WALLET
Over the years it was one node to one wallet. But the QNC Core-Wallet will enable multiple masternode to be deployed in one wallet from 10-12 MN. Blockrewards is in 85% of total active nodes on network.

#3. WALLET STAKING:
The QNC POS algorithm allows users to stake their coins online and earn about 15% from blockrewards as they stake and produce new coins.

#4. P2P EXCHANGE &TRADE
QNG plans to initiate arbitrage trading via it own P2P exchange with cryptocurrencies and Fiat. Also QNC will trade on listed our exchanges

#5. VENDORS ADOPTION
The QNG along with its community shall strives for vendor's adoption as we mitigate unreached customers, both online and offline.

#6. PRIVACY AND SECURED PAYMENTS

#7. WE ALSO LOOK FORWARD TO BUILD A BLOCKCHAIN BROWSER.
User can browse to earn