The first practical application of decentralization happened back in 2009, when the world’s first cryptocurrency, bitcoin, appeared. And for the 12 years of development, the blockchain technology has gone through, the market situation has changed dramatically. There are quite a lot of different Defi solutions out there now, including many cryptocurrencies and specialized exchanges. But, potentially, decentralization can be used not only in the financial sector. Products for copyright protection, trade and logistics, and even blockchain-based games are now emerging. In this article, we will take a look at such a universal platform and the products it offers to users.
Benefits of decentralization
Before we get into specific products, let’s first consider the key benefits of decentralization and the opportunities it provides, since any product based on blockchain technology will compete with the typical centralized solutions that are quite well used now. So, here are the key benefits of decentralization:
Reliable trouble-free operation. A network-based on blockchain technology is a decentralized structure, which means that the disconnection or failure of a part (or even most) of the nodes cannot affect the system operation as a whole. This is not the case in centralized structures.
Data security. A distributed ledger means that transaction data is stored by everyone at once, which means it will never be lost.
Transparency. All the operations are recorded in the general ledger, and everyone has this ledger. This means that even the developers of the system will not be able to manipulate the network and conduct covert operations.
Low commissions. Unlike banks and other financial institutions, the size of commissions in the blockchain is typically 0..1%, or something about that, which is very noticeable for large amounts.
High transaction rate. Theoretically, the latest generation blockchains are capable of providing bandwidth even higher than that of a global giant like Mastercard.
As you can see, the practical implementation of decentralization will provide several benefits.
So let’s take a look at what the modern blockchain platform is and what they offer their users.
The Qchain project started in 2020 and as of Q3 2021, it is in the final stage of introducing core products in the mainnet. This is the latest generation blockchain capable of providing throughput of up to 1 million transactions per second. Besides, some interesting solutions are implemented here, such as n-dimensional blockchain (you can sign contracts between 10 participants), minimum block, TCP/IP-based data transfer protocol, and PoS + PoET consensus.
As for the products, they are not limited only to financial solutions, like in most other platforms. In addition to a decentralized exchange and an exchanger of cryptocurrencies and fiat money, the index for tracking the rates of coins and tokens, they have implemented:
Decentralized Magic Lotto, all drawings of which are completely transparent.
Decentralized storage Qstorage, where files are encrypted and divided into parts and in this form are stored at once by several users.
Qchain place, a platform for buying and selling custom goods and services, as well as NFT. Here, the QDT token is used as the currency.
Qstaking. Any user can receive passive income as a percent of the total volume of transactions on the network. To do this, you have to keep a certain amount of QDT tokens in your account.
Although blockchain technology has already twelve years of history, non-financial products based on it start appearing only now. So, we will see how they compete with the products people are used to. It is quite possible that we are on the verge of huge changes in the global economy.