QLC Chain Launches a Testnet for Monetization of Network Bandwidth
QLC Chain, formally known as Qlink is a next-gen public blockchain designed for the decentralized network as a service. It recently announced that it had launched its testnet. The QLC Chain is designed to offer network services with embedded function nodes that use the Multidimensional Block Lattice Structure. Besides that testnet launch, QLC Chain published the source code for its public chain, web wallet, and wallet server on Github.
QLC Chain makes it possible for network users to monetize their network resources. In essence, users can monetize the bandwidth to earn crypto by sharing the network resources. The Mission of QLC Chain is to create a decentralized ledger for network services. It will also make it possible to offer a secure and on-demand online experience.
The shared bandwidth will be monetized in various ways. It will be to the benefit of the ecosystem. Firstly, QLC has created a working DApp, WinQ. The app will be a decentralized VPN marketplace. Providers of the bandwidth can register a VPN on the DApp. From this, they can earn QLC hourly.
Secondly, the capabilities of the network can develop decentralized business models such as firewall, CDN, virtual routing and more. Thus, the operation support system and the business support system can be orchestrated with the use of the blockchain. According to Transport Market Research, the OSS and BSS System and Platform market is going to be worth $70.97 billion by 2024.
More about QLC Chain
QLC Chain deploys a Multidimensional Lattice Structure. It applies the virtual machine, which manages and supports the integration of smart contracts. Furthermore, the QLC Chain will utilize dual consensus. There will be Shannon Consensus and Delegated Proof of Stake. The QLC Chain team proposed the Shannon consensus. During the internal testing and community testing, there have been 105 accounts generated. There are also 1220 transactions that were completed with the highest TPS at 3500.
What the Top Leadership had to Say
According to Allen Li, the Chief Architect of QLC Chain, network resources are valuable assets. However, their value has not been recognized for many years. The main reason for this might be the lack of reliable technology that supports the crowdsourcing and renting model.
According to him, they designed the Multidimensional Block Lattice Structure to offer benefits to users and help monetize network resources. The complete graph structure has many advantages over the traditional blockchain design. This architecture will ensure that a decentralized P2P network can be scaled on demand. In the network services sector, each user, and device are treated as an account of the Lattice. They facilitate the instant settlement of transactions.
What is the Multidimensional Block Lattice Structure?
The block lattice maintains a blockchain for each account. A private key controls the account. These blockchains are replicated to all the peers. Only the balances are tracked, and the amount is not tracked. Balance transfers are done using send and receive blocks. The design made it possible for Nano to run 7000 transactions per second supporting 500,000 users.