While Quai Network promises fast transactions, it also adheres to the principle of decentralization and security. Miners who have competitive mining opportunities between blockchains within the network can benefit from these features of the Quai Network.
What is Quai Network (QUAI)?
Quai Network stands out as an open source Proof of Entropy Minima (PoEM) blockchain platform. Unlike traditional cryptocurrencies, Quai represents a network of multiple interconnected blockchains rather than a single blockchain. It addresses flaws in popular consensus mechanisms, providing a more efficient solution than mechanisms such as Proof of Work (PoW) and Proof of Stake (PoS). PoEM accurately measures the weight of work and ensures that all Quai nodes are in constant consensus, while also having the ability to eliminate all consensus forks.
By uniquely combining unified mining and sharding techniques, Quai Network not only increases the centralization and security of the network, but also results in significant improvements in transaction speed and efficiency. With these features, Quai Network has the capacity to process thousands of transactions every second, setting a new standard in blockchain efficiency.
Quai Network stands out as an open source Proof of Entropy Minima (PoEM) blockchain platform. Unlike traditional cryptocurrencies, Quai represents a network of multiple blockchains compatible with each other rather than a single blockchain. While popular consensus mechanisms such as Proof of Work (PoW) and Proof of Stake (PoS) address flaws in “work” calculations, PoEM accurately measures block weight and thus offers a more efficient solution. A way to measure work and the ability to eliminate all consensus forks ensures that all Quai nodes are in “constant consensus.”
Quai Network also utilizes a unique blend of combined mining and sharding techniques. This combination not only strengthens the centralization and security of the network, but also results in surprising improvements in transaction speed and efficiency compared to traditional blockchains. With these features, Quai Network sets a new standard in blockchain efficiency by processing thousands of transactions every second.
Quai Network emerged in 2019 as part of a research project conducted at the University of Texas. Quai Network, the parent company of Dominant Strategies founded by Yanni Georghiades, Alan Orwick, Jonathan Downing, Karl Kreder and Sriram Vishwanath, was initially created by five businessmen.
The founders published the whitepaper of the project in 2021. In 2022, two successful financing rounds were held, supported by leading venture capital firms Polychain Capital and Alumni Ventures.