Main navigation

Meet QAN: The Quantum Resistant, Scalable Blockchain Platform

Thu, 09/26/2019 - 12:13
article image
Heewon Jang
With Google reaching quantum supremacy, there is a need for a quantum-resistant Blockchain
Meet QAN: The Quantum Resistant, Scalable Blockchain Platform
Cover image via U.Today
Read U.TODAY on
Google News

2019 has been both a boon and a rebirth for cryptocurrencies and blockchain technology. Resurgent prices and continued interest in the technology makes it clear that, in a very real way, the future of the digital age will be decentralized.

As Deloitte’s 2019 Global Blockchain Survey concluded, “in 2019, something unmistakable appears to be happening. What has emerged is a shared recognition that blockchain is real — and that it can serve as a pragmatic solution to business problems across industries and use cases.”

However, today’s blockchain ecosystem is primarily comprised of platforms and technologies that are already beginning to feel antiquated in a rapidly evolving technological landscape.

As a result, the blockchain developers and adopters are clamoring for new and better solutions, something that QAN, a new quantum-resistant, a multilingual blockchain platform, is striving to provide.

QAN: An Overview

Founded in 2018 in Estonia, QAN is supported by Centrum Circle, a blockchain-based fintech company that focuses on supporting disruptive, profitable crypto projects.

Centrum Circle operates a Tokenized Fund that provides companies with globally compliant digital asset products, including Security Token Offerings, Initial Exchange Offerings, and Initial Coin Offerings. In addition, the platform offers investors access to private token sales for prescreened blockchain projects.

However, the platform isn’t just investor focused. They also support industry-specific blockchain solutions and services to improve crypto accessibility and usability, and QAN is their first project.

In less than a year, the QAN team has developed the platform into a launch-ready blockchain application that is quantum-resistant, energy-efficient, and incredibly fast.

While crypto enthusiasts have long-feared that the development of quantum computing could thwart the consensus methods that make Bitcoin and other prominent tokens so secure, that notion became more prescient in September when Google inadvertently published a paper documenting a “Quantum breakthrough” that could eventually have significant implications for many decentralized platforms.

To put it simply, QAN addresses today’s desire for blockchain computing platforms with an interface and internal mechanism that solves tomorrow’s problems and shortcomings.

Key Features

QAN brings many new features that build upon the developments of early ecosystems to provide technology ready for the next phase of blockchain implementation.

  • Proof of Randomness (PoR) Consensus Mechanism: PoR is a Byzantine agreement protocol that is resilient to arbitrary network partitions. This mechanism is comprised of five factors that collectively improve security and usability compared to established blockchain protocols. This consensus mechanism includes a multi-step validation process that creates a license certificate for validated content. 
  • Quantum Resistance: QAN’s PoR mechanism uses Lattice cryptography, which means that it is resilient to the quantum attacks that are expected to reach the ecosystem in the next five years. Most notably, the digital signatures implemented by QAN’s protocol differentiate its network from the competition. The algorithm relies on mathematical theory and calculations that were published by 13 mathematicians with brad acceptance in the international cryptography community. 
  • Fixed Transaction Prices: The transactions are fixed to FIAT pricing. Users apply the platform’s QARK token to make payments, but the value is fixed to FIAT exchange rates. This equips enterprises to create reliable cost forecasts that allow them the budgetary space to pursue blockchain adoption and implementation. 
  • Multi Programming Language Support: QAN supports multiple programming languages, which means that developers can code smart contracts in the languages they already know. In contrast, other enterprise-oriented blockchains, like Ethereum, restrict programming languages, making it more difficult for companies to find qualified blockchain personnel. 
  • Scalability: Today’s users demand scalability, and QAN’s private blockchain testnet is capable to handle 97,000 TPS. 

Initially, the QARK token is an ERC20 token; however, the token will transition to QAN after the IEO is complete. This utility token powers the platform, allowing users to pay fees and to finance services.

In total, ⅔ of the platform’s tokens will be available for sale on BitBay during the IEO, which begins October 2019.

The Road Ahead

In October, QAN begins its IEO that will provide investors with an opportunity to gain access to the platform before its mainnet launch in Q2 2020.

Its development is overseen by a collection of leaders with significant experience in the type of enterprise initiatives that QAN addresses. For instance, Lorand Foris, the company’s head of the management team, has both legal and financial experience in the realm of corporate finance.

In addition, the platform is co-founded by Johann Polecsak and Silur. The latter worked as a developer and research on prominent crypto platforms including Zcash and Monero.

Ultimately, QAN looks to play a prominent role in the future of decentralized computing by providing the security-saturated, scalable blockchain infrastructure that can further hasten adoption and usability.

With crypto products continually developing and adoption growing to continually new heights, QAN’s launch looks like a right-on-time arrive for the technology that can power this important moment.

article image
About the author

Heewon Jang is a freelance journalist and the editor of CryptoGags section.
She is responsible for entertaining crypto content and bitcoin humour