Proof-of-Work 2.0
"Instead of fragmentation, networks share and augment each other's total CPU power. This would solve the problem that if there are multiple networks, they are a danger to each other if the available CPU power gangs up on one. Instead, all networks in the world would share combined CPU power, increasing the total strength."
Quai Network utilizes this concept of combined CPU power to secure an entirely new network of blockchains. A hard fork would be required for this type of technology to be possible in Bitcoin, so Quai Network has its own parent chain (the Prime Chain) which secures the many other chains beneath it.
As Satoshi notoriously alluded to, by having many chains that share combined CPU power there are more transactions that can be confirmed by the same amount of work. By combining merged mining with the concept of sharding, Quai Network provides drastic improvements in throughput over the blockchains we know and love today. In addition, Quai Network is horizontally scalable, meaning that additional chains can be created to meet network demands.
By applying Proof-of-Work to Quai’s unique hierarchy of chains, the consensus mechanism becomes so functionally different that it demands a new name: Proof-of-Work 2.0.
Through the use of the Blake3 hash function along with other core protocol developments, Quai Network enhances Proof-of-Work 1.0’s speed and security. Blake3 has been demonstrated to increase tracing speed over the SHA-256 hash function by more than 10x while remaining highly secure.
By providing more capacity for transactions, Proof-of-Work 2.0 can be considered more eco-friendly by reducing the carbon footprint per individual transaction. This feature can be combined with the highly-optimized Blake3 Hashing Function, giving Quai Network a leg up over traditional Proof-of-Work implementations. Quai Network has expressed a desire to be the first carbon-neutral Proof-of-Work blockchain through incentivizing renewable energy mining and the use of offsetting carbon credits.
By exponentially increasing available block space on-chain, Quai Network transforms the existing supply curve that plays a major role in determining gas fees. With a high supply of block space, Quai Network can accommodate global demand without high fees.
Last modified 4mo ago