QuarkChain Mainnet 2.0 “BigBang” To Be Launched With The Multi-native Token Function
Tags: Blockchain Development, Big Bang, Native Tokens, News, Quarkchain

QuarkChain Mainnet 2.0 “BigBang” To Be Launched With The Multi-native Token Function QuarkChain Follow Dec 17 · 4 min read

2020 is a difficult year but is about to pass. The wheels of the whole world are still bumping and undulating, and the entire blockchain industry has still reached a new level with the bumps. Many people are expecting this to be a start point, rather than a high point.

Regardless of whether their wishes can be achieved, QuarkChain has indeed reached a new starting point.

After a period of testing, we are now promoting the QuarkChain from “Singularity” to “BigBang”. Starting from this stage, QuarkChain will be able to demonstrate higher flexibility and a more comprehensive ecosystem. A new universe will be waiting for us and our community members to explore together.

QuarkChain mainnet BigBang will continually have the heterogeneous blockchain architecture thanks to our heterogeneous sharding technology, besides, it will also enable a unique multi-native token function. In our previous events of ‘Game of DeFi’, we have introduced all the functions of multi-native token on the testnet by the games, such as native token bid, mint, transaction, etc. Now, we will officially launch these functions on the mainnet, thus the community and our ecosystem partner projects can use these functions to mint their own native tokens in mainnet.

The multi-native token function is now available at the website: https://quarkchain.io/native-token/#/

To ensure a smooth launch of the multi-native token function, we will release the features in two phases:

Phase I: Open to private partners to ensure security and cooperation: 9:00（UTC +8）at December 17, 2020

Phase II: Open to the public for anyone to join and experience the function based on the feedbacks of Phase I: Early January in 2021 (Estimated)

Miners who set up their own nodes should pay attention to our official upgrade information to avoid synchronization failure. QPool miners do not need to make any operation and the system will automatically complete the upgrade. Token holders do not need to upgrade.

Introduction of Multi-native Token Functions

The Value of QuarkChain Multi-native Token

On the QuarkChain mainnet, multi-native tokens have the same class as that of QKC within the QuarkChain system; it can deploy contracts, cross chains, and pay for transaction fees if certain criteria are satisfied. Other than not being able to participate in governing the QKC network, native tokens can realize all functions of QKC, including the cross-chain transfer of fees; it will also overcome the problem of inconvenience encountered by most of the DeFi. In future contracts, we will improve the functions of multi-native tokens to be the same as that of QKC and eliminate the last barrier of applications of the multi-native tokens.

Video to explain multi-native token: https://twitter.com/Quark_Chain/status/1294717131536310272

How to Launch Native Tokens

At the beginning phase of project development, we will host regular auctions on the chain. Participants will need to bid using QKC and only one winning bidder will obtain the rights to mint tokens from this round of auction

Once a token name has been taken by a winning bidder, it cannot be auctioned again. The only way to get the token name is to have its ownership transferred from the existing token owner.

The time for multi-native token auctions would be weekly or monthly, please pay attention to our official channels for the latest announcements.

Process of Native Token Auction:

The Mechanism That To Use QuarkChain Multi-native Token as Payment of Transfer Fees

At the end of the auction, if any participants in the community need to use the newly minted native tokens to pay for transaction fees, they can deposit a certain quantity of QKC as the reserve for transaction fees. When executing the transaction, the network will look up the transaction fee and the exchange rate between the issuing amount and transaction fees and deduct the corresponding amount from the QKC reserve. The token economics will be determined by the winning bidder. If one would like to keep the total number of tokens constant over time, after issuing the tokens, the winning bidder can pass the right to token issuance to a system address.

QCEP-6 contracts will be configured on each shard. The participants within the token community can choose to equip the token with the ability to pay for transaction fees. To enable this feature, community participants will need to provide QKC to be saved on system contracts whereby the system will convert QKC automatically for exchanging tokens. This conversion is analogous to exchanging foreign currencies from a bank. After conversion, the converted QKC will become the transaction fees for the miners.

In terms of the exchange rate, the QuarkChain mainnet allows users to specify the exchange rate between the multi-native token and QKC. Any user can interact with the “universal native token manager” smart contract to propose an exchange rate. The agreed exchange rate will convert multi-native token into the corresponding amount in QKC to pay for transaction fees. In this way, normal users would not require buying extra QKC to pay for transaction fees, making this process more convenient for all.