Quoinblock is a regulated, post-quantum secure and green blockchain. With that, Quoinblock addresses the main issues of today’s public blockchains. These are the vulnerability to quantum computers, the environmentally unsustainable nature of Proof-of-Work and a lack of regulation as well as standards. Thus, Quoinblock’s overarching mission resolves around providing a blockchain that acts as a trust-granting fundament for further decentralization of our world.
Quoinblock addresses three key issues that blockchain technology must overcome before being ready for mainstream adoption.
First, the most common consensus mechanism, Proof-of-Work, involves excessive waste of energy.
Second, Smart Contracts are difficult to develop and mistakes can have severe consequences for all involved parties.
Third, quantum computers, once available, will render traditional blockchains worthless because they solve their encryption with ease.
Quoins will act as a unified medium of exchange of value within the Quoinblock Ecosystem. Quoins represent the foundation of the incentive structure within the ecosystem aligning the stakeholders’ interests. This will be orchestrated through a Quoin-based marketplace for dApps and Smart Contracts and through specific incentive programs where contributions will be rewarded with Quoins. An example for this are Smart Contract services where Quoins can be used to pay e.g. for smart contract execution, verification, and additional security services.
Yes, Quoinblock is fully open source.
Although quantum attacks break most public-key cryptosystems such as RSA cryptosystem and Elliptic Curve cryptosystem, symmetric-key cryptographic algorithms and hash functions are well-known quantum-proof secure.
Quoinblock devises new cryptographic schemes based on cryptographic hash function and symmetric-key cryptographic algorithms, which achieve various functionalities of public-key cryptosystems, in particular the digital signature. Thus, Quoinblock is strongly quantum-proof secure.
Quoinblock’s Green Mining simulates Proof of Work as much as possible, except without a waste of energy. A sketch is as below (we refer full specification to technical project documents and related academic papers)
Qoinblock devises a series of award and punishment to self-force nodes to follow the protocol, which well guarantees consistency and liveness.
To help repair the environmental damages caused by current (wasteful) blockchains, Quoinblock plans that these spent coins should to the extent that economics permits be transferred to environmental causes. Thus Quoinblock’s mining will be truly green.
Quoinblock uses multiple technologies to build a smart contract analysis toolbox that are
Quoinblock is a public chain and thus welcomes various dAPPs. With the goal of taking blockchain into mainstream, one main feature of Quoinblock ecosystem is to provide friendly interface for user and developers, aiming to make blockchain clients as simple as today’s web and mobile apps.