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Q Blockchain

Q Blockchain (launched in March 2022) is an independent based on . By leveraging Ethereum as its foundation, Q benefits from Ethereum’s existing ecosystem (e.g. a large developer community, existing protocols, , and tokens). [1][2][3]

Overview

Q is a decentralized governance layer for . It establishes the concept of Shared Governance Security: a key primitive in the modular blockchain stack. Applications and protocols can opt into Q’s governance infrastructure for a security upgrade. Q prevents governance exploits and reduces legal and regulatory risks associated with centralized decision-making. [1]

In December 2023, Q Protocol announced the use of rules of the International Chamber of Commerce's (ICC) arbitration court to resolve disputes and enforce awards. The ICC rules are often used by entities as a way to conduct private arbitration because it tends to be quicker than nation-state-based jurisdictions. [4]

Shared Governance Security

The concept of Shared Governance Security rests on the principle that the cost of corrupting governance must be higher than the potential reward. This requires an external security anchor. Q allows other projects to opt into its governance framework. Just like dApps and L2s use Ethereum’s security properties for transactions, they can use Q’s security properties for governance. The cost of corrupting their governance is instantly increased, rendering governance attacks unprofitable. [1]

Q’s core governance architecture is based on the trinity of governance: rule setting, enforcement, and dispute resolution. All three elements are essential and need to be integrated for governance to work. A set of checks and balances ensures the integrity of the system. [1]

Q Tokens (QGOV)

Q tokens (QGOV) are native assets of the Q blockchain. and root securing the Q blockchain are required to Q Tokens (QGOV) in dedicated on the Q blockchain to demonstrate their commitment to the network. [5]

These tokens are fully fungible and do not carry any technology transfer restrictions. The price of a Q token (QGOV) is determined solely by the supply and demand for the asset. Holders of Q tokens (QGOV) are considered the primary economic stakeholders in Q. As the Q system is utilized, Q token (QGOV) holders benefit from transaction fees and other fees generated within the Q ecosystem. [5][6]

Q Token Holders

Q token holders can directly participate in governance decisions of Q. They further can delegate all or part of their Q tokens (QGOV) to validators or candidates for validator positions, thereby increasing the number of Q tokens (QGOV) staked to the respective validator or candidate for a validator position (voting). [5]

Validators and Root Nodes

Q blockchain is maintained by validators and root nodes. [5]

Validators are responsible for maintaining the integrity of the Q blockchain by validating transactions, forming blocks, and recording valid transactions while enforcing the rules outlined in the Q constitution. [5]

Root nodes serve as a supplementary security and governance layer beneath validators, tasked with monitoring validator behavior to ensure compliance with the Q constitution. Unlike validators, root nodes do not participate in transaction validation or modification but focus on overseeing validator activities to enhance the overall security of the Q network. Both validators and root nodes are required to operate a Q full node to fulfill their roles effectively. [5]

Utility

Participation in Governance

A QGOV token holder can shape the future of the protocol by securing the network through delegation and facilitating transactions within the expanding Q ecosystem. They can do this by proposing changes and participating in voting, they can delegate their voting rights, and take on defined roles in the Q ecosystem. [7]

Staking and Delegation

The Q Blockchain operates on a (DPoS) basis, and Q tokens (QGOV) is integral to its security and decentralization. QGOV token holders can delegate their tokens to one or more validators. Validators, in turn, share a percentage of their rewards with delegators. This system ensures that the network remains secure and decentralized. [7]

Also, the more QGOV token holders delegate, the stronger the security of the network becomes. By spreading their tokens across multiple validators, delegators contribute to reducing the risk of centralization and “plutocracy” within the validator set. [7]

Transaction Payment on Q

QGOV tokens are the native tokens of the Q blockchain, making them essential for conducting transactions within the ecosystem. They are useful for in-protocol functions during voting, staking, participating in node operations, or using Integrated Applications. Additionally, Q tokens (QGOV) are required for transactions within other protocols and applications built on top of Q. [7]

Interacting with NFTs

Given the EVM compatibility of the Q Blockchain, various kinds of are supported, such as , , and SoulBound NFTs. All of these are powered by the Q token (QGOV) to pay for transaction costs and if implemented in the NFT logic, collect royalty to the NFT owner each time the NFT is traded on marketplaces. [7]

Consensus

The Q blockchain operates on a permissionless peer-to-peer network utilizing a mechanism for achieving network consensus. In this mechanism, a subset of network nodes known as validators reach a consensus on the state of the network. [5]

Users participate in the consensus process by voting for 'witnesses', who are responsible for validating transactions. The top-tier witnesses, determined by the number of votes they receive, are authorized to validate transactions. Users have the option to delegate their voting power to trusted individuals to vote for witnesses on their behalf. The weight of each vote is proportional to the stake held by the voter. Consequently, users with relatively small stakes can ascend to the top tier of witnesses through support from users with larger stakes. DPoS enhances scalability by facilitating high transaction throughput and predictable transaction costs. [5]

Q ID

Q ID is an identity application on the Q blockchain. Q ID identifies natural persons who want to interact with elements of Q that require the unique identification of a natural person. Only applications that can be expected to establish the existence of a unique natural person with reasonable certainty are used as the basis for the issuance of Q ID tokens. Persons who have Q ID can participate in the governance of Q. [5]

Partners

  • GOSH
  • Koii Network
  • DeSci.World
  • ElkNet
  • HyperNest Grant Program
  • wom3n.DAO
  • Coorest[8]
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Q Blockchain

Commit Info

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Edited On

March 24, 2024

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