Is Multi-dimensional Block Lattice the new Protocol?
Smart Contracts supported on a Multidimensional Block Lattice is a game changer. On top of the existing Block Lattice structure, the Smart Contract support allows users to create policies across various assets under the account management. For example, billing policies for WiFi and network access could be setup individually for different equipment. As well as other network services including storage, routing, etc.
While this example is very network industry-specific and presented by QLC Chain, the idea could be translated into different domains. Gone are the days when Smart Contracts meant supporting a digital currency. Welcome to the Future.
In 2015, Nano (formerly Rai Blocks) was launched to solve issues such as slow transactions and high fees. Nano introduced a block structure called Block Lattice which skips mining resulting in zero transaction fees. This revolutionary block structure changed the entire crypto landscape and labeled as the next generation blockchain structure.
Block Lattice maintains one blockchain for each account controlled by private keys of the respective accounts. The blockchains are then replicated to all the peers in the network. Only balances are tracked in this blockchain and the transaction amount is not tracked. Balance transfer is done with the help of send and receive blocks. A send block reduces the balance and the delta is then marked to the recipient account. The recipient then creates a receive block which increases the balance.
This new design lets Nano run a whopping 7000 Transactions Per Second (TPS) while supporting 500,000 users. The lack of account balances decreases the I/O operations which improves the TPS compared to current players in the crypto space.
Multidimensional Block Lattice Structure
QLC Chain uses the existing Block Lattice structure and takes it a step further. By converting the single dimensional Block Lattice into a multidimensional structure, each account can handle multiple tokens with new tokens being mapped to a new chain within the account. Since each token exists on a single chain (dimension), the entire structure with multiple tokens is called a Multidimensional Block Lattice Structure. This results in no limit to scalability while improving on security.
The design inherited the advantages of Block Lattice while adding smart contract on top. QLC Chain changed Block Lattice to become a protocol to support various tokens, moving forward to build a Public Chain for blockchain network services. Currently, the team has completed the first step of the multidimensional structure construction - multi-token transfer successfully tested.
Smart Contracts on the Block Lattice Structure
QLC Chain will support Smart Contracts and Distributed Applications (dApps) be built on the Multidimensional Block Lattice structure. Each account has its own blockchain with support for multiple tokens running on parallel chains, supporting multiple token issuances within a single account.
QLC Chain defines Smart Contracts as an account with its independent chain and Smart Contracts Block. The Smart Contract Block consists of Contract Handle for Smart Contract Addressing and Contract Instance for saving ABI and Contract Signature. Since Smart Contracts can be set up on Multidimensional Block Lattice structure, we will see a rise in advanced structure beyond just supporting a Digital Currency.
QLC Chain presently supports two Smart Contracts:
- Token Smart Contract : for new token issuance in the system.
- Asset Smart Contract : for digital asset registration without the need for new tokens to be generated.
Asset based Smart Contracts lets physical equipment get a service attribute tag. For example, Networking Equipment will receive a telecom services tag. This allows Account holder to manage the equipmentâs digital identity.
Is QLC Chain the Future?
The QLC Chain is a public chain designed for decentralized mobile network service. This would help in incentivizing unused network sharing and enabling P2P network services provision. At the same time, it will extend network coverage, reduce the cost for telecom operators. QLC Chain is building an infrastructure for Network-as-a-Service (NaaS). Similar to Infrastructure-as-a-Service (IaaS), QLC Chain focuses on networking access, name resolution, storage, network transmission, firewalls, and related security.
The QLC Chain approach to Blockchain is very unique and commendable. The Multidimensional Block Lattice Structure helps to avoid network strain and very cleverly handles the scalability and energy consumption issues. The support of Smart Contracts on this Block Lattice Structure is a game changer. While the technology is nascent, it holds tremendous potential. QLC Chain is definitely one startup you have to look out for in the coming days.