Launching Native Tokens With Just One Click? Every one can issue native token that has the same function as ETH

Native token refers to tokens that are directly issued by the blockchain infrastructure for maintaining normal operations. These tokens are used for realizing equity and for implementing fixed functions of the blockchain systems. Prime examples are Bitcoin, Ethereum, and QKC. On the basis of application protocols, tokens that are built on top of existing blockchain systems and are used for deploying smart contracts are known as smart contract tokens. It is widely adopted on the dApps of different public chains, of which ERC20 protocol is the most famous.
The ERC20 protocol that runs on Ethereum stands out as the common standard for the digital token market thanks to its versatility and convenience. The ERC20 tokens that are issued by such contracts became a credible proof of assets that help smart and medium scale projects to raise funds. In particular, during 2017, thousands of projects issued ERC20 tokens for financing, which became a propelling force for the bull market of cryptocurrencies to flourish that year.

However, the ERC-20 contract is crippled by its functions and relevance: it only has two main usages: approval and exchange, which significantly impact the room of applications and usages. Many public chains have issued dynamic tokens using the ERC20 standard. If one can add more functionalities to the ERC20 contract, such that the tokens issued can realize functionalities that resemble that of Ethereum’s native token ETH, it can result in multiple benefits. Not only can it can lower users’ costs and benefits more developers, it would also stimulate more developers to build applications on the platform. In addition, the convenience of multinative tokens will significantly lower the frequency of token exchanges within DeFi applications, which in turn streamline the operations and thus lower cost of processing fees, all of which makes DeFi easier to use.

A. The functional value of smart contract tokens (such as ERC-20) as an financial instrument:
The ERC20 standard that was launched in 2015 has transformed the landscape of the cryptocurrency industry. The ERC20 standard requires a smart token contract to specify six parameters and realize a number of credible, widely-adopted basic functionalities.

1. Functions that assign the initial distribution of tokens:
The totalSupply function sets up the initial distribution of tokens, which limits the maximum supply of a certain token. This smart contract will stop issuing tokens when the maximum is reached.
The balanceOf function provides the number of tokens held by a given address.

2. Functions that realize token transfer:
The transfer function transfers a number of tokens directly from the message sender to another address.
The transferFrom function allows a user (or contract) to delegate another user (or contract) to transfer owner funds to a third party address.

3. Functions that execute approval of delegation:
The approve function allows the approval of a delegation. It approves the delegator to use transformFrom to transfer tokens for the delegatee with uplimit allowance, which provides the maximum number of tokens allowed to be transferred from a given address by another given address.
By this design, different participants are able to make barrier-free transactions based on the same protocol. Also, the code of different exchanges and wallets can be consistent and is compatible with any token based on ERC20, which allows ERC20 tokens to enjoy ultimate liquidity. Moreover, the transaction fee needed for paying for frequent transactions pushes the demand for the native token, which in turn helps Ethereum rank second by market capitalization and applications.

B. Bottleneck of Massive Adoption Faced By Smart Contract Tokens Such as ERC20:
There exists some weaknesses in ERC20 other than its financing function. These deficiencies create a certain degree of inconvenience and in some cases, even irreversible loss of assets.
1. Loss of tokens
When a user wants to transfer tokens to a particular smart contract and deploy such smart contract such as for borrowing purpose, an intuitive way is to transfer ETH or ERC 20 token to the target contract address. ETH can be transferred in this manner easily whilst ERC20 can be transferred yet the transferred ERC20 tokens will enter into an forever-inoperable state, which is the same as if the tokens have disappeared.

2. Gas fees require to be paid using native tokens and heightens the hurdles for new users to enter
When using ERC20 tokens for transactions, in order to process the transaction, one would need to pay transaction fees using ETH native tokens since ERC20 tokens do not carry such functional value; such constraint exists due to the positioning of the original design of ERC20. Within such design, during buying and selling of securities, one would need to prepare an extra type of currency to pay for the transactions, a type of currency that only serves for that particular purpose and for nothing else. In comparison, while buying or selling stocks in real life, one can simply deduct the cost of transactions by deducting the equivalent monetary amount of security with no additional cash. ERC20 transactions are different from that since users need to acquire Ethereum to pay for ERC20 transactions and to painstakingly study the reasons for which ETH is necessary for paying transactions fees; this extra step becomes daunting for novice who are new to cryptocurrencies and blockchains.

3. Other supplementary contracts are not compatible to the original ERC20 contract, necessitating forking or reissuance of new tokens
ERC20 resembles a “second-class citizen” on the Ethereum blockchain. When it carries out contract-related interactions, it is not allowed to directly use the default functions to execute. Instead, it would require going through multiple cumbersome procedures and increase the level of difficulty of creating dApps. Adding to the disadvantages against existing internet competitors are the longer execution time of dApps and higher transaction fees compared to its Internet counterparts. Therefore, for some developers, in order to develop dApps more freely, free of the limitations of ERC20 tokens imposed by the Ethereum ecosystems, they choose to develop their own public chains and have their own say in the infrastructure, which at the end lowers the efficiency of writing dApps.

Looking at the landscape of public chains in general, some public chains that are modeled after Ethereum have also adopted a similar design where its smart contract tokens also bear similar deficiencies. While the industry is growing over time, such deficiencies have plagued the entire industry.

C. QuarkChain’s multi-native token provides upgrades for smart contract token
To overcome this limitation in functionality, QuarkChain is now launching a unique multi-native token contract (referencing QCEP-5, QCEP-6), which attempts to resolve the problems appeared in smart contract tokens such as those appearing in ERC20. The tokens living on QuarkChain’s ecosystem have the same rights as those enjoyed by native tokens QKC and can take up more functional values such as contract deployment and payment of transaction fees than merely as an financial instrument. Developers and users no longer need to face the quagmire of two-tokens-with-different-rights and forsake developing and using smart contract tokens. QuarkChain’s multi-native token will lower the cost of development and learning, enabling more industry applications to appear.

The Advantages of Multi-native Tokens

On the QuarkChain mainnet, multinative tokens have the same status 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 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 multinative tokens to be identical as that of QKC and eliminate the last barrier of applications of multinative token.

How to Launch Native Tokens
At the beginning phase of project development, we will host regular auctions on the chain (weekly or monthly, TBD). 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.

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 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.

The Design of Transactions Fees for Multi-native Token
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 exchange rate, the QuarkChain mainnet allows users to specify the exchange rate between the multinative token and QKC. Any user can interact with the “universal native token manager” smart contract to propose exchange rate. The agreed exchange rate will convert multinative token into 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.

Estimated Time of Announcement
The first Multinative token will be announced soon. As for the time for Multinative token auction, please pay attention to our official channels for latest announcements.

For more details:
Auction: github.com/  QuarkChain  /   QCEPs   /blob/master/QCEP/qcep-5.md
Using multi-native token to pay for transaction fees: github.com/  QuarkChain  /    QCEPs   /blob/master/QCEP/qcep-6.md

Thanks for reading this. QuarkChain always appreciates your support and company.

Dear QuarkChain Community Members,

QuarkChain Mainnet Singularity V1.0 will be officially launched on April 30, 2019. QuarkChain will be one of the first public chains which successfully implements high-throughput sharding in the world. In addition, QuarkChain so far is the only public chain supporting various consensus algorithms, multiple virtual machines, and multi-native tokens. Although Singularity is tiny, its destiny is to be the first starting point for the future brilliant blockchain universe!

QuarkChain will begin to gather momentum after its mainnet launch on April 30, 2019. A flexible, high-efficiency, and popular QuarkChain ecosystem universe is expected to blossom earlier with the support and co-construction from the community, which is the key factor to the success of a blockchain project.

To better promote community development, QuarkChain is announcing the launch of Guardian Plan. We would like to select more community members that are trustable, committed, and beneficial to the QuarkChain ecosystem universe expansion and the mainnet protection to enhance the security of the network where the hash power is limited at the early stage.

Guardian Plan has attracted extensive attentions in global community since the plan was announced. We will provide an overview of Guardian Plan in this blog post, focusing on applications, rules, voting, and rewards.


1.What is QuarkChain Guardian Plan?

On one hand, QuarkChain mainnet is about to live, and many community members have strong willing to participate in the QuarkChain mainnet ecosystem construction. On the other hand, since hash power is limited at the early stage of QuarkChain mainnet, there still exists a potential risk of hash power attack.

Guardian Plan will be launched to protect all community members’ interest and guarantee the security of Mainnet with enough hash power. Mining rewards will be distributed to all participants in response to the enthusiasm for creating a flexible, high-efficiency, and popular QuarkChain ecosystem.

Firstly, QuarkChain Mainnet 1.0 supports sharding blockchains and a root blockchain that confirms all blocks from the sharded blockchains in order to achieve the decentralization while maintaining efficiency and security. Proof of Staked Work (PoSW), a sort of consensus mechanism exclusively developed by QuarkChain CEO Dr. Qi Zhou, will also be applied in mainnet.

Briefly speaking, PoSW combines the main features of PoW and PoS, incentivizing miners tostake. The higher percent of all hash power of the network, the more QKC will be needed to stake. A simplified version of PoSW will be deployed on the root chain, i.e. the Guardian Plan, to provide the sufficient protection for the mainnet.

At the early stage of Mainnet 1.0, to protect the root chain from hash power attack, a simplified version of PoSW will be applied, i.e. the Guardian Plan. At this stage, the root chain hash power will be protected by guardians. When Mainnet 1.0 becomes stable, the consensus algorithm of the root chain will gradually transit to PoSW.

Guardian Plan is designed only for the root chain. Mining difficulty on each shard is completely determined by PoSW. Mining rewards obtained from guardian nodes will all be used for QuarkChain ecosystem, community construction, and rewards for guardians.

In order to ensure that community construction funds can truly return to the supporters of the QuarkChain project, we decide that a token holder must stake QKC to become a candidate. Rewards allocation will be determined by voting within the community.



2. Guardian Plan Rules

According to the different numbers of QKC staked, we promote two kinds of guardian roles:

Aegis Guardian — selected by QuarkChain team after application.

Elf Guardian — voted by the community after application.

During the Guardian Plan implementation period, all the participants will be provided with the basic rewards based on their involvement. In addition, those who contribute to maintaining the security of QuarkChain Mainnet will be rewarded additionally.



Double Rewards:

Reward One: Community members who vote for Elf Guardians will get 10% annualized returns for their contribution in QuarkChain ecosystem. The detailed calculation will be given as follows.

Reward Two: Each year, 40 million QKCs will be rewarded to eligible Elf Guardians and community members voting for Elf Guardians. The detailed calculation will be given in the following.

Additionally, to show the good faith of QuarkChain team on the long term vision and mission of this project, QuarkChain foundation will match and stake the same amount of QKC during the Guardian Plan.

How to become an Aegis Guardian?

Aegis Guardians will be selected from community members who have a significant positive impact on the development of QuarkChain, make significant contributions, and will continue working with QuarkChain in the future. Aegis Guardians, along with QuarkChain official team members, will serve as the critical component to protect the hash power of QuarkChain mainnet.

All community members who meet the following conditions are encouraged to apply as an Aegis Guardian. All elected Aegis Guardians will receive generous benefits. In order to become an Aegis Guardian, a candidate should:

Agree with QuarkChain’s vision and mission.

Stake 10 million QKC in minimum for one year.

Enthusiastic about the QuarkChain community and ecosystem.



How to become an Elf Guardian?

To encourage more people to participate in the QuarkChain community development, we also have QuarkChain Elf Guardian plan. We sincerely welcome all members who agree with QuarkChain’s vision and are willing to help QuarkChain’s development to apply for Elf Guardians. Compared to an Aegis Guardian, bbecoming an Elf Guardian is much easier while expected to receive more than 300% annualized returns. The requirements to be an Elf Guardian are given as follows.

In order to become an Elf Guardian, a candidate must:

Agree with QuarkChain’s vision and mission.

Elf Guardians will be 100% decided by the community votes. Those candidates who rank as the top 50 in the list and receive more than 1 million votes will be successfully elected as Elf Guardians.

Be willing to contribute to the QuarkChain community and ecosystem.

Each term of an Elf Guardian is two months. After two months, a re-election will be held. The previous Elf Guardians are encouraging to re-apply and the same node can be re-elected as an Elf Guardian for the new term.

Rewards Calculation

Participating in our Elf Guardian campaign and successfully winning the election, the Elf Guardian will earn the rewards according to the ranking by the community votes. The calculation method of the reward for every Elf Guardian is given by the following way:

Elf Guardian Election Rewards = Rewards pool based on rankings × the proportion of votes won in the corresponding ranking range / 6 (number of elections per year)



To motivate the participation enthusiasm of Term I, the rewards of the Elf Guardians for Term I will be doubled!

Rewards details:


Example:

Assume that:

An Elf Guardian joined our campaign and was elected as Diamond Guardian.

The proportion of votes this Elf Gurdian won in the corresponding rewards pool is 40% in one term (two months).

The rewards this Elf Guardian is expected to earn within one term are:






Bonus votes

Community members will be rewarded with bonus votes based on the staking duration.

Early bird rewards

To encourage this staking for votes process, early bird will receive extra votes. Users who stake for votes on March 20 will receive extra 4% votes, which will be reduced by 0.1% every day until the mainnet launch on April 30.

The formula for acutal votes is given as follows:

Votes=The amount of staked QKC + The amount of staked QKC × bonus votes + The amount of staked QKC × early birds rewards



5. QKC Rewards for Voters

We encourage all community members to participate in this voting process for Elf Guardians, which are the most beneficial to QuarkChain’s ecosystem development. QKC rewards which will be distributed to voters of Elf Guardians include:

Basic rewards (regardless of the election results): receive the basic rewards based on the actual votes. The formula for the basic rewards is given as follows:Basic rewards (number of QKC) =Total votes received by staking QKC × 10% × Staking duration / 12

Rebate from Elf Guardians (based on Elf Guardians’ promises): To better motivate the voting enthusiasm in the community, an Elf Guardian is able to promise to return some of the rewards to the voters during the campaign period. The rebate ratio is determined by each Elf Guardian, and the criteria must be stated and publicized when the Elf Guardian is applying for it.

Example: Suppose that a community member staked 5,000 QKC for voting and staked a duration of six months on the second day of the staking opening, i.e., Mar. 21. Then the total votes he/she will receive are given as follows:


Rebate Calculation:

Suppose that:

He/she submits all his/her votes to an Elf Guardian candidate who received total 2,000,000 votes and this candidate was elected as Diamond Guardian.

The portion of votes this Elf Guardian won in the corresponding rewards pool is 40% and was elected consecutively for one year. The total rewards this Elf Guardian is expected to earn is 3,200,000 QKC for one year.

This Elf Guardian promised to return 30% of his/her rewards to the voters.



In total, this community member participating in staking and voting will earn as much as 66% returns on the QKC rewards for staking 6 months!

The withdraw time is related to the staking time and duration. Rewards will be distributed to Elf Guardians and voters after the end of this Elf Guardian’s term (every two months).

Notice: All the formulas for rewards and examples that mentioned above are only for demonstration purposes. The actual revenue will display on the website. QuarkChain reserves the rights to adjust the rewards and proportion according to the participation of the event.



6. Schedule

--Guardian Plan application is officially launched NOW! Anyone who is interested in joining the plan is required to complete the form. QuarkChain team will respond to the application within 3 business days.

--Staking QKC for votes starts on March 20, 2019. Early bird rewards will begin to calculate on the same day.

--The voting process (Term I) will open on early April, 2019. Staking QKC for votes will be continuing at the same time. The exact starting date for voting will be announced officially later.

--Term I Aegis Guardians application will end on April 25, 2019. Applicants who miss the deadline will be considered as the candidates for Term II.

--Phase I Elf Guardians application will end on April 29, 2019. Applicants who miss the deadline will be considered as the candidates for Term II.

--The voting process will finish on April 30, 2019 when the mainnet launch. Elected guardians will be announced within one week by QuarkChain team, or one can check all the details by visiting the official website.

After the mainnet launch, Elf Guardians will be re-elected every two months. Votes will be cleared when a new term starts, and voters need to re-vote accordingly. This process will last until the hash power of QuarkChain mainnet runs stably.



7.Notices

All participants are required to register and vote via QuarkChain official website or the links provided by the official team. Welcome to follow us on Telegram, WeChat public accounts and Medium. Do not trust unreliable information released by any third party, and be careful of fraud.

If the total Elf Guardian estimated rewards are higher than the mining incentives for being an Elf Guardian, QuarkChain Foundation will be responsible for making up the balance.

According to the progress of marketing and technology development, the prize pool of Elf Guardian for one year may end ahead of schedule.

If you have any other questions, please contact: support  @quarkchain.org

QuarkChain Foundation LTD reserves the final rights of explanation regarding all rules and regulations of this event.