What is QANX?
QANX is the utility token of QANplatform, just like ETH for Ethereum.
QANplatform is the quantum-resistant Layer 1 hybrid blockchain platform that will allow developers and enterprises to build quantum-resistant: smart-contracts, DApps, DeFi solutions, NFTs, tokens, Metaverse on top of the QAN blockchain platform in any programming language.
The QANX Token has multiple functionalities for different utilities
- 1.Developers need to buy QANX Token(s) to pay for contract deployment.
- 2.DApp users need to buy QANX Token(s) to pay for executing methods of deployed contracts.
- 3.QANX Token holders need to pay a transaction fee when transferring tokens.
- 4.Validators need to buy validation tickets for QANX Token(s) to participate in the validation process.
- 5.Full-node Providers need to buy full-node license for QANX Token(s) to be a full-node provider.
- 6.Rewards such as smart-contract royalty fee, validation and full-node provider rewards, token challenge and bug-bounty rewards are paid to the ecosystem members in QANX Token(s).
Payment for contract deployment.
Developers must pay a fee to deploy new smart contracts on the platform. This fee is paid in QANX Token(s) and the amount of fee relates to the size and logic of the deployed contract.
Payment for executing methods of deployed contracts.
Application (DApps) users may need to pay a fee for using certain smart contract functions if the operation causes data to be written to the blockchain. This fee is paid with QANX Token(s), and may relate to the length of the data written and the complexity of the executed smart contract function.
Payment for fees of token transfers.
When users send QANX Token(s) as a value transfer to another address, they must pay a transaction fee. This is a flat fee and does not correlate to the amount of QANX Token(s) sent during the transaction.
Payment for validation tickets.
A potential validator needs to pay a deposit fee to enter the pool of validators who have the right to validate the following block. Validators assure the integrity of the transactions by validating the blocks based on the Proof-of-Randomness (PoR) consensus mechanism. Whenever a particular validator wins the validation process, the validator also receives all the coins as rewards from the Issuance Pool.
Payment for full-node provider registration.
Full-node providers constantly run the QAN software on a capable device, providing storage space for the network. To join the network as a Full-Node Provider, developers/providers need to pay a registration fee using QANX.
Rewards are paid in QANX Token.
Rewards such as smart-contract royalty fee, validation and full-node provider rewards, token challenge and bug-bounty rewards are paid to the ecosystem members in QANX Token(s).