The objective of the Qoin Blockchain is to act as a reliable distributed ledger platform for payments and rewards services, including a new global currency, which can meet the daily transactional needs of millions of buyers and sellers. Thus, we have designed a blockchain based on these three requirements:
- Fast transaction speeds, high transaction volumes, scalable for millions of accounts and a high capacity storage system
- Highly secure, to ensure safety of funds, rewards and financial data
- Governance friendly and interoperable with other tokens, chains and exchanges
Qoin Blockchain is designed to holistically address these requirements and build on the learnings from existing projects and research.
We have built this blockchain system on the leading Quorum platform and Byzantine Fault Tolerant (BFT) consensus protocol to ensure an optimum balance of speed, scale and security.
The Quorum platform was designed and built over two years by the world’s leading bank, JP Morgan Chase & Co, and in partnership with Microsoft to power their JPM coin. Amazon Web Services will initially host Qoin Blockchain, providing the required security and firewall protocols.
To facilitate consensus amongst all validator nodes on executing transactions, and their order, we have adopted the Istandbul BFT “IBFT” consensus protocol. This approach allows the required speed for consensus and builds trust in the network from credible validators. This class of consensus protocol also enables high transaction throughput, low latency, and a more energy-efficient approach to consensus than “proof of work” used in some other blockchains.