Multi-Native Token Domain NFT on QuarkChain Mainnet 2.0 is Now Open to the Public

Dear community members,

QuarkChain’s mainnet 2.0 “BigBang” is now fully functional, and the multi-native token function is officially open to community members. With the popularity of NFT functions, public chain support for NFT functions has also become standard. After demonstration, we found that QuarkChain’s existing multi-native token auction function complies with the NFT standard and can be used to provide users with services such as token creation and circulation. We will hold a multi-native token domain name NFT auction event in the near future to allow users to experience the functions of multi-native tokens.

The multi-native tokens running on QuarkChain’s mainnet are not generated out of thin air, but the basic value is captured by the way of auction issuance rights. In the future, you can rely on its comprehensive functions to capture more application value.

The full name of NFT is Non-Fungible Token. It was first produced based on the Ethereum ERC721 proposal. Unlike the well-known ERC20 token, NFT is a token with uniqueness and indivisibility. Each token is unique, indivisible and non-interchangeable. In contrast to homogenized tokens, the simplest is BTC or ETH. In contrast, the popular crypto cats in 2017 are also a kind of NFT. Each has its own characteristics and cannot replace each other. For example, we can exchange one bitcoin for another one’s bitcoin, because the price of each bitcoin is the same. But there is no way to exchange one NFT for another person’s NFT, because each NFT is branded with uniqueness, which determines the value of each NFT is different.

In the auction of the casting rights of multiple native tokens, the casting rights of multiple native tokens cannot be divided and cannot be exchanged, which conforms to the concept of NFT. At the same time, QuarkChain relies on flexibility to support Ethereum’s ledger structure and virtual machine, so it can also be compatible with and interoperate with the ERC721 protocol on Ethereum.

Multi-native tokens have the same status as QKC in the QuarkChain system. They can call contracts, cross-chain, and pay transaction fees under certain conditions. In addition to being able to participate in QKC network governance, multi-native tokens can achieve all the functions of QKC, including cross-chain transfers. Most of the non-native asset inconvenience problems faced by Defi can be solved. In future contracts, the functions of multi-native tokens will be exactly the same as QKC, eliminating the last barrier to applying multi-native tokens.

More information about multi-native tokens:

https://medium.com/quarkchain-official/supporting-multi-native-tokens-in-a-single-blockchain-686fc65f5931

https://medium.com/quarkchain-official/efficient-but-simple-how-quarkchain-multi-native-tokens-change-the-defi-concept-9b648fe69374

https://www.youtube.com/watch?v=-at4Dmbn11M

Multi-native Token Domain NFT Auction

The activity will be divided into three phases (Pacific Standard Time):

Phase 1 (4/14–4/15): For domain name submission, users can submit the NFT domain name they want to auction (at least 5 letters such as Google)

Phase 2 (4/16–4/18): For domain name voting, we will vote in public channels, and the top three votes will enter the third stage. All nominators of selected NFT domain names will be awarded 2000 QKC. If there is a duplicate name, only the earliest submission will count.

Phase 3 (4/19–4/20): For the final auction. Participants use the main network currency QKC to conduct the auction. The winner will have the token domain name NFT, and will be able to trade in the future. All QKC participating in the auction will be directly destroyed. So far, QKC has one more destruction mode.

The launch this time makes QuarkChain’s functional layout in the field of DeFi and NFT more complete, and the main network currency QKC will also have more usage scenarios. After mainnet 2.0 “BigBang”, we will usher in how we will develop, so stay tuned.