Qcity is a project that was directly planned by Qnapse, a company specializing in the development of blockchain services made up of fin-tech experts such as point & pay, settlement, and security engineers.
Within the Q-platform operated as a private blockchain, it forms a collaborative community without intermediaries.
Using smart contracts, it is possible to fund and operate mutual loans between p2p-type merchants and share infrastructure, manpower and materials.
The Q platforms member-stores become each node, able to participate directly in the platform operating and making decisions for mutual benefit receiving various services such as joint purchase or contract and generate profits.
Q-Platform will provide various services that were originally outsourced.
Members will be able to share and find such services within the platform that can be sourced and delivered to the members of Q-city.
Qcity main-net and related services were developed in November 2017. The reliability of the block and network has been reviewed by operating the main-net stably for more than one year.
The development team proposed a new algorithm called Proof of Online (PoO), which added a process of verifying that the block was created online as a precaution against BWA(Block Withholding Attack), a kind of 51% attack.
PoO was registered by the Korean Intellectual Property Office.
Qcity has applied PoS+PoW+PoO the consensus algorithm to compensate for the disadvantages of the single method PoW.