How it works

Any user can use the secure and secure payment network QRAX without going into technical details. As soon as you have installed the wallet application on your computer, it will generate your first QRAX address, of which you can create as many as you need in the future. You can share your addresses with friends and partners so that they can pay you and vice versa. The application is very similar to the Email application, you send the transaction as an email letter to the address of the QRAX wallet.

The blockchain, or blockchain, is the public collective ledger or ledger of all transactions on which the entire QRAX network is based. All confirmed transactions are included in the blockchain. Having a constant connection with the blockchain, QRAX wallets can calculate your balance and check that in new transactions the coins are actually being spent by their owner. The veracity and chronological order of the blockchain is created by secure cryptographic algorithms and is not tamperproof.

A transaction is an event on the network, the essence of which is the movement of coins between QRAX wallets. Transaction information is included in the current block. Blocks form the next block and contain all transactions completed during the time of its formation. QRAX wallets contain confidential information, so-called secret keys, which are used to sign-verify transactions, providing mathematical proof that the transaction is indeed approved by the wallet owner. This unique signature prevents the transaction from being changed after it has been uploaded to the network. All transactions are broadcast between users and begin to be confirmed by the network, usually within 1 minute, using a process called an algorithm or PoS (Proof-of-Stake) protocol.

Staking is a distributed system for verifying transactions to prove their validity. Stacking is used to perform the task of generating a new block and including pending transactions in it and turning them on a chain of blocks - the blockchain. Staking provides a clear chronological order of transactions in the blockchain, decentralization of the network and allows different wallets-nodes of the system to "agree" on a single state of the system. For transactions to become confirmed, they must be written to a block that meets strict cryptographic requirements and must be verified by the network. These rules do not allow changing the previous block, and provides all the following blocks with information about their relationship with the previous blocks. Staking creates an analogue of a lottery, which excludes the possibility of a simple sequential addition of blocks to the chain by any user. Thus, no one can ever change the blockchain or replace its content with other data to change. recorded transaction events and placed in the block.