Token

The QUIP token powers decentralized validator networks and multi-party computation. These validators constantly check the current state of each participating network to ensure that transactions containing completed post-quantum hashes are still included as parents of the current network state. In the event of a chain reorganization initiated by a quantum attacker, these hashes can be used as checkpoints to restore the network state to a recent canonical snapshot.

Early adopters of QUIP vaults will be rewarded with the QUIP token, which in addition to powering the Quip Network’s multi-party computation, will be used in governance of the network’s DAO. The DAO will initially be populated with well-known and established cryptographers who are close associates to the team, and who will lead standardization efforts with high-quality peer reviewed implementations.

Owning the token is an opportunity to influence the QUIP standards in much the same way that ENS allows major institutions like Coinbase to influence the usage of the .eth namespace.