Arcana Network is a UX-focused app-chain with a suite of products for developers and users. The Arcana network itself is simply a blockchain protocol that does not own or run any computing/storage servers, so third-party computing resources are required for processing transactions and running applications on the Arcana network, as well as the validation and verification of additional blocks/information on the blockchain.
Providers of these services/resources would require payment for the consumption of these resources (i.e. "mining" on the Arcana network) to secure the network, and XAR will be used as the native network currency to quantify and pay the costs of the consumed computing resources. As an indication of the commitment to the system and service standard assurance, users would be required to stake an amount of XAR as a security deposit before they may participate in mining for the benefit of the network.
This stake is used as the deterrent for penalising validators or service providers for various offences (e.g. illegally verifying blocks, rejecting tasks without reason, unacceptable downtime, or other malicious acts). Penalties include deducting the stake put up (or part thereof), reduction deducting incentives, or temporarily or permanently expelling the service provider from the pool.
Through ancillary smart contracts, token holders may delegate their tasks to validators and provide them with the necessary XAR so that it is entitled to participate in network consensus – these validators are in turn free to charge competitive commissions to such holders (out of the mining rewards). The network mining rewards will initially come from token inflation and eventually be replaced by network revenue.
Arcana aims to be a decentralized Proof-of-Stake app-chain capable of:
Distributed Key Generation (Fully Decentralized)
Distributed Key Management (Enables the fastest login)
Full Multi-party Computing (MPC)
Arcana is live with three products:
1. Arcana Auth: The fastest decentralized in-app wallet SDK for email/social logins. Visit https://www.arcana.network/
2, SendIT: Paypal for web3. An app that allows you to send crypto to an email or social handle securely (P2P). Check out https://sendit.arcana.network/
3. Arcana Gasless: SDK for account-based sponsored transactions