First of all, what is QuarkChain?
QuarkChain described themselves as a high-capacity peer-to-peer transaction system. Now there is nothing new about that in the blockchain industry, is there?
So what makes QuarkChain worth your attention?
QuarkChain aims to solve the one of the major problems we are facing in today’s blockchain: scalability. They plan to achieve this scalability without compromising on decentralization and security as well.
They are not the first blockchain project to have attempted to solve this problem. As a matter of fact, almost every new blockchain project today are aiming to solve the same problem as well, but the QuarkChain approach is quite innovative and really worth your attention.
What is QuarkChain bringing to the table?
QuarkChain aims to address the scalability problem while not compromising on decentralization and security by introducing a reshardable two-layered blockchain. The first layer will consist of elastic sharding blockchains, also know as shards, and they are highly scalable. While the second layer will consist of a root blockcahin, serving as the backbone of the whole system and its main function is to confirm the blocks of the first layer.
Understanding the meaning of Quark may also help you to understand the project better.
According to the dictionary, quark is an elementary subatomic particle which forms matter.
The architecture of the Quarkchain blockchain is similar to the traditional meaning of “quark”; consisting of lots of independent blockchains which forms the whole system and hence QuarkChain.
QuarkChain Token Metrics:
- Ticker: QKC
- Token type: ERC20
- Token price: 1 QKC = 0.0261 USD or 0.00003 ETH (subject to change)
- Hardcap: 20,000,000
- Total token supply: 10,000,000,000
- Available for token sale: 20% of the total token supply (2,000,000,000)
- Token sale date: To be confirmed. Projected date: late May/early June
QuarkChain is headed by Qi Zhou (Founder), an expert in high-performance systems and a former Google employee with 15+ years of development experience. He also holds a PhD from Georgia Institute of Technology.
Other listed members of the QuarkChain team include ZhaoGuang Wang (Senior Software Engineer), Ting Du (CMO for China), Anthurine Xiang (CMO), and Kyle Wang (COO).
The team began researching QuarkChain in 2017, then launched their whitepaper online in February 2018. The goal is to launch the QuarkChain Core 1.0, Mainnet 1.0, and SmartWallet 1.0 by the end of Q4 2018.
You can find the detailed roadmap of the Quarkchain project in the picture below.
QuarkChain Main Features
1. Reshadable two-layered blockchain: QuarkChain will consist of two layers of blockchains. They apply elastic sharding blockchains (shards) as the first layer, and a root blockchain as the second layer that confirms the blocks form the first layer. The second layer is flexible to be resharded as needed without changing the root layer.
2. Guaranteed security by market-driven collaborative mining: To ensure the security of all transactions, a game-theoretic framework is designed for incentives, where at least 50% of overall hash power are allocated to the root chain to prevent double spending attack on any transactions.
3. Anti-centralized horizontal scalability: In any blockchain network wit a high TPS, a super-full node can be extremely expensive, which encourages centralization. In contrast, QuarkChain allows multiple cheap nodes forming a cluster to replace a super-full node.
4. Efficient cross-shard transactions: Cross-shard transactions in QuarkChain can be issued at any time, and confirmed in minutes. The speed of cross-shard transactions increases linearly as the number of shards increases.
5. Simple account management: There is only one account needed for the entire blockhains (shards) in QuarkChain. All cryptocurrencies from different shards are stored in one smart wallet.
To learn more about the QuarkChain project, download the whitepaper on their official website. Available in English and Chinese with more translations coming.
The race to solve blockchains greatest problem is on with lots of project proposing different solutions. QuarkChain be the winner in this space? Only time will tell but the solution they propose is quite unique and innovative and given the team behind the project and the progress they have made so far, we can bet they are going to deliver on this.
QurakChain is high-capacity peer-to-peer transaction system that aims to achieve millions of transactions per second (TPS)