Cryptocurrencies and the blockchain are taking off like a rocket and it will only be a mater of time before mass adoption takes place. Even now, Bitcoin has already become a household name and global phenomenon. So much so that you regularly hear about it on the news and it is a common topic that comes up during meet ups and gatherings.
As promising as the emerging new technology already is today, however, one major drawback and limitation is the speed of transactions. It is so sloooooow! Oftentimes, it can take many minutes, if not several hours to accomplish a task as simple as sending some tokens to a peer. For example, something as seemingly innocent as CryptoKitties almost took down the entire Ethereum network!
OMG, can you believe that!?!
Just like with dial up modems, clearly a lot of new innovations and improvements will need to be made before the masses will take strong interest to adopt new technologies. Especially this day and age when people don't like waiting around for things... I know I certainly don't!
Introducing QuarkChain
Luckily, there are some very exciting scaling projects coming down the pipeline, and one I want to bring to your attention today is QuarkChain.
QuarkChain is a "high-capacity peer-to-peer transactional system" that is aiming to deliver over 100,000 on-chain transactions per second (tps) using a technique called sharding.
Whereas Bitcoin can only handle 4 tps and Ethereum 10 tps, Quarkchain should be able to drastically outperform those numbers. The testnet has already demonstrated over 2,000 tps and the platform should only get better as more progress is made over the coming months and years. Eventually, Quarkchain should be able to scale to an amazing 1,000,000 tps!
The Team
Qi Zhou is the founder and leader of Quarkchain who has many years of experience, previously working as a software engineer at Google. The rest of the team is very solid with background experiencing ranging from Facebook, to IEEE Fellow, research scientists, etc.
The Future
The following image shows how expensive the tx fees rise as popularity with the Ethereum platform rises. As can be clearly seen, this type of scenario would not be ideal as the combination of high costs and slow speeds would only alienate people and prevent them from rapidly adopting blockchain technology. Scalability and reasonable fees are paramount for future success in the crypto space and that is why it is so important that a project like QuarkChain was formed to help address this most pressing problem.
The future is arriving quickly and new exciting technologies like QuarkChain are leading the way towards a major revolution and paradigm shift.