QUARKCHAIN – A HIGH-CAPACITY PEER-TO-PEER TRANSACTIONAL SYSTEM!
Hello people! I was wondering what would be a nice topic to talk about here on Steemit. Then, I asked myself: what is the hot topic today? Well, in the ICO universe, I have no doubt about it, it’s Quarkchain! This project is going to be huge!!!
I have been researching about it for many weeks now, and I would like to share with you what I have learned so far, and to tell you why I believe it has a short-term, as well as a long-term potential!
Quarkchain’s general idea to improve scalability is similar to Zilliqa and Ethereum, which means they are all going to use sharding to achieve this goal. However, what makes Quakchain special, is the way that their architecture is going to work, and that is what is going to allow them to provide a high-capacity blockchain, without losing decentralization and security! Their idea is to have 2 layers. The sharding layer, that is going to be responsible for increasing the TPS of the blockchain, and the Root layer, that is responsible for confirming the blocks of the Sharding Layer.
What are the tokens used for?
Just like in Ethereum, the QKC coins are going to be used to pay for fees for the transactions executed on the Quarkchain blockchain. Transaction fees can only be paid by QKC.
What about mining?
Quarkchain’s mining algorithm is also very intelligent, since it encourages decentralization. Decentralization is something very important, since it increases the blockchain’s security. However, this is being challenged these days, for example: many pools are formed for POW-based blockchain so that a weak miner is able to collect its proportional reward in a timely manner instead of waiting for a long period to collect a block reward. These mining pools encourage centralization and becomes a risk for a decentralized blockchain.
To solve this issue, Quarkchain uses the idea of collaborative mining:
On the sharding layer, hash powers are incentivized to distribute evenly among shards. This ensures that all shards are mined evenly and thus the system throughput (i.e., TPS) increases as the number of shards increases.
Regarding the security, the root chain has a significant large portion (over 50%) of hash power over the whole hash power of the network. This prevents double spending attacks, and a malicious miner needs at least 50% * 50% = 25% power to perform an attack.
Note that a Quarkchain network has several minor blockchains (shards) and one root blockchain. Each blockchain offers different rewards and difficulties. Miners could choose any blockchain at an optimal price of their hash power. This creates an open market economic model, where a blockchain is a seller with goods being the block reward, while a miner is a buyer with hash power being their currency. Quarkchain is designing a marketing model so that even though each party in the market pursues their own interests, the collective behaviors of each party could benefit all.
Quarkchain adoption:
To facilitate adoption of the Quarkchain technology, they will provide support for the Ethereum Virtual Machine, enabling existing dApps to be easily deployed on the Quarkchain platform.
Token metrics:
The total supply is going to be 10 billion QKC tokens:
- 20% will sold on the token sale (there is a lockup period for the private sale participants, and no lock up for the public sale);
- 15% will be reserved for the team (lockup period: 2 years);
- 15% is for the Foundation (lockup period: 2 years);
- 5% for the advisors (lockup period: 2 years);
- 45% will be spend with mining, community and marketing.
Thanks for reading ☺
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