Hello Everyone,
This is Satish from India.
Today I would like to make a review on Quarkchain Blockchain - High throughput blockchain
Everyday we are seeing how Blockchain technology is exploring in every industry from Financial to supply chain management and many other industries. But to meet the demands of industry expectations, blockchain technology is still yet to solve so many technology breakthroughs to become mainstream adoption. At first blockchain concept come into existence through Bitcoin in 2008. And thereafter with the introduction of Smart contracts the blockchain technology is getting more attraction from various industries like gaming,supply chain management, prediction market and many more. This technology is evolving through world best intelligent minds like Vitalik Buterin, and the industry experts and veterans to remove centralization almost in every industry where the medium people like Governments and centralised authorities are grabbing the benefit which need to reach the consumers or customers. With the recent rapid demand in tx/s in the Ethereum blockchain due to huge no of Dapps developed on top of the blockchain but whereas Ethereum virtual machine is able to process only 10-20 transactions per second. And some of the new blockchain projects trying to solve the problem of scalability through various options but those projects are failing in respect of other core features of blockchain technology like security and decentralisation to enhance the scalability. The main objective of Satoshi Nakamoto is to remove centralization by doing peer to peer transactions in a trustless environment. This objective can be acheived only with decentralision. For Example EOS is solving scalability solution by compromising decentralisation with having only 21 super nodes to confirm every transaction in that blockchain.
Blockchain technology already comes with enough security by updating ledger with every node after every block completion. If an attacker wants to change any transaction in the block then he need to change the ledger of every node in the network. This is impossible for any attacker to perform it. Every blockchain is operating with specific consensus (POW or POS or POA). In case of single blockchain systems like Bitcoin and Ethereum when the network grows bigger, then weak miners are encouraged to join mining pools to receive the block reward in time. Which may increases chance for double spending attack. This process ultimately going towards centralisation. Which is very bad for the Economy or Community. These type of problems can be solved only when there is a ground breaking idea or innovation emerges.
Recently I got to know about Quarkchain Network - High throughput blockchain. This project is trying to solve several problems in Decentralised ledger technologies by introducing several new innovative features like Reshardable two layered blockchain, Guaranteed security by market driven collaborative mining, Anti centralized horizontal scalability and many more.
Quarkchain's main goal is to solve the scalability problem without compromising on security and decentralisation.
Quarkchains Network designe is based on following principles
Enabling seamless cross shard transactions for User quality of Experience
Simple account management for clients
Open standard to support various Dapps
Incentive driven eco system.
Every blockchain contains two core functional features like ledger (current state, perform transaction and record results) and confirmation (confirm the result of transaction and mines the block to reach the desired difficulty - POW). Quarkchain blockchain contains two layers. Where 1st layer consists of elastic sharding layer, which contains sub set of shards (minor blockchains) to process multiple transactions independently by each shard. And the 2nd layer consists of Rootchain, which confirms all the block heads of each shard blockchain.
Rootchain will have more than 50% hashpower of the entire network to prevent double spending attack from malacious actors or nodes. If malacious attackers wants to attack the network then he needs atleast 51% of Rootchains hashpower (i.e., 25% of total hashpower)
Anti Centralised Horizontal scalability Expansion
In traditional blockchains every node verifies all blocks and rejects any block that is invalid. In case of Quarkchain network the node which confirms all minor blocks and root chain blocks called Super full node. In Quarkchain network every node cannot perform as Super full node due to high requirements in storage, memory, processor. To solve this problem Quarkchain encourages to form a cluster of honest nodes and work as a super node, which can confirm all blocks untill cluster nodes covers root chains and minor blockchains.
Cross shard and Cross Chain transactions
The transactions between shards can be done in minutes and it can be intiated by any users from any end at any time. The throughput of cross shard transactions linearly based on number of shards.
The transactions between blockchains can be done by including another blockchain as a shard and can make transaction like cross shard transaction to complete Cross chain transactions seamlessly.
Smart wallet
This is very good feature which I liked very much to benefit alot to users without confusing them about shards and blockchains. Because in this wallet an address will be created and treated as primary address and almost every transaction will happen automatically through this address and if the transaction needs to contact other shard chain then automatically the transaction will be redirected from primary address to secondary address (remaining addresses) until completion of transaction. After completion of transaction if any amount reamins in secondary addresses, then automatically balances will be moved to primary address.
QKC token
Quarkchain introducing QKC token for internal functional of the network and to be used as medium of unit between network participants. And not only that to perform any transaction in the network like making transaction with smart contract by contacting to contact address, for this a transaction fee will be charged in QKC like Ethereum charged in EVM as Gas fee.
Main advantage for Quarkchain Network is, it will support Dapps on Ethereum blockchain seamlessly without any interruptions.
And Quarkchain team is trying to provide SDK support to build Dapps on mobile platforms instead of web based Dapps. Since mobile usage is increasing rapidly and reached almost 68% of total internet usage is being done by the mobile phones in 2018.
Team and Advisors.
Mainly the team is the important to materialise the idea or concept on the whitepaper. Team already had extensive experience in scalability solutions in centralised industries for more than decade. This helps them to inject the well solved practices to the new blockchain technology.
To know more about Quarkchain visit https://quarkchain.io
To participate in discussion visit https://t.me/quarkchainio