A scalable blockchain solution that delivers high on-chain transaction per second
With the disruption of everything crypto and the emergent of blockchain, the financial sectors everywhere in the world are researching and trying to comprehend the phenomenon, to stay on top of things.
It is safe to say now, that several applications will be built in the coming future, because the demand is such. More than a disruption, with blockchain we are allowing a revolution to come our way.
Let me throw in a few buzz words, like smart contracts, Ethereum, bitcoin, proof of care, proof of work, proof of stake, ICO, tokens, centralized, transparent, etc. With the advent of smart contracts by Ethereum, it has suggestively minimized the effort used to mine a block and it has made everything economically competent.
Along with the innovative and astonishing, revolutionary aspects of blockchain, there are challenges that come with it-
QuarkChain was started with an objective to develop powerful large scale distributed systems in the centralized world that manages billions of TPS. That said, the team has initiated this project to largely increase the boundaries of blockchain usability without being detrimental to its safety and decentralization features.
The vision of the team at QuarkChain is to maintain security and improve scalability. And make it available for everyone, regardless of the purpose. We are aiming at all those industries that request for a higher TPS.
QuarkChain aims to build a seamless platform to support distributed social media, high frequency trading, Internet of Things (IoT), gaming, and financial payments.
Along, with the advantages of a blockchain, what comes in handy with the pros is the cons.
Whether it is security, scalability or the decentralization.
• There are always vulnerabilities, and malicious attacks within the block chain, it is imperative to understand these parameters while checking out platforms.
• Decentralization helps leverage technology to minimize costs
• Scalability issues that come with multiple blockchains
• Reverse-transactions, double-spending attack, are the vulnerabilities that come with unbalance hash power.
• Several accounts needed for cross-check transactions
Tradeoffs promote lower transaction speed and larger storage.
What does QuarkChain technology bring to us?
• It enhances scalability
• Guarantees security and decentralization
• Enables seamless cross-shard transaction
• Improves use quality of experience
• Simplification of the account management for clients
• Support various Dapp with its open standard
• Incentive driven eco-system
More about QuarkChain’s functionalities
• QuarkChain consists of an elastic sharding blockchain layer, with a list of minor blockchains. The system capacity increases with the number of shards increasing.
• QuarkChain contains a root blockchain that affirms all blocks from sharded blockchains.
• QuarkChain network is developed and designed to support additional shards in an active network.
QuarkChain allows for two types of transactions- in-shard and cross-shard. In-shard transactions occur between addresses on the same shard. However, setting the QuarkChain ICO apart from other high-throughput solutions is the ability to conduct cross-shard transactions. The throughput of the cross-shard transactions system will scale linearly as the number of shards increases.
To simplify the user experience of the cross-shard system, QuarkChain is developing a Smart Wallet. All addresses owned by the user in any shard are accessible via a single private key.
To simplify management of funds, any transaction executed in a secondary account will revert the remaining balance back into the primary account. The user balance will then remain in the primary account, eliminating the confusion caused by multiple balances across multiple shards.
QuarkChain ICO tokens (QKC) are ERC-20 compatible and distributed on the Ethereum blockchain. After the mainnet is launched in Q4 2018, the ERC-20 tokens will be converted to the mainnet token by pre-mining. Future QKC will be produced by miners.
QuarkChain will support smart contracts on the Ethereum Virtual Machine (EVM) to enable future compatibility with existing dApps, which will benefit from increased scalability.
Additional Insights
QuarkChain are currently already running the first version of their Testnet ahead of schedule. The capacity of the Testnet to run 2k TPS. According to the QuarkChain Development Roadmap, the team aims to achieve 10k TPS as their next milestone and will continue to scale the product from there. QuarkChain have made their Github publicly available.
Quarkchain’s impressive progress on the development front could lead to a viable sharding solution before Ethereum.
QuarkChain is the future of Blockchain society
The QuarkChain ICO is a serious contender as far as scalability solutions go. The team have made it a point to focus on their product before moving on to build their community and establish partnerships, which they lose some points on for now.
The team behind QuarkChain are exceptional and have showcased their potential via the Testnet.