Well as we stepped into 2018, we have seems way too many projects showing concern about transaction speed, scalability, and security around blockchain area.
BUT what we need to understand is the basic fundaments of blockchain in order to fix something.
Blockchain as a concept is nothing but Tracking of payment in a trustless manner without double speeding it.
Decentralization plays an as big role as trustless nature of the blockchain.
What we have observed based on the experiences in past is we are centralizing the whole decentralized mining mechanism.
With a brief introduction to general pain points of the blockchain, let me introduce you to Quarkchain.
If I had any authority I would call it as Pure Blockchain 3.0.
To Cliche?
I understand we have way too many projects launched quietly recently calling them as 3.0 and what not.
Let me tell you why I call Quarkchain as a real Blockchain 3.0 because it solves the real problem from blockchain 2.0.
Following are some critical pain areas of blockchain 2.0
WHY and WHAT?
-Security and Decentralization issue: If a blockchain is SUFFICIENTLY decentralized, reaching more than 51% hash power will be extremely costly but the traditional/ past we have seen mining pool being created or basically in other word centralizing the decentral platform.
So you see it's not that difficult anymore because we not in democracy as soon as we give control to the big guys.
which brings me to the next point.
-Scalability issue: let's have some FUN WITH NUMBERS:
Visa – 1,667 transaction per second
PayPal – 193 transactions per second average
Ethereum – 20 transactions per second
Bitcoin – 3 to 4 transactions per second
Well, I hope you see the problem, some people are willing to solve the problem lets say Ethereum tries to solve a problem.
I love Ethereum BTW but what is the number of percentage increase in the transaction are we talking about even if we want to get closer to PayPal lets say. that is somewhere around 900% increase.
I work in an EDI field as a Sr. Solution Architect and we always face the problem of speed of the transaction NEEDS TO BE INCREASED, yadda yadda!
My experience has been any increase more than 50% increase in the transaction speed a year would be a lie.
Taking that into consideration and giving extra points to the brilliant minds behind Ethereum, we talking about at least 5 to 6 years to come close to that number.
-Cost of confidentiality Issue: let's use the graph to Speak
This means lower transaction speed and larger storage.
How does Quarkchain Solve all the above problem by just sticking to the basic principles of the Decentralized blockchain?
HOW?
-There are two basic functionalities in each block within the chains:
- Ledger to keep records.
- Confirmation of the transaction
So based on the this Quarkchain Network adopts the Divide and Conquer(Divida et Impera" -- said Julius Caesar) idea to separate the two main functionality in two features.
-The QuarkChain Network Contains an elastic sharding blockchain layer, Which contains a list of minor blockchains (shards). Each Shard processes a subset of all transactions independently.
So guess what that does (bonus point for answer :P)
As the number of shards increases, shards can process more transactions concurrently.
and wait for it ....
The system capacity increases as the number of shards increases.
-The QUarkchain Network has a root blockchain that confirms all blocks from sharded blockchain.
The root blockchain does not process any transaction but its block has sufficiently strong difficulty so that reverting any transaction is not economically efficient.
Design based on the need and not customizing(Existing blockchain projects) the design based on a new need there is difference.
So Quarkchain scales up the troughput of the network with the help of advanced sharding technology.
Which also increases system capacity to process more transactions per second as needed.
-The most important point to me is this one , The Quarkchain network is designed to be more decentralized because a weaker miner does not need to join a mining pool to collect it's rewards.
-All the transactions in the QuarkChain Network are protected by 50% of the overall hash power of the network, and a double-spend attack requires atleast 25% hash power.
This is my attempt of give you in brief what can we expect in 2018 from Quarkchain.
Roadmap and Timeline:
Strong team with experience in the relevant field of requirement:
Please visit for more information : https://quarkchain.io/
Link to whitepaper : https://quarkchain.io/QUARK%20CHAIN%20Public%20Version%200.3.4.pdf