With the growing popularity of the cryptocurrency, the number of transactions made on the blockchain has grown incredibly over the past year. As a result, there are problems with the more popular blockchains, such as Ethereum and Bitcoin. Ethereum has already shown that it can handle more than 1 million transactions per day, but it will not be enough.
The blockchain is trying to solve the scalability problem using various protocols while maintaining the principle of decentralization and security. At the moment, no one can boast of a really working high-speed network with minimal commissions for transactions. However, QuarkChain will try to solve this problem.
What is QuarkChain?
** QuarkChain** is a blockchain that utilizes sharding to provide a high-capacity peer-to-peer transactional system. Its goal is to achieve millions of transactions per second. QuarkChain will create a compromise solution between three positions of the blockchain: decentralization, security, and scalability. This decision will allow the blockchain and cryptocurrency to rise to a new level.
According to the developers, 1 million tps is the maximum throughput and it will take several years to achieve this result. The high transaction speed in the TPS network has already been achieved by many centralized payment systems, such as VISA (up to 45,000 tps), Alipay (up to 200,000 tps) and many others. However, these systems are not decentralized, consequently, the network's security is at a relatively low level.
To achieve a result of 1 million transactions, QuarkChain will use several functions:
· Reshardable two-layered blockchain. This is a two-level blockchain, where the so-called shards are on the first level, which process a subset of all transactions independently of each other. Sharding is the scaling of databases by dividing them into parts so that each of them can be carried to a separate server. The second level is a root blockchain that confirms the blocks from the first level but doesn’t process transactions itself. The first level is flexible and can be changed if necessary without changing the root blockchain.
· Guaranteed security, based on collaborative mining. To ensure the security of all transactions, at least 50% of the power is in the root network. The speed of cross-sharding transactions increases in direct ratio to the increase in the number of shards.
· Simple account management. There is only one account for all the blockchains (shards) in QuarkChain. Any cryptocurrency from various shards is stored in one smart wallet. Effective cross-sharding transactions can be created at any time and confirmed in minutes.
Growth Potential
QuarkChain demonstrated 2,000 TPS on their closed testnet, putting it ahead of most blockchain 3.0 projects. As more and more nodes are used in the testnet, the higher scalability should be achieved. In comparison, the Ethereum blockchain is currently supporting around 15 TPS.
Multiple ICO investment spreadsheets ranking QuarkChain at the top, and a massive Telegram membership of 80,000 and growing, the hype surrounding the QuarkChain ICO has been tremendous causing extremely high interest from investors. The private sale sold out quickly with many potential investors unable to participate. With only $4 million USD available for purchase during the public sale, the demand is currently greater than the supply.
QuarkChain has integrated the Ethereum Virtual Machine (EVM) for smart contracts, which allows dApps built on the EVM the ability to be directly deployed on the QuarkChain Platform. This is a huge advantage for dApps looking to migrate easily to a platform that accepts ERC20 compatible apps as well as delivers speed well beyond what Ethereum can.
QKC Tokens
QuarkChain’s tokens are called QKC and will initially be released in ERC-20 format and distributed over the Ethereum blockchain. The ERC-20 tokens will be converted to QuarkChain’s mainnet token after the mainnet is launched. They will be used as a measure of value, a currency for performing transactions, and as a reward for contributing to the project.
Ticker: QKC
Token type: ERC20
Public Sale: End of May/Beginning of June
Hard cap: $20M
Price: 1 ETH = 39416QKC ( 25% bonus)
Sale (private and public): 2b QKC
Total supply: 10b QKC
Payments Accepted: ETH
Conclusion
QuarkChain is a high-throughput blockchain that aims to achieve millions of transactions per second. It is an innovative permissionless blockchain architecture whose goal is to meet the global-wise commercial standard. It will be possible to conduct a huge number of transactions per second, many times more than it was before. Without a doubt, it will allow the crypto-currency market to grow faster. It provides a secure, decentralized, and scalable blockchain solution to deliver high on-chain transaction per second. QuarkChain shows 2000 tps at the testing stage, and even at this stage, the system becomes better, in comparison with other blockchains.
The key features of of QuarkChain:
· Reshardable two-layered blockchain.
· Guaranteed security by market-driven collaborative mining.
· Efficient cross-shard transactions.
· Simple account management with a smart wallet.
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