Quantity of global financial operations in electronic payment systems keeps swelling day by day. The scalability problem faced by the main blockchain platforms is becoming more urgent. QuarkChain is a highly anticipated project created to address the challenge. Project release will have a significant impact on the industry, and the blockchain technology will rise to a new level.
Project concept
Project objective is to increase the transaction rate to a maximum 1,000,000 transactions per second (TPS). The developers allow to achieve a result in 3-4 years. In practice, the average throughput less than maximum will be used. The team found a "golden mean" between security, scalability and decentralization. Decentralization will be run up by horizontal scaling. The balance is reached due to the division of the blockchain into 2 levels:
- The first layer consists of mini block chains (shards) which process transactions separately from each other. The quantity of simultaneously processed transactions increases with the increase of shards. System throughput will improve.
- In the second layer (root block) there is no processing, but the process of confirming the first level blocks.
In QuarkChain system, the operations transfer inside the shard and between shards. Cross-sharding transactions can be conducted at all hours. Commit comes in a few minutes. The personal profile is easy to manage. Addresses from all shards are managed by the user from one account. Cryptocurrencies are concentrated in one wallet. A smart wallet is under development.
One advantage of the project is decentralized mobile application development. QuarkChain team makes promise to simplify this process.
Peer group analysis
Unlike the competitors Bitcoin, Ethereum, Visa, the QuarkChain project will be able to increase scalability by the high-capacity system. Bitcoin and Ethereum do not have problem with decentralization. But transaction rate is low: 4 TPS for BTC and 10 TPS for ETH. Visa system supports 45,000 TPS, Alipay - 200,000 TPS, but systems are completely centralized and security level is low enough.
QuarkChain team secured transaction rate 2,000 TPS in testnet!
Token Metrics
Tokens will be released and distributed by Ethereum as ERC-20. But after the release of mainnet in Q4 2018, the ERC-20 tokens will be transformed into QKC tokens on own blockchain. They can be used as a standard of value, a coin for operations and as an investment in scheme.
Tokens distribution:
- 20 % - for sale;
- 15 % will be divided between QuarkChain team;
- 15 % are held by developers;
- 5 % are held by advisors.
Roadmap:
Core team
Qi Zhou - QuarkChain Founder, original software developer. Employment career: Google for 15 years. Education: Georgia Institute of Technology. Linkedin: https://www.linkedin.com/in/qi-zhou-9a668715
Zhaoguang Wang - software engineer, expert in large scale software systems. He have master's degree of computer science in University of Michigan. Linkedin: https://www.linkedin.com/in/zhaoguang-wang-436b8029
Xiaoli Ma - research associate. She is full professor Georgia Institute of Technology, member in IEEE. Linkedin: https://www.linkedin.com/in/xiaoli-ma-1524903
Yaodong Yang - research associate. Professor in Xi An Jiaotong University, partner in Demo++, Doctor of Science in Virginia Polytechnic Institute and State University. Linkedin: ttps://www.linkedin.com/in/yaodong-yang-37804817
Wencen Wu - research associate . Docent in RPI. Education: Georgia Institute of Technology. Candidate of Technical Sciences. Linkedin: https://www.linkedin.com/in/wencen-wu-8b924621/
Anthurine Xiang - Market research analyst. Employment career: Wall-Street, Silicon Valley for 6 years. Education: Johns Hopkins University. Linkedin: https://www.linkedin.com/in/yazhenxiang/
Ting Du - business & ecosystems development manager. Product management developer in Demo++. Specialize in production, business development in blockchain technology.
Links:
QuarkChain official site: https://quarkchain.io/
Whitepaper: https://quarkchain.io/QuarkChain%20Whitepaper%20EN.pdf
QuarkChain Community in Telegram: https://t.me/quarkchainio 77112 subscribers.
QuarkChain News in Telegram: https://t.me/QuarkChain_News 39209 subscribers.
Credits:
Bitcoin talk user: yareklamator
Bitcoin talk profile: https://bitcointalk.org/index.php?action=profile;u=1198671