QuarkChain Blockchain Review

Overview of QuarkChain 

Distributed ledger technologies such as Bitcoin and Ethereum have been an attractive element of the digital financial investment landscape for quite some time now. The blockchains associated with these digital investments are both trustless and decentralized. To date, blockchains have not been able to meet global demand. Thanks to new scalability levels and permissionless blockchain technological innovations, this form of investment is forecast to now reach a much wider audience than ever before. This distribution potential is largely thanks to the advancements made by Quarkchain. This degree of progress is set to offer eager customers the same security levels and availability currently provided by credit cards in terms of improved infrastructure.  Advancements in infrastructure will now be able to manage a relatively limitless number of transactions. This has previously not been possible. The increase in transaction potential is mainly due to several improvements in distributed ledger technologies. Such high capacity peer-to-peer transactional system improvements encompass two layers of reshardable blockchains and high security for mining. The system will be market-driven and simplified management of individual accounts will be possible together with other improved functions.  

In short, these innovative features are set to appeal to a far wider target market. This market incorporates institutional investors and the common man or woman who wish to expand their financial investment portfolios. With the advent of enhanced transaction potential, this market is set to grow at an exponential rate. The Ethereum system has almost doubled its fees in the first half of 2018 in comparison to total transactions experienced in 2017.  

Rapid transaction capability 

Rapid changes are becoming more and more of a reality with the new architecture proposed by the QuarkChain vision. This vision enhances the capacity of transactions per second (TPS) without compromising security or the speed of these transactions. Additionally, an energy-efficient ‘proof of stake’ (POS) system is set to replace the ‘proof of work’ (POW), which uses extensive hash and electrical power to facilitate transactions. As a consequence of blockchain advancements the envisioned QuarkChain network will now be able to manage greater throughputs. This technology equates to the latest generation in this field. Throughputs will be able to support trading at high frequencies, gaming, payments, distributed social media and the internet of things (IoT) since a variety of obstacles have now been resolved. 

Security 

Challenges faced by this new blockchain technology have addressed security issues. Security has now been tightened up and is decentralized to discourage or avoid any attacks on the system due to the expenses involved in such an activity. Decentralization has subsequently also made mining far more convenient and cost-effective for the individual miner and companies alike. 

Scalability 

Augmented scalability is evident in the presence of multiple blockchains together with the Lightning Network, which organizes group transactions rapidly once these have been finalized and in cases where frequent transactions are commonplace. The tradeoff currently for greater convenience is that increased privacy or security, greater data volumes are required per transaction, which reduces transaction speeds and requires greater storage capabilities. QuarkChain’s design principles focus on leveraging scalability while still retaining decentralization and security issues at an optimal degree. The user’s quality of experience (QoE) is eased by cross-shard transaction capabilities with single accounts being available for all users. The ecosystem of this technology will be driven by incentives and its open standard will support DApp (decentralized application) in various ways. 

Earned value management 

At present, cryptocurrencies are stored in a single wallet but with QuarkChain, users will be able to use a single private key to organize addresses in all of their shards. Due to a project management technique known as earned value management (EVM), users will also be in a position to quickly assess their investment performance or access highly accurate forecasts of potential performance of their activities where smart contracts are in place. Many of the current DApps developed on the EVM system can now be redirected to QuarkChain.    

Functionality  

Contemporary blockchain technology provides for just two basic functions with each block in its chains. These are the ledger and confirmation functions. The ledger involves he current status, facilitates transactions and maintains a record of the outcomes. Due to large data volumes a bottleneck typically occurs in these blockchains. The confirmation functionality confirms the transaction outcomes of the ledger, after which the block is mined to its maximum to deflect any potential hacks through reversal of a transaction via another fork in the chain. QuarkChain has overcome the bottleneck issue by creating a double layer, which sets these two functions apart. This technique serves to augment scalability but without influencing security. A root blockchain is able to assure that all blocks from shards are confirmed although no transactions are confirmed by the root as this would not be cost-effective. Additional shards may also be supported via the QuarkChain Network when this is active, which increases the rapidity at which transactions may be processed, making for a seamless, streamlined operation overall. Collaborative mining is another function, which has been significantly enhanced by QuarkChain. The aim of collaborative mining serves to provide complex algorithms and incentive tools so that hash powers can be better distributed throughout the shards. This approach increases the TPS as the shard volume grows. The root chain further possesses more than 50% of the hash power in the whole network, which avoids the potential for a double-spend risk because a malevolent miner requires significant power to launch such an attack.  

Root blockchain 

Where a network uses QuarkChain technology, only one root blockchain will be present, which will have several of its own shards that will come with its own set of challenges and incentive. Miners can, therefore, select a blockchain of their own choosing at the best price in relation to their hash power. An open market system is then established and the blockchain becomes the seller and the block reward being the commodity exchanged and the buyer’s currency is their hash power. While individual transactions are appropriate, group transactions are encouraged as this approach will benefit all involved. All transactions remain protected by a consensus algorithm. Extra benefits linked to QuarkChain are that this system can support both on and off chain transactions. Flexibility is anticipated to be a key contributor to the success of this system along with its smart contracts facilitated by Ethereum. Ethereum is a popular virtual machine (EVM) that has been deployed to enhance the QuarkChain methodology including the execution of smart contract data through differing shards.  

Convenience of use 

The smart wallet is a convenient feature of this technology along with the capability of having both a primary and a secondary account. Standard compliant digital, secured utility tokens in terms of the ERC-20 Distributor will be available via Ethereum’s blockchain, which will be transferred to the QuarkChain Network (QKC) once this project is launched for the public. The QKC forms the exchange unit between buyers and sellers in the QuarkChain ecosystem.  The QKC tokens represent virtual currency, which is a critical component as a carrier of value. Transaction currency is the cryptocurrency which drives the QuarkChain network and also offers peer-to-peer incentivization to continue making their contributions on this new platform. Artificial intelligence (AI) is a further feature designed to facilitate learning through innovative feedback loops to increase system efficiencies. 

Challenges and Opportunities 

The innovative QuarkChain technology is supported by a strong team of professionals with extensive experience in this arena. Although the industry is highly competitive, QuarkChain has not yet acquired a list of strong partnerships to facilitate the entry of its new technology into the market. Envisioned to be introduced in the fourth quarter of 2018 though, this new methodology holds great promise for a burgeoning industry. Further positives associated with the QuarkChain are that new blockchains are typically well-received by the ICO community. Despite advantages though, the anticipated TPS of one million transactions appears to be a pipedream. Even if this technology has advanced to this degree, QuarkChain will still have to compete against industry giants such as Ethereum, Zilliga and others.  QuarkChain will have a USD of a 20 million hard cap, its MVP is operational and induces confidence. QuarkChain is also expected to be subjected to an extensive public testing during May of 2018. Up to now, scalability concerns have discouraged mass use of blockchain technologies but the future looks bright for this innovation irrespective of strong competitors and a dubious target market at the moment. Despite significant challenges faced by the QuarkChain team, this initiative holds great potential for the cryptocurrency environment and future financial investments. Having begun a new era of digital financial investment potentials, cryptocurrencies are now set to evolve at an even greater pace. This situation comes with new challenges and opportunities for the future of open economies, which is an exciting development for all interested individuals and institutions.  Delivering on the promise of advanced TPS capabilities without affecting decentralization and security issues is a definite advantage provided by QuarkChain blockchain advances. Streamlining high capacity peer-to-peer transactions is certain to attract a far larger target market in the years to come. The primary concern now is for QuarkChain to leverage its competitive advantage to the fullest if it wants to gain market share from its current competitors to become a leader in this dynamic industry.