SINGLE LINER EXPLANATION:-
HIGH THROUGHPUT BLOCK-CHAIN WITH A TRANSACTION SPEED OF UPTO 1MILLION TX/S SOLVING THE TRILEMMA OF DECENTRALIZATION, SECURITY & SCALABILITY.
THE DETAILED EXPLANATION AND THE RELEVANCE OF QUARKCHAIN:-
If you have been active in one form or another in cryptocurrency world, then you would know that there has been one issue which has plagued in general: SCALABILITY.
Let’s check out how popular bitcoin and ethereum have gotten over time.
Below is a graph of the number of daily bitcoin transactions tracked over the years:
COURTESY:-WIKIPEDIA
And below we have the number of Ethereum transactions per month over the years:
COURTESY- ETHERSCAN
Now, this may look impressive, but here is the thing, the initial design of cryptocurrencies was not meant for widespread use and adaptation. While it was manageable when the number of transactions was less, as they have gotten more popular, this is seriously insufficient for mainstream purposes.
For crypto to have mainstream adoption, it should be able to step up and reproduce what existing centralized systems such as visa and paypal are able to achieve.
While paypal manages max. 450 transactions per second and visa manages max. 65000 transactions per second, Ethereum does only 20 transactions per second while bitcoin manages a whopping 7 transactions per second!
For long, many blockchains have tried their hand at resolving this issue but not many have come closer and not without sacrificing the other core aspects of crypto (Decentralisation & Security). This is where others have fallen short, Quarkchain stands tall. Quarkchain Team has developed a breakthrough blockchain protocol which can achieve extreme transaction speeds which can even surpass Visa at best.
COMPARISON OF MAX. TRANSACTIONS SPEEDS OF DIFFERENT SYSTEMS.
This high throughput without compromising Decentralization or security is achievable by Quarkchain protocol due to the implementation of following ingenious features.
Reshardable two layered blockchain:
Unlike the conventional blockchains, Quarkchain consists of two layers of chains. The first layer is an elastic sharding blockchain. The second layer is the root blockchain which acts like a parent blockchain which just confirms the block from the sub-sharded chains. In conventional computational systems, Sharding is a synonym for horizontal partitioning. This will allow the transactions to be processed faster due to the parallel processing capacity of these sharded chains.
- Cross-shard transactions:
There have been previous attempts at sharding of blockchains by other projects such as Zilliqa. Though these projects were able to process transactions within the individual sharded-chains, the ability to cross-transact between these sharded chains was limited. Quarkchain eliminates such limitations and enables such transactions seemlessly.
- Collaborative mining:
Often in sharded systems, the mining power tends to be divided unequally among sharded chains which creates security threats such as single-shard takeover attacks and the double spending attack. This weakness of sharded-systems is addressed by quarkchain by enabling game theoretic framework of incentives so as the hashpowers are equally distributed among the shards.
- Simple account management/Smart wallet:
There is only one account needed for all shards. All cryptocurrencies from different shards are stored in one smart wallet. This eliminates the need for storing different private keys for each individual chain.
- Horizontal scalability:
Because a super-full node can be extremely expensive when TPS goes high, Quarkchain allow multiple honest nodes forming a cluster running as a super-full node. This enable even the individual miners to function independently without joining mining pools which is otherwise nonviable due to higher return periods for block rewards.
HOW QUARKCHAIN CAN FASTTRACK MAINSTREAM ADOPTION OF CRYTPO:
· With higher transactional speeds, the utility of crypto becomes becomes highly compatible for day to day use cases such as retail purchases and services where the transactions need to be settled instantly.
· Quarkchain has the infrastructure for mobile dapps to be built upon them. Majority of the population are active on their mobile devices and with the advent of mobile dapps, the reach of crypto can be more wider even to those who have limited access of dedicated computer units.
· Quarkchain is compatible with the ethereum virtual machine (EVM) on which majority of the Dapps are already built upon. This will enable faster migration of the apps into Quarkchain protocol.
· A significant portion of the quarkchain tokens are reserved for the developers who intend to build on the Quarkchain protocol. This will incentivize the developers for faster developments cycles for blockchain projects and their mainstream adoption.
Conclusion:
Quarkchain is definitely a gem of a project among a plethora of otherwise non-distinguishable projects in the cryptosphere. The developments so far are really excellent and this ICO is by-far the most promising project of 2018 and we can expect only better things from them down the road.
ICO DETAILS AND USEFUL LINKS:
Project Name: QuarkChain
Ticker: QKC
Token type: ERC20
ICO Token Price: 1 QKC = 0.0229 USD (0.00003 ETH)
Fundraising Goal: 20,000,000 USD
Total Tokens: 10,000,000,000
Available for Token Sale: 20%
Website: https://quarkchain.io
Twitter: https://twitter.com/quark_chain?lang=en
White Paper: https://www.quarkchain.io/quark.pdf
Whitelisting process: https://medium.com/@quarkchainquark/quarkchain-whitelisting-kyc-process-e8240f8d3971
Road Map:
Q2 2018 — Testnet 0.1 along with Wallet 0.1 (10K+ tps).
Q3 2018 — Testnet 0.2.
Q4 2018 — QuarkChain Core 1.0, Mainnet 1.0, Smart Wallet 1.0 (100K+ tps).
Q2 2019 — QuarkChain Core 2.0, Smart Wallet 2.0 (1M+ tps).