In the recent years, lots of established companies started turning to blockchain technology. Nearly each and every financial institution is investigating blockchain for further opportunities. If that’s not just hype, then what earthly reasons they have for that?
Thanks to Ethereum and its smart contracts the technology enabled such financial instruments, as bonds and loans. The blockchain is used by many people for various payments. The demand is growing constantly. With the growth of demands, the number of different issues related to blockchain also grows.
The biggest problem of blockchain remains its scalability. The blockchain is able to process about 10-30 transactions per second. And it can’t meet the demands of the world’s market anymore. Current blockchain-based networks can’t satisfy customers because of a low scalability. Scaling the blockchain up would mean make its security and decentralization too vulnerable. Meanwhile, such widely used systems, as Visa or AliPay are able to process 45.000-200.000 transactions per second.
That problem is really relevant, while new projects arising monthly try to reach high speed by lowering the transaction fees essentially. Along with that, each of the new blockchains presents itself as Blockchain 3.0 or 4.0.
The existing blockchains also try to solve the scalability problem with the help of various protocols and save the decentralization and security principles. However, none of them can be proud of a really high-speed network with minimum transaction fees. As a rule, the best results are reached in testnet or so-called MVP (minimum viable product).
What could really solve the problem? Only a totally new secure and scalable blockchain which could cope with up to one million transactions per second through a two-layered system.
One of such blockchains is QuarkChain. QuarkChain is aimed to deliver crypto to a wider audience and to support smart contracts with the help of Ethereum Virtual Machine. What does this mean? It means that the developers will have a unique chance to port and expand their decentralized apps created on Ethereum on QuarkChain as soon as their mainnet is live.
QuarkChain is creating a user-friendly, reliable, and absolutely decentralized blockchain able to cope with millions of transactions per second. According to the developers, 1 TPS is a maximum throughput and to achieve that result they need several years. Sure, an average TPS used in reality will be much lower.
QuarkChain can be regarded as a high-capacity DAG (directed acyclic graph) technology allowing to get lots of useful things both from the technology of Bitcoin/Ethereum and from the main advantages of namely DAG, including the increased speed, reliability, and simplicity of mining process. That high-capacity system is going to solve the problem of scalability, the problem other popular blockchains, such as Bitcoin, Ethereum, and many others face.
How QuarkChain implements high TPS.
Such centralized payment systems, as VISA or AliPay have already reached high transactions speed. But, they are not decentralized, what causes a relatively low security within those systems.
In order to reach the result of 1 million TPS, QuarkChain will use several features:
1. Reshardable two-layered blockchain containing so-called shards (elastic sharding blockchains) on the first layer, and a root blockchain on the second layer confirming the blocks from the first layer. The first layer is flexible and can change when necessary without the root blockchain to be changed.
2. Guaranteed security based on shared mining. 50% of hash power is contained in a root network and doesn’t allow any double-spending attack to happen.
3. Anti-centralized horizontal scalability. Any blockchain network with a high TPS speed has a very expensive super-full node. That contributes to its centralization. QuarkChain, in turn, allows several cheap nodes to form a cluster and create a super-full node this way.
4. Effective cross-sharding transactions can be created anytime and confirmed within minutes. The speed of the cross-sharding transactions increases along with the growth of shards.
5. Simple account management. There is just one account for all the blockchains (shards) in QuarkChain. So, any cryptocurrency from various shards is kept in one smart-wallet.
Sharding, in fact, is a distribution of data among different physical servers.
RoadMap:
Token information:
According to QuarkChain, there will be no pre-sale. The public sale data is not announced yet. Taking into account that 20% of tokens ($20 million) are meant for token sale, and then the total capitalization will be only $100 million. And it’s a low index for such a blockchain. At the same time, not all tokens will be in circulation at once (mining and Lockup) what adds even more perks to the projects.
The price is 1ETH= 39416QKC (25% bonus) for the private sale and 1ETH = 31533QKC for the public sale.
The KYC process starter on Monday, 7th of May, 2018 and will last for about 2 weeks. In order to participate, it’s necessary to join an English or Chinese telegram group.
The ICO public sale date is not known yet and will depend on KYC speed. The approximate dates are late May-early June.
Project Video:
Project links:
Website | Whitepaper | Telegram | Facebook | Twitter | Medium | Weibo | Github
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