QuarkChain is one of the most talked about Initial Coin Offerings of May. Attempting to solve one of the biggest problems in Blockchain, Transactions Per Second. Currently Bitcoin has 4 TPS, Ethereum 10 TPS, and QuarkChain is claiming 99999 TPS which is clearly astounding in comparison. The project is being spearheaded by Qi Zhou, a software engineer with a rather impressive resume working for publicly traded companies like Google, Dell, and Facebook. Not only is his career impressive, he’s also earned a PhD in Computer Engineering from Georgia Tech in 2013. The rest of the team forms a collective of “all stars” so to speak, from the same companies with equally matching educational backgrounds.
Astoundingly, QuarkChain already has a Testnet and wallet even though the White Paper was drafted in Q4 2017. It says to potential Token buyers that this team is hard at work and not wasting any time. It’s not hard to conceive they will also deliver the second phase of the Testnet and Smart Contracts rollout scheduled for Q2 2018. We have reached a point in the Blockchain community where Token buyers are demanding progress on these projects unlike the speculative White Paper projects of 2016 and 2017, which often failed to deliver anything at all except empty promises of great achievements. The Mainnet is scheduled for Q4 2018.
Main Features of QuarkChain
“QuarkChain is an innovative permissionless blockchain architecture that aims to meet the global-wise commercial standard. It provides a secure, decentralized, and scalable blockchain solution to deliver 100,000+ on-chain TPS.” -QuarkChain
Some of these features include:
- Reshardable two-layered Blockchain, a root Blockchain and an “Elastic Sharding” Blockchain.
- “Guaranteed Security” by market driven collaborative mining to prevent double spending attacks on transactions.
- Anti-centralized horizontal scalability, excluding a centralized “Supernode” and forming multiple cheap nodes as a cluster.
- Cross-shard transactions.
- One account and one smart wallet.
- Turing-complete Smart Contracts using the Ethereum Virtual Machine for easy migration.
Solving Problems with Current Blockchains
Blockchain has been rapidly evolving month by month and faces more and more hurdles regarding security, scalability and decentralization concerns. Some of the solutions to improve the current networks are in question that they may lead full circle back to centralization. QuarkChain is placing a strong emphasis on this controversial, but inevitable topic. To increase the security of the network, they are focusing on advanced sharding techniques to improve system capacity. Miners will not need to join pools for higher rewards, discouraging centralization, and security increasing because transactions in the QuarkChain network are protected by 50% of the overall hash power.
Questions often pop up regarding the use of Tokens in the Blockchain space. Quarkchain’s “QKC” Token will be used as a unit of exchange across the QuarkChain network, and for a payment or settlement. They are making the statement that the Token does not promise fees, dividends, participation, rights, titles or interest in the foundation and be used as a medium of exchange on the network. It will also be used as a sort of fuel for future functions on the network. Transaction fees will take place but they will be extremely low and this also serves a purpose for the QKC Token. The QKC Token will also be used to incentivize further development on the network for the community.
It is my belief that QuarkChain, while still in it’s infancy and facing hurdles in the future could be a strong candidate for the solutions presented above. The space we are in is still quite early, with lots of potential pitfalls. Given that the team, has already launched successful Testnet Code in a short period of time gives me confidence they can go even further in the future and accomplish all that they say they will.