QuarkChain is a high capacity Peer to Peer Transactional System. They are aiming to solve the low capacity of current blockchain-based networks and fight against the trade-off between scalability, decentralization & Security. As a permissionless blockchain infrastructure, Quarkchain’s goal is to provide a commercial standard solution which is a secure, decentralized and scalable solution declaring over 100,000+ on Chain TPS.
Their much-anticipated Mainnet Launch is confirmed to be on April 30th, 2019 and they have a large community who are actively engaging in the Guardian Plan to secure the Quarkchain Network leading up to the launch. With multiple partners within their ecosystem supported by a strong team, Quarkchain is in a good position to rise in the blockchain infrastructure market.
The team is technologically sound with Founder and CEO Qi Zhou having over 7 years’ experience at some of the top companies in the world, including Facebook, Google, and Dell. Zhou has a background in large-scale distributed systems along with high-performance systems. Zhou is supported by 3 research scientists Wencen Wu, Xiaoli Ma, and Yaodong Yang and from a business perspective has his CMO Anthurine Xiange who has worked in Wall Street and Silicon Valley at the likes of LinkedIn and Wish.
The head of Business development Ting Du has over 10 years of expertise in product management, investment and Business incubation helping develop Quarkchain’s ecosystem and partnerships.
There are 6 advisors listed for Quarkchain with a broad background in Capital advisory, Software engineering and cybersecurity all relevant to Quarkchain’s goal of targeting scalability whilst maintaining security and decentralization.
Market Solutions to Scalability
In the current market there are a few existing approaches to solve the scalability issues in Blockchain Infrastructure environments:
Multiple Blockchains refers to the approach of splitting up different transactions across multiple blockchains to in turn make lower transactional demand on each blockchain. This method, however, is seen to reduce the hash power operating each blockchain and on smaller chains increases the likelihood of an attack. This method, therefore, increases scalability however at the sacrifice of security and is questionable as a long-term solution.
The Multiple Blockchains approach also only allows for cross-chain transactions to be processed through crypto exchanges incurring fees, third party security issues and delays.
The lightning network aims to increase scalability by deferring frequent transactions amongst a fixed group of parties until all parties are finalized with the transactions and then executed by one party posting the final result. Although this allows for almost infinite TPS off-chain it is seen to be inefficient for users transactions that are random and happen sporadically.
With the lightning network having multiple chains, transparency of the network is reduced with not all transactions being tracked through the main blockchain.
Sharding refers to the portioning of data in a large database into smaller parts. It is more simple to implement sharding on non-blockchain platforms and can very complex implementing on existing chains as seen with Ethereum. Concerns also arise regarding security issues of single shard take-over and in some cases users being partitioned through the introduction of sharding resulting in multiple accounts to make transactions.
QuarkChain Targets Scalability:
- Trade-off Between Scalability and Security + Decentralization
- Lack of user-orientated Blockchain Infrastructure Platforms
Reshardable two-layered blockchain – the network consists of two layers of blockchains. The first being elastic sharding and the second layer being a root blockchain that confirms the blocks from the first layer. With this structure, as the number of shards increase, shards can process more transactions concurrently resulting in a greater system capacity.
Collaborative Mining – This approach allows for greater security with a game theoretic framework including incentives along with at least 50% of overall hash powers being allocated to the root chain to prevent a double-spending attack. It allows for hash powers to be evenly distributed among shards to ensure they are mined evenly making the throughput increase as the number of shards does.
Anti-centralized horizontal scalability – Quarkchain targets multiple cheap nodes to form clusters rather than the super-full node approach which often encourages centralization – helping the ecosystem remain decentralized.
Efficient Cross-Shard transactions – with Cross-shard transactions being issued at any time along with the speed of transactions increasing in line with the number of shards, this allows for an efficient, sustainable and fast ecosystem.
Simple Account management – As with many other sharding technologies, wallets are displaced and you have to create a new wallet every use, meaning multiple wallets and keys. With Quarkchain there is only one account and wallet needed for the entire blockchain with all cryptocurrencies from different shards stored within.
Turing-complete smart contract platform – with the adoption of the Ethereum Virtual Machine, migration of EVM DApps onto the QKC platform is easy and provides a pathway for greater adoption.
QKC Token Ecosystem and Technology:
The QKC Token is a cryptographically secured utility token and is the major and primary component of the ecosystem on the Quarkchain network.
Value Carrier – the main aspect of the QKC token is to be the value carrier of the network.
Transaction Currency – QKC is the ‘fuel’ of the network which is used for providing economic incentives and the transaction currency for the payment of the costs for the consumed computational resources and network fees.
Contribution Incentives – QKC is distributed amongst the community to incentivize engagement and contributions. For example the QKC angel program which encourages stakeholders to secure the network with rewards in return along with social media tasks to promote QKC.
Design Principles – Quarkchains underlying design is based on 5 important principles including; Enhancing Scalability whilst maintaining security and decentralization, Simple account management, Open Standard to support various DApps, Incentive Driven ecosystem and enabling cross-shard transactions.
System Architecture – The two layered architecture with the sharding layer and root layer where by each minor blockchain (Shard) processes a sub-set of all transactions, whilst the root blockchain confirms the blocks in all shards by including the blocks heads in the root blocks.
Consensus Algorithm – the Root chain runs the POW algorithm meaning when two forks happen on the root chain, the fork with the highest difficulty will survive helping to protect all transactions. Each Shard runs a consensus called root-chain-first POW algorithm which the fork with the longest root chain will survive and a double-spend attacker would have to create the minor blocks that revert the transaction along with a longer root chain fork that included the minor block headers.
Collaborative mining – The collaborative mining design helps incentivize the even distribution of the shards mining along with preventing the double-spend attack.
The Quarkchain Ecosystem has over 50 partners ranging from Data & information systems, trading & Lending platforms, Industrial services, and DApps & Platforms. The partners in the ecosystem benefit Quarkchain in different ways through the adoption of QKC, Funding using the QKC token and helping the blockchain ecosystem in parallel with scaling of other projects.
Some notable partners include:
Matic Network – is aiming to cooperate and work on L2 scaling research through exploring and developing Plasma sidechain solutions on top of Quarkchain. They will also be working with Quarkchain to build notification services like Dagger and Mobile Wallet capabilities for Quarkchain.
Many more which can be seen in the Quarkchain Ecosystem.
Quarkchain faces several competitors with both on-chain and off-chain solutions. With Bitcoin executing the Lightening network and Ethereum working hard to implement state sharding – time is critical and Quarkchain launching their mainnet in April will give them a first-mover advantage. The advantages they hold over off-chain solutions to scalability is the transparency and security, with their solution being on the main chain along with the two-layered architecture and simple account system. As you can see from the diagram below the trade-off is real, with the current solutions struggling and Quarkchain aiming to position itself right in the middle.
Having delivered their promises of the test net and partnerships in the ecosystem, Quarkchain looks on track for its roadmap going through 2019. With the Mainnet expected on April 30th, it will be an exciting time to innovate the blockchain infrastructure space.
QKC Mainnet Release:
The QKC Mainnet will officially launch on April 30th, 2019. It will be the world’s first public chain blockchain project that has implemented state sharding technology.
- State Sharding Technology
- Boson Consensus and Hashpower Reuse Technique
- Efficient and Secure Cross-Shard Transactions
- Multi-Native Tokens Support
- Consensus Mechanism and Guardian Plan
- Mainnet Token Swap
QKC Guardian Plan:
QuarkChain has implemented the QKC Guardian Plan to help protect the members of the ecosystem and to ensure the security of the Mainnet upon release at the end of April. The plan incentivizes community members to stake QKC to vote and become ‘Guardians’ of the network. ‘Elf Guardians can expect over 300% Annualized returns and Quarkchain will also be matching the stake amount during the period.
To learn more about the QKC Guardian Plan click here.
Where to trade QKC:
QKC is listed on multiple exchanges including Binance, Kucoin, Upbit, CoinBene and more.
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