QuarkChain Empowers the Average Person

hatu (76)in #ethereum • 6 years ago

One of the primary goals of the blockchain and decentralization movements has been to empower the average person. A great deal has been achieved: ICOs have made it possible for anyone anywhere to pursue his or her dreams, new projects are empowering people to take control of their data and funds, and various other unique concepts are pushing a strong shift in power from large centralized enterprises to the masses. Despite all this achievement, one ironic centralized entity, with plenty of power, has surfaced within the blockchain sphere itself: mining farms.

The Problem at Hand

There are two types of mining farms:

A warehouse of mining rigs, primarily owned by wealthy individuals. Such farms have a very high entry barrier as it can cost upwards of several million dollars in investment to start such a venture; therefore, while blockchain technology is designed to empower the average person, its own mechanisms are being exploited by a few ultra-wealthy individuals.
Pooled mining farms allow individuals to have fractional ownership in a warehouse full of mining rigs. The key problem here remains that the centralized authority, the managers/founder of the pool, retain strong control over the decision-making and generally charge extremely high fees. Due to the fee structure, most everyday people aren’t fairly rewarded for their contribution, and since the pool works as one giant entity, a considerable portion of power is skewed towards the managers of the pool.

The current mining system has squeezed out everyday people. This is contrary to the goals intended by the blockchain movement, and it also serves as barrier for the mass adoption of this technology. If everyone has the opportunity to be fairly rewarded with a fair opportunity to participate in generating value for the network, public interest would grow exponentially as a new opportunity would open up to everyone.

Clearly, the current mining mechanism is broken; now, QuarkChain provides a solution.

Fair Opportunity for All

QuarkChain is a third generation blockchain aiming to support over a 100,00 transactions per second while sustaining a secure ecosystem. One additional innovation that QuarkChain brings is the notion of clustering honest nodes. The proposition is that individual nodes are understandably unable to compete against mining farms as they do not possess even a remote level of computing power that the farms possess. However, if the individual honest nodes can be clustered to act as a supernode, the resulting computing power is sufficient to perform similarly to a supercomputer. This finally gives an opportunity to the masses to participate in the mining process of a blockchain.

Additionally, this adds a significant layer of democratization to the direction a blockchain takes. Powerful miners have forced forks or restricted important forks in the past due to the sheer importance they have in the network. QuarkChain has come up with an accurate, feasible, and just means to distribute the level of influence any single individual can have on the blockchain. This ensures that, in the long run, the community remains in power as a whole and power does not slip into a few hands.

QuarkChain is paving the way for the right way to implement mining by ensuring the entire community has a fair chance of adding value to the system. The result will be a true adoption of the spirit of the decentralization and blockchain communities.