Part 2: Quarkchain - Providing a Secure, Decentralized, and Scalable Blockchain solution

#blockchain #highcapacity #peer-to-peer #totallysecure

INTRODUCTION

QUARKCHAIN, a peer-to-peer transactional system is a new blockchain on the platform. It solves all the challenges faced by the blockchain network related to scalability, security, and decentralization.

WHAT ARE THE ADVANCED FEATURES OF QUARKCHAIN?

• High scalability because of 50% hash power (the speed at which the computer is completing an operation) allocation to root chain.
• High security, again due to the 50% hash power.
• Advanced sharding technologies have been used to improve system capacity and lead to more transactions per second.
• More decentralized than the single-blockchain network.

WHAT ARE THE CORE FEATURES OF QUARKCHAIN?

• Anti-centralized horizontal scalability expansion.
• Efficient and secure cross-shard transactions.
• Simple Account Management.
• Cross-chain transactions.

WHAT ARE THE TYPES OF QUARKCHAIN TRANSACTIONS?

1. In-shard transactions – the input and output addresses of transactions are in the same shard (breaking the block in small subsets).

2. Cross-shard transactions – the input and output addresses are in different shards.

QUARKCHAIN Network performs cross-shard transactions.

Thus, QUARKCHAIN Network with these key features addresses the security, scalability and decentralization issues very well and helps users to perform any transaction cost-effectively.

HOW DOES QUARKCHAIN SIMPLIFY ACCOUNT MANAGEMENT?

A user needs to create multiple accounts in different shards to interact with all users in the network, but in QUARKCHAIN, a user only needs to have one account to manage all addresses and interact with users.

HOW DOES QUARKCHAIN OPERATE?

• ON-CHAIN AND OFF-CHAIN TRANSACTIONS

Some applications need both on-chain and off-chain transactions. Since QUARKCHAIN Network consists of 2-layer sharding structure, it makes both on-chain and off-chain transactions.

• SMART CONTRACT

The execution of the smart contract is by Ethereum Virtual Machine (EVM). A scalability-aware interface is provided which helps to recognize which shard contract is being executed and sending smart contract-specific data via different shards.

• ACCOUNT MANAGEMENT

In Quarkchain Network, a user will have the same number of addresses as the number of shards. The account management is again simplified into two types:

Primary account – the address of the user in the default shard.
Secondary account – manages the rest of the addresses of the user in the rest of the shards.

The balance of the user is always in the primary account. All transactions are performed from primary account and may temporarily move to an address in secondary account if required, and if there is a remaining balance after the transaction in the secondary account, it will be again moved to the primary account. The smart wallet enables these features.

WHAT IS SMART WALLET?

Two types of transactions are carried out on the QUARKCHAIN Network. One is the transfer of tokens from one address to another (that may or may not be in the same shard) and another one is executing a smart contract in a specific shard. Smart wallet helps to account management of these two types of transactions simply, and the user may not even be aware of the underlying details of the operation.

• Transfer of tokens - Smart wallet automatically detects the primary account of the user and performs the transactions (in-shard/cross-shard).

• Smart contract transactions – Smart wallet performs the smart contract transactions. It automatically transfers the token to the secondary account of the user if the smart contract does not exist in the primary account of a user and if there is a remaining balance, it can again transfer the balance to user’s primary account.

TOKEN ECONOMICS, PROPERTIES, AND USAGE OF TOKEN

The native digital cryptographically secured utility token (QKC) is the main component of the ecosystem of QUARKCHAIN network. It is the sole primary token on the network. It is an ERC-20 compliant standard digital token on the Ethereum blockchain and will be migrated to tokens on QUARKCHAIN blockchain after it is launched.

The token is:

• Non-refundable.
• Used as a unit of exchange between participants of QUARKCHAIN Network.
• Convenient, secure mode of payment.
• The value carrier.
• Used to provide economic incentives to the users in QUARKCHAIN Network.
• It can be given as incentives to users who make a continuous contribution to the QUARKCHAIN system.

Hence the Quarkchain Token (QKC) is the most important and integral part of the Quarkchain Network as it is the only unit of exchange for transactions and used to provide incentives to users who in turn help build the Quarkchain Network community.

Follow Quarkchain at Quarkchain.