Quarkchain — ICO review “QuarkChain is a high-throughput blockchain that aims to achieve millions of transactions per second (TPS).”
Summary: Quarkchain is an innovative permissionless blockchain architecture that aims to meet the global-wise commercial standard. It provides a secure, decentralised and scalable blockchain solution to deliver 1,000,000+ on-chain tps.
Introduction
QuarkChain is a high-throughput blockchain that aims to achieve millions of transactions per second (TPS). The high-capacity system will solve the scalability problem that current main blockchains (e.g., bitcoin, Ethereum, etc.) are facing. This is the main reason why any blockchain is yet to see mass adoption. If you look at centralised systems (see Fig. 1), Visa can deliver 45,000 tps whereas bitcoin and ethereum can deliver only 4 and 10 tps respectively. The scaling issue was very obvious during a recent launch of Cryptokitties (https://www.cryptokitties.co/) on ethereum blockchain, which lead to delays of many hours even for simple transactions.
The technology and progress up to now
The solution Quarkchain proposed aims to largely expand the boundaries of blockchain usability without damaging its safety and decentralised features. Explaining the tech part is bit boring works for the readers (also skipped it to reduce the length of the article, thus I’ll stick to the basic parts of it (tech-savvy readers can read more on the whitepaper, https://www.quarkchain.io/).
Quarkchain’s design is based on the following principles,
Enhancing the scalability white guaranteeing security and decentralization.
Enabling seamless cross-shard transaction for user quality of experince (QoE).
Simple account management for clients.
Open standard to support various DApps
Icentive-driven eco-system.
illustrates the two-layered blockchain system where each minor blockchain (i.e., shard) processes sub-set of all transactions while the root blockchain confirms the blocks in all shards by including the block headers in the root blocks. In here, as the no. of shards increases, shards can process more transactions concurrently.
Quakchain already achieved 2,279 tps in early testnet (which is offered for developers to test at this stage), and eventually plan to achieve 1 million tps in Q2 2019. But before the main goal of 1 million+ tps, it will have significant goals on the way as illustrated
Ultimately, Quarkchain aims to build a seamless platform to support distributed social media, high frequency trading, Internet of Things (IoT), gaming and financial payments. Some of the uses are given on the whitepaper, so please have a look to understand the project well.
The team
The team is led by Dr. Qi Zhou (PhD from Georgia Institute of Technology) who has worked Google, Facebook and Dell before starting Quarkchain. The software engineer also has vast experience from big companies like Google, Facebook, Instagram. The team is full of both academics and business people, which is a good sign for any project to be successful (see Fig. 4 for team). The advisory team consists of Arun G. Phadke, Bill Moore, Mike Miller and many more (see in Fig. 5). If there is any team that can achieve a huge goal as Quarkchain is trying, this is the team.
The advisory board of Quarkchain
Token matrics and potential gains for investors
This is a part I’m slightly reluctant to talk about, but given some people may miss the ICO, so they will need some information to take position in post-ICO, I’m giving a basic idea here.
2 billion QKC tokens are allocated for crowdsale (both in private sale and public sale) for $20m. Private sale tokens (sold for $16m) are locked for 7 months and only 10% each will be released during first 4 months (then 20% each monthly). Thus, the circulation supply will be much smaller than 2 billion during early stage of the project. Two projects, EOS and Zilliqa which work on the scaling issue are worth over $14b and $1b respectively at the moment. Therefore, you can understand the potential Quarkchain can be in future.
Concluding remarks
The scaling issue is the biggest challenge for blockchain projects to make mass adoption. Therefore, this project alone with that objective could be huge in future. There are various technologies adopted by many projects to truckle the scaling issue. The technology used by Quarkchain is unique and seems superior to other methods. The core team and the advisory board is strong enough to achieve such a big goal in blockchain space. The team is also supported by a no. of well-respected investors, thus it is easy Quarkchain to be one of the leading blockchain projects to truckle the scaling issue, and if achieved successfully, to be huge in future.
For more information, go to
Website, https://www.quarkchain.io/index.html
Telegram Group (chat), https://t.me/quarkchainio
Telegram group (announcements), https://t.me/QuarkChain_News