QuarkChain - High Speed Blockchain Solution With Over 100,000 TPS

The Good News

QuarkChain is creating a new blockchain that will achieve over 100,000 TPS. This ultra-high transaction speed will allow QuarkChain to participate in real-time payment industries at speeds higher than the accepted published values for Visa.

The Market

The global market for blockchain based technology has increased from $340 million in 2017 to a projected $548 million in 2018. The rate of increase is staggering and is expected to reach $1.5 billion by 2020.

The key to achieving to meeting these projections is usability. Usability comes in many forms, including necessity, ease of use, and scalability. Blockchain projects are attempting to address all three of these issues, with the largest focus on scalability.

Current transaction per second (TPS) rates for Bitcoin and Ethereum hover between 4-10 TPS. Some working blockchains, like AChain, have achieved 1000 TPS on their mainnet. There is a battle going on and QuarkChain is looking to one-up the competition by reaching over 100,000 TPS.

TPS is important because it allows a large number of transactions to occur rapidly. We take this for granted in the real world but credit card purchases are being processed constantly at a very high rate. The Visa website lists its TPS as over 24,000 (see image).

QuarkChain is projected to reach over 100,000 TPS and will provide the security, anonymity, and decentralized benefits of the blockchain.

How Does QuarkChain Do It?

QuarkChain is attempting to create a multi-blockchain ecosystem with one root chain and numerous sharding layers.

The two layers interact with each other, creating a more efficient model than shard to shard communication. With QuarkChain subsets of transactions are split up and processed by different shards independently. The speed of transaction processing scales up with the number of shards.

All blocks from the sharded blockchains are confirmed by the root chain. The root chain does not process transactions, it only confirms blocks. In this sense, the shard chains are the ledger system and the root chain is the confirmation system.

It's like the NBA, there are three refs per game and 15 games a night. The refs (Shards) can call flagrant fouls at any moment in any game but these fouls are only confirmed by the league office (Root Chain).

Reaching Consensus

Since QuarkChain is a multi-chain solution it has two different consensus models. The root chain runs on PoW, the same as Bitcoin and Ethereum.

The shard chains use what QuarkChain calls the root-chain-first PoW algorithm. This implies that the shard chains compare forks with the root chain before choosing which fork survives.

More Benefits of QuarkChain

QuarkChain is fast but it offers developers additional benefits including security, cross-shard transactions, and simple account management.

In order to prevent malicious attacks QuarkChain uses a node cluster technique. This technique allows multiple honest nodes to run and independently validate small sets of shard chains. These nodes then form clusters called Super-Full Nodes. The Super-Full Nodes add a level of security in case one honest node crashes by ensuring that all data is shared among its members.

Cross-shard transactions are very difficult to implement in a blockchain that is already up and running. QuarkChain is designing cross-shard communication into the design from the start. Since the design includes shards QuarkChain will avoid many of the difficulties that other blockchains will experience including the need for multiple user accounts.

The Token

The internal currency for QuarkChain is the QKC token. This token will initially be issued as ERC20 when QuarkChain is launched.

The token has three main utilities:

1. Use as a currency - Carrier of Value
2. Use as Gas to power transactions.
3. As an incentive to miners and community members for promoting the system.

The Roadmap

With any blockchain project, the roadmap is very important. The key for QuarkChain is Q4 2018 when they aim to reach the goal of 100,000 TPS.

Q2 2018 - TestNet 0.2 release which will support most of QuarkChain’s features including sharding and smart contracts.

Q4 2018 - QuarkChain Core 1.0 release, Mainnet 1.0, and Smart Wallet (aiming for ~100,000 TPS at this time).

Q2 2019 - QuarkChain Core 2.0 release, Smart Wallet 2.0. Projected goal of 1 million TPS.

The People

The team behind QuarkChain is full of experienced individuals with strong backgrounds in software engineering. The team includes:

Qi Zhou - Founder – Ph.D. in Electric and Computer engineering. Five years experience in engineering and software engineering includes time with Facebook.

Zhaoguang Wang - Software Engineer – Worked for Google, Instagram, Facebook for over 7 years total as a software engineer.

Xiaoli Ma - Research Scientist – Professor at Georgia Institute of Technology. Ph.D. in electrical engineering. Private sector experience includes a history as CTO of Ratrix Technologies.

Yaodong Yang - Research Scientist – Co-founder of Demo++ Technological Incubator and Ph.D. in engineering.

Overall

Sharding is a popular solution to scalability and is being researched by Ethereum and has been implemented by Zillaqa on testnet. Like Zillaqa, QuarkChain is building sharding into the system from the very beginning.

The well thought out concept is already achieving over 2000 TPS on testnet and the short time frame to achieve full TPS goals is ambitious. High-speed blockchain solutions are going to be in high demand in the near future and it is likely that multiple projects will succeed in the space.

For more information

📅Token Sale: Whitelist Open (More Info)
📈Token Ticker: QKC
QuarkChain Website ||Whitepaper ||Telegram || Twitter

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*This post contains a project overview not investment advice. As always do your own research before participating in a project of any fashion.