QUARKCHAIN - HIGHLY SCALABLE SECURE BLOCKCHAIN SOLUTION
What Problems Does QuarkChain Seek To Solve?
⚙️ Security Issues: Blockchains are subject to security issues. Though some security issues have less attack percentage still those can be a security issue for smaller blockchains.
⚙️ Decentralization: Bitcoin and other blockchains were designed to be totally decentralized, with every node having one vote, and nobody controlling all the nodes. Due to this, the formation of mining pools and other collective groups can happen. This is threatening the decentralized nature of bitcoin.
⚙️ Scalability: Blockchains like bitcoin are struggling to scale. As transactional capacity increases, the size of the blockchain grows, leading to larger requirements for storage, bandwidth, and computing power.
⚙️ Lightning Network: One of the problems with current blockchains is Lightning Network. This introduces centralized payment processing to a decentralized blockchain, threatening the future of bitcoin as a decentralized payment solution.
How Does QuarkChain Work?
QuarkChain offers a blockchain which is capable of processing 1 million on-chain transactions per second. QuarkChain achieves better scalability using a two-layer structure. The first layer offers elastic sharding, which is a type of database partitioning that separates very large databases into smaller, faster, and easily managed components called data shards. One of the major parts of the QuarkChain project is Data shard. The second layer of this is known as the root blockchain. This is the component that confirms the transactions (the blocks) pushed by the first layer. Without changing the root layer, the second layer of QuarkChain can be regarded as needed.
Another unique feature of QuarkChain is the ability to offer guaranteed security through market-driven collaborative mining. Basically, this means to prevent double spending attacks, 50% of the network’s hash power is dedicated to the root blockchain. Moreover, multiple cheaper, low-resource nodes can form a cluster to create a supernode. QuarkChain will also offer efficient cross-shard transactions in two varieties, including in-shard and cross-shard transactions. In-shard transactions occur when the input and output addresses of the transaction are in the same shard, while cross-shard transactions occur when the input and output addresses are in different shards. The speed of the cross-shard transactions will also increase with the number of shards increases. Finally, users will interact with the QuarkChain blockchain through a simple account dashboard. That dashboard will allow users to view all cryptocurrencies from different blockchains – i.e. different shards – from one wallet screen. Plus, users can manage all addresses using a single private key. QuarkChain will also support smart contracts which are running within the Ethereum Virtual Machine. This means developers can directly deploy their smart contracts to QuarkChain.
QuarkChain Token
QuarkChain has its own tokens called QKS. Those tokens are ERC20 tokens. QKS tokens on the Ethereum blockchain will be converted to QKS tokens when QuarkChain launches in Q4 2018. Those QKS tokens can be used as a transactional currency at launch and also as a contribution reward. QKS will also be mineable.
Conclusion
QuarkChain is a blockchain that aims to deliver 1 million transactions per second. It provides solutions for different problems with present blockchains including excessive centralization, poor scalability, and security risks using a unique system of quarks, sub-chains, and root-chains.
Follow official QuarkChain channels for more details:
QuarkChain Website
QuarkChain WhitePaper
QuarkChain Telegram
QuarkChain Announcement Channel
AUTHOR
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