QuarkChain Reveals a Brand New Path for Blockchain Design

lkcryptoman (30)in #quarkchain • 6 years ago

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What would be the ultimate goal of blockchain? It is to extend scalability while also maintaining its security and decentralization. But as many of us know this is not an easy task to achieve. But QuarkChain does just that.

It is an innovative permissionless blockchain architecture that is implemented to increase scalability appropriately.
In short it is a scalable solution that provides the appropriate level of security and decentralization along with it.

QuarkChain Technology

Design principle

QuarkChain is designed to;

Enhance the scalability while maintaining security and decentralization
Enable all in one transactions for user Quality of Experience (QoE)
Open standard to support various dApps
Provide simple account management for clients
Provide an incentive driven eco-system

QuarkChain Core Features

Ensuring Security

Security is guaranteed through QuarkChain by market-driven collaborative mining. It has introduced a game-theoretic framework. This is designed for incentives. Because of this framework at least 50% of the overall hash powers are allocated to the root chain to prevent surplus spending on any transactions.

Ensuring and Enhancing Decentralization

QuarkChain provides anti-centralized horizontal scalability. As we all know, a super-full node can be extremely expensive in any blockchain network which contains a high TPS. This in turn encourages centralization. But thanks to QuarkChain it allows multiple cheap nodes to form a cluster which will act as a super- full node and thereby avoid centralization and maintain decentralization within the blockchain.

Scalability

QuarkChain consist of a two-layered reshardable blockchain. The 1st layer consist of elastic sharding blockchains (shards), and the 2nd layer is a root blockchain which follows the 1st layer. The great feature of the 2nd layer is that it is flexible and can even be re-sharded as required without making any changes to the root layer. This is how scalability is achieved by QuarkChain also known as Anti-Centralized Horizontal Scalability Expansion.

Apart from providing the main features as shown above (which must be maintained by any blockchain), QuarkChain also enables the following;

Efficient Cross-Shard Transactions

Cross shard transactions are transactions where the input and output addresses are in different shards.these type of transactions are much more difficult because synchronization must take place between shards.

The design architecture of QuarckChain maintains only one root chain. Therefore because of this design users will now be able to issue cross-shard transactions at any given moment and at the same time have it all confirmed in just a matter of minutes.

As the number of shards(blockchains) increases the speed of cross-shard transactions will also increase linearly as a result of this.

Simple Account Management

In QuarkChain there is only one account needed for the entire blockchain (shards). By allowing users to handle only one account this will simplify the management process.

A High-Capacity Peer-to-Peer Transactional System

QuarkChain System Operational Aspects

On-Chain and Off-Chain Transactions

QuarkChain supports off-chain transactions. On-chain and off-chain transactions are required for some applications. Therefore it is important that QuarkChain supports both types of these transactions. Because of the two layered sharding structure it is flexible to handle on-chain and off-chain transactions.

Smart Contract

Apart from this, QuarkChain will also support smart contracts via the most popular and widely used execution engine for smart contracts which is the Ethereum virtual machine (EVM). An added advantage of the usage of the EVM is that most of the existing dApps which are built on top of it can also now be deployed on the QuarkChain platform.

Account Management

Ideally QuarkChain introduces two account types;

Primary Account: this manages the address of the user in a default shard. Most transactions of the user will be originated from this account. The user will only have to manage the balance in this account since even if there is a balance in the secondary account it will be moved to this account.

Secondary Account: this manages the rest addresses of the user in the rest shards

This feature is enabled by the smart wallet. All cryptocurrencies from different shards can be stored in one smart wallet. The smart wallet is an open source project done by the QuarkChain team.

Smart Wallets

The smart wallet helps to simplify account management. The user will not be aware of any underlying detailed operations. It will be used in both Transfer Transactions (transfer tokens from one address to another) as well as Smart Contract Transactions (execution of smart contracts on specific shards).

QuarkChain Token (QKC) and Eco-System

QuarkChain will mainly focus on the financial tech areas and game industries. A new token will be introduced which will represent the value of the QuarkChain and is also referred to as the “Value Carrier”.

Heard of Ethereum? Well similarly to the popular Ethereum, each transaction on QuarkChain needs to pay a fee. The QKC has a powerful transaction processing capability. Because of this feature, the transaction fee required will be of very low value. The fee can only be paid by QKC again.

QuarkChain is a peer to peer system using economics. How would this be helpful one might ask? Well because it will produce positive feedback which will promote the system and in return motivate people within the community to contribute towards the development of the system.