QUARKCHAIN: 1,000,000 transactions per second!
The number of global financial transactions in electronic payment systems is growing and will continue to grow every day. The scalability problem faced by the main block system of the system is becoming more urgent.
The most anticipated project of 2018, QuarkChain is designed to solve this problem. After the implementation of the project, QuarkChain will have a strong impact on the industry, and the technology of blocking will reach a new level of development.
The essence of the project
The goal of the project is a maximum speed of 1,000,000 transactions per second (TPS). The developers state that they will achieve peak results in 3-4 years. In practice, the average throughput, which is below the maximum, will be used.
The team found a "golden mean" between security, scalability and decentralization. Decentralization is achieved through horizontal scaling.
The balance was achieved due to the division of the blockage into 2 levels:
The first layer consists of block chains (shards). They process transactions separately from each other. The number of simultaneously processed transactions increases with the increase in the number of shards. This will improve system throughput.
In the second layer (root blockchain), there is no processing, but the process of confirming blocks from the first level.
In QuarkChain, the operations take place inside the shard and between shards. Cross-Shards transactions can be created at any time, confirmation comes in a few minutes.
The personal profile is easy to manage: transaction addresses in shards are managed by the user from one account, and all crypto-currencies are concentrated in one purse. A smart wallet is under development.
One of the advantages of the project is the creation of mobile applications, which are decentralized. The team promises to simplify this process.
Comparison with competitors
Unlike the competitors Bitcoin, Ethereum, Visa, the QuarkChain project with the help of a high-performance system will be able to increase scalability. Bitcoin and Ethereum have no problems with decentralization, but they have a low network speed of 4 TPS and 10 TPS, respectively.
In Visa, the number of transactions per second reaches 45,000 TPS, Alipay has up to 200,000 TPS, but the system is managed completely centrally, the security level is low enough. The QuarkChain team has recorded a speed of 2,000 TPS at the moment.
Token metric
Tokens will be released and distributed by Ethereum as ERC-20. But after the release of mainnet in Q4 2018, the ERC-20 tokens will be transformed into QKC tokens on its own platform. They can be used as a currency for transactions and as an investment in a project.
Token distribution:
• 20% - for sales;
• 15% is distributed among members of the QuarkChain team;
• 15% are owned by the founders;
• 5% will get to the advisers.
Project development plan:
Key Team Members
Qi Zhou is the founder of QuarkChain, a software developer. Worked for 15 years in Google. He graduated from Georgia Institute of Technology. Linkedin profile: https://www.linkedin.com/in/qi-zhou-9a668715
Zhaoguang Wang - software developer, is an expert in large-scale distributed systems. He holds a Master's Degree in Computer Science from the University of Michigan. Linkedin profile: https://www.linkedin.com/in/zhaoguang-wang-436b8029
Xiaoli Ma is a reseller. He is a professor at the Georgia Institute of Technology, an IEEE employee. Linkedin profile: https://www.linkedin.com/in/xiaoli-ma-1524903
Yaodong Yang is a reseller. He is a professor at the Xi'an University of Transportation, a partner of Demo ++, a doctor of science at the Polytechnic University of Virginia and the State University. Linkedin profile: https://www.linkedin.com/in/yaodong-yang-37804817
Wencen Wu is a reseller. Works as an assistant professor in RPI. Graduated from the Institute of Technology in Georgia. Has a degree of candidate of technical sciences. Linkedin profile: https://www.linkedin.com/in/wencen-wu-8b924621/
Anthurine Xiang is an analyst. He has 6 years of experience working on Wall Street, in Silicon Valley. Graduated from Johns Hopkins University. Linkedin profile: https://www.linkedin.com/in/yazhenxiang/
Ting Du is a specialist in business and ecosystem development. Product manager in Demo ++. He specializes in the development and development of business in blockbuster technologies.
References:
QuarkChain: https://quarkchain.io/
Whitepaper: https://quarkchain.io/QuarkChain%20Whitepaper%20EN.pdf
QuarkChain Community Telegram: https://t.me/quarkchainio 77112 participants.
QuarkChain News Telegram: https://t.me/QuarkChain_News 39209 participants.