Source: ICO Daily
Quarkchain: A New Rocket to the Moon Fueled by Scalability
However amazing and innovative blockchain technology may be, it also has problems and drawbacks. Nowadays it is not big news that one of the main issues with this technology is scalability. What is scalability? Scalability simply put is the potential of the blockchain network to handle larger amounts of transactions (any data sent over the blockchain network) per second. When you understand that even medium size app (from 1 to 10 million users) requires about 2000 tx/s, Facebook requires at least 175,000 tx/s and Bitcoin can process only about 7 tx/s, Ethereum – 15 tx/s, it is clear that there is a very serious problem if we want to even dream about mainstream integration of blockchain into everyday live.
Visa network offers about 2500 – 5000 tx/s and on Christmas or when needed goes up to 60,000 tx/s, Alipay – can go even up to 200,000 tx/s. So to reach even the lower limit of Visa, or the requirement of medium size app, Ethereum would have to scale 166x, Bitcoin – 357x. So what we need is no small scale upgrades, we need many 100x of scalability improvement.
And this is where the Quarkchain comes in.
QuarkChain aims to build a user-friendly, decentralized and reliable blockchain that can ultimately handle millions of transactions per second. Moreover, they are the first scalability blockhain that will support smart contracts with Ethereum Virtual Machine (EVM). What does this mean? It means that the developers will be able to easily port and deploy dApps onto Quarkchain, so that the projects, that require high scalability (like Crypto Kitties) will transfer their dApps from Ethereum to Quarkchain. This makes Quarkchain to instantly stand out from all the competitors and truly say that they are going to bring the blockchain to mainstream audience. With this in mind they’ve set out to build a platform capable of supporting industries ranging from FinTech to gaming and social media.
2 – Layer System
Quarkchain is going to have 2 – layer system that allows greater scalability:
• First layer – “elastic sharded” blockchains.
• Second layer – root blockchain.
The first layer can be broken down to:
- Elastic: the sharded (minor) blockchains on this layer are elastic because the amount can be increased or decreased as required.
- Sharded — each sharded minor-blockchain only processes a small subset of all the transactions that occur so they are considered “sharded” as they represent a small fragment of all the transactions occurring throughout the network. (This is what enables QuarkChain’s scalability.)
- Blockchains — the minor-blockchains keep track of the current state of the ledger by processing and recording relevant data such as user accounts and the transactions made between accounts
The second layer:
The second layer serves the function of confirming the transactions that take place throughout the network. This is done by sending the block headers of the minor blockchains that contain all the transactions to the root blockchain, the root blockchain then confirms these transactions by creating a new block with all of the block headers.
QuarkChain’s 2nd layer system offers a higher amount of transactions per second whilst accounting for bottlenecks that occur from increased throughput such as computing power, data storage, and internet bandwidth.
Test net is already live with 8 sharded blockchain, that together provide about 2000+ tx/s already, which is pretty impressive considering this is a test net.
The kind of team you would like to see in the projects for potential investment. Team members come from huge companies like: Google, Instagram, Facebook etc. with the experience in blockchain development, cyber security, leadership and finance.
- • Qi Zhou, Founder: Expert in high-performance systems. Received a Ph.D. and M.S. from Georgia Institute of Technology. Previously worked with Facebook, Dell and Google.
- • Zhaoguang Wang, Core Engineer: Expert in large scale distributed systems. Master in Computer Science from University of Michigan. Previously worked with Instagram, Facebook and Google.
- • Xiaoli Ma, Research Scientist: Expert in signal processing for wireless systems, an IoT and big data professor, as well as IEEE fellow at Georgia Institute of Technology. He is a Co-Founder, CTO of Ratrix Technologies, LLC.
- Project name: QuarkChain
- Token symbol: QKC
- Website: https://quarkchain.io/
- White paper: https://quarkchain.io/quark.pdf
- Hard cap: $20 million
- Conversion rate: TBA
- Maximum market cap at ICO on a fully diluted basis: TBA
- Bonus structure: TBA
- Private sale / white list: Private sale is overbooked, whitelist TBA
- ERC20 token: Yes (to be swapped on mainnet launch)
- Countries excluded: Cuba, North Korea, Serbia, Tunisia, Somalia, Zimbabwe, Congo, South Sudan, Sudan (north), Sudan (Darfur), Turkey, Iran, Iraq, Libya, Syria, Ethiopia, Yemen, Sri Lanka, and Venezuela, Canada, USA, China, and Newzealand are restricted countries.
- Timeline: Crowdsale to begin late May or early June (please refer to QuarkChain’s website for the most up-to-date information)
- Token distribution date: TBA
We honestly believe that Quarkchain might be the next revolutionary project that is going to bring blockchain to the masses. Fueled by their amazing technology and the team, Quarkchain currently stands out from the competitors. If you missed the last years rockets to the moon, this might be the next one.
Check out Quarkchain listing Page.