What is QuarkChain (QKC)?
QuarkChain is a secure, permissionless, scalable and decentralized blockchain. One of QuarkChain’s goals is to use sharding technology to deliver over 1 million transactions per second (tps). Essentially, QuarkChain markets itself as a peer-to-peer blockchain with high throughput to help deliver fast and secure decentralized applications.
The team behind QuarkChain created this blockchain to solve the scalability problem that all major blockchains are currently facing. The team feels that because of the urgency of this issue, the Bitcoin community simply cannot wait until all agree on a solution. Instead, they feel that by providing different solutions, such as the one inherent in QuarkChain, this forces the community to fork through a hard fork and find the solution that works best.
Current QKC price list. Source Coinmarketcap
How scalable is QuarkChain?
As mentioned, QuarkChain relies on sharding technology that allows it to deliver over 1 million tps. For comparison, Bitcoin 1.0 offers only 4 tps and Ethereum 2.0 offers only 10 tps. Even Visa only has 65,000 tps as of Aug 2016.
The main reason for QuarkChain’s high scalability and tps is due to the use of sharding combined with core blockchain values, such as security and decentralization. The team behind QuarkChain includes members with experience in projects like Google and Facebook, giving them the experience to develop large-scale centralized systems. This, in turn, provides knowledge of ways to provide scalability in centralized systems, which the QuarkChain team can then apply to their decentralized system.
High TPS is not the only important factor
In the FAQ section, QuarkChain addresses other projects that have achieved an impressive tps, explaining that this is not the only measurement to include when looking at the network. The team points out that ongoing projects that require a high tps, such as Alipay, must sacrifice in terms of security and decentralization to achieve that scalability. QuarkChain stands out from these projects with its ability to get the scalability of high tps without sacrificing security or decentralization.
Weak miners are encouraged to mine directly without becoming part of a mining pool. QuarkChain has developed a framework that encourages the use of game theory. In this framework, hashing power is encouraged to be distributed evenly among shards.
In addition, QuarkChain encourages decentralized growth through many cheap nodes (nodes) then creating a cluster that acts as a super full node. This prevents the high costs associated with super full nodes when tps gets high.
In terms of protection, all transactions in QuarkChain receive a protection of 50% of the network’s hash power. This makes a double spend attack extremely challenging, especially when combined with the decentralized nature of QuarkChain.QuarkChain also provides support for cross shard transactions and only one account is required for all shards. These cross-transactions can be confirmed within minutes and issued at any time. In addition, the throughput of cross-shard transactions will increase linearly with an increase in the number of shards. In addition to only needing one account for all shards, a single smart wallet holds all cryptocurrencies from different shards.
QuarkChain is based on a two-layer blockchain structure. The sharding blockchain is known as the first shard layer, while the second is a root blockchain that validates the shard blocks.
QuarkChain project development team
QuarkChain’s team members brings together many experts from the fields of blockchain, finance and business…
Here are the featured members:
Qi Zhou (Founder & CEO).
Former Facebook and Google employee, Expert in high-performance systems and large-scale delivery systems. He holds a doctorate from the Georgia Institute of Technology.
Anthurine Xiang (CMO)
6 years of experience working in Wall Street and Silicon Valley and companies Argus, LinkedIn, Wish, …
Ting Du (CBO).
10 years of expertise in product management, investment and business incubation at NHN China, UniDT and Liuhe Capital. Currently, he is focusing on QuarkChain ecosystem building, investment and business development.
Wencen Wu (Research scientist).
Assistant Professor at San Jose State University, and a former assistant professor at RPI. She holds a doctorate from the Georgia Institute of Technology.
Xiaoli Ma (Research Scientist): Professor at Georgia Tech, IEEE member. She holds a doctorate from the University of Minnesota.Yaodong Yang: (Research scientist).
Professor at Xiotan Jiaotong University, China. He served as an editorial member of Scientific Reports. He holds an undergraduate degree from Zhejiang University and a doctorate from Virginia Tech.
Jonathan Kim (Head of Korea Department).
Leading Korean BD and Marketing. 18 years of experience in BD, Strategy and Marketing at NAVER Group, Samsung, SK and Hanwha. Formerly CMO of Hanwha Group Tap Finch biz.
Xiaoli Ma (Research Scientist at QuarkChain):
She is also currently a professor at Georgia Technology and an Electrical and Electronics Engineer.
Token QuarkChain (QKC)
The QuarkChain tokens are called QKC and are ERC-20 tokens distributed through the Ethereum blockchain. After the launch of the QuarkChain mainnet, the premise will turn these QKC tokens into the main tokens of the network. In the future, miners will produce QKC tokens.
There is a total supply of 10 billion QKC. Of these, 20 percent is allocated to token sales, 15 percent to the team, 5 percent to advisors, and 15 percent to the foundation. The remaining 45 percent is split between mining, marketing, and community. The QuarkChain project notes that mining may lead to minor inflation in the future.
Create a coin storage wallet QKC Where is the safest coin?
The QKC cryptocurrency is an ERC-20 standard token, so you can create a QuarkChain coin wallet and store them on ETH wallets that support ERC20. Some of the most popular ERC20 wallets today such as ImToken, Trust, MEW, Metamask, Trezor, Ledger Nano S, ..
In addition, if you regularly buy and sell QKC coin, you can always store it on the wallets of the exchanges for convenience in trading, without having to transfer back and forth, but of course the security level of the exchange wallet will not with my own wallet mentioned above.
How to buy QKC
You cannot buy QKC with fiat currency, so you need to buy another currency first – the easiest to buy is Bitcoin or Ethereum. In Vietnam, you can buy Bitcoin, Ethereum by buying on Remitano and Huobi OTC because both exchanges support trading in VND, then trade for QKC at a listed exchange.
On August 13, 2019, Binance exchange is having the largest QKC trading volume, so I recommend you to use Binance exchange to buy QKC coin, because you can easily get the price you want.
What types of applications will QuarkChain support?
An important part of any blockchain are the dApps it supports. QuarkChain Network welcomes a wide range of dApps, with a focus on those requiring high transaction rates. Examples include applications related to advertising, big data, AI, IoT, peer-to-peer sharing economy, and games. QuarkChain felt that it would be the perfect solution for the series of dApps that are currently on hold while waiting for a blockchain network with the scalability they need to reach their potential.
Mainstream work on QuarkChain began in Q2 2017 with research on the blockchain scalability issue. In the fourth quarter of that year, the team drafted the whitepaper. In February 2018 it released the whitepaper and completed the 0.1 verification code. March 2018 saw 0.1 instances of both wallet and testnet.
Q2 2018 team launches testnet 1.0 and smart contract 0.1. In Q4/2018, the team will have QuarkChain Core 1.0, along with mainnet 1.0 and SmartWallet 1.0. In Q2 2019, both SmartWallet and QuarkChain Core will have version 2.0.
Other information about the coin QKC
QuarkChain is a decentralized blockchain network that aims to solve the scalability problems that plague existing networks by using sharding technology. In this way, QuarkChain can greatly expand the usefulness of blockchain technology as many applications are limited by the scalability of current blockchain networks. The project is still a work in progress, but QuarkChain has already taken many positive steps and will be launching the mainnet at the end of March 2019 showing significant progress and potential.
According to Tapchibitcoin.vn
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