QuarkChain is one of the latest blockchain projects to create contest in the platform space. They bring a unique flavour to the table, with ambitious goals. With the advent of platforms such as Ethereum, that have create a decentralised app economy, there have been significant limitations to the platform around availability. QuarkChain has a use case around the payment processing space, where it may be competing with existing companies such as Visa and MasterCard (who are completely centralised).
This article looks to explore what the competitive features of QuarkChain are, and how it differentiates its self from competitors, based on its value proposition.
QuarkChain aim to become the world's biggest DPP - Decentralized Payment Processor - or the biggest decentralized payment network (in speed and volume) in the world.
However,throughout the White Paper (WP), they compare themselves to Visa & Alipay (both FIAT processors), so we aren't clear if this ambition includes the centralized world. There's nothing in their WP about FIAT being one of the currencies they will handle.
QuarkChain’s proposal is to build a payment network that will split out payment processing (currently bundled on most Blockchains) into separate data sets that will sit across different in-house Blockchains. This is how the data breaks down:
Shard Layer
This will comprise of eight minor Blockchains that will hold the transaction data required to perform the processing. The shard layer will also perform the transaction processing. When a client executes a transaction, the system will automatically partition (shard) that data to make it smaller, easier to mine, thus faster to process.
Every transaction created in the shard layer will have a unique Block Header. This Block Header will get passed to the Root Chain.
Root Chain
The Root Chain creates and stores the transaction confirmation record. The Shard Layer pushes the Block Header along with the processing result to the Root Chain.
Then the Root Chain creates the transaction confirmation.
Due to the transaction confirmation no longer holding tons of processing data, the data set size gets smaller, making it faster and more cost effective to mine. Mining suddenly shifts from super nodes to smaller clusters of nodes.
Using this technology QuarkChain aim to:
Process 1m transactions per second;
Deliver higher levels of security than current decentralized systems;
Prevent double spending;
Deliver a mining solution that doesn't require mining pools.
QuarkChain looks to deliver a strong product, with a strong team behind it.
Given the state of cryptomarkets, only time will tell how successful they will be, as failure is the norm not the exception given the sheer number of projects coming out.