Blockchain is a revolutionary technology that is bound to change the way we interact and transact. Already, it is being used to improve the way we contract with the use of Smart Contracts. It has evolved very quickly and has formed many different types of networks with different uses.
Whichever form it may adopt, it is inevitably going to change industries as a whole. Innovative and progressive minds are quick to utilize the technology to change their own industries for the better. Those who cannot adapt are most likely going to be left behind, as history has always taught us.
The general direction blockchain is leading us is towards a world where we no longer need centralized institutions to create trust between individuals and enterprises. This was the original vision of Bitcoin, a decentralized public blockchain that utilizes cryptocurrency to facilitate transactions.
With that said, it has yet to achieve its ultimate purpose due to certain bottlenecks. There are three fundamental characteristics to the ideal blockchain BTC wishes to be; they are:
Decentralization
Security
Scalability
The major problem BTC has today is the lack of scalability; it can only manage to perform 6 to 7 transactions per second due to the massive load on its network. Slow speeds undoubtedly increase transaction fees. Another example is the inception of the Cryptokitties app on Ethereum, where the unexpected level of popularity drove the blockchain to its knees, causing users wait hours if not days for transactions to process.
Other blockchains have come out with their own solutions, but they always end up sacrificing one fundamental attribute for another. Quarkchain, on the other hand, intends to maintain all three characteristics while solving the scalability problem before everyone else.
Quarkchain uses sharding technology in its two layered blockchain network. The first layer deals with in-shard and cross-shard transactions while the second layer confirms them. These multiple shards are elastic in nature and can organically deal with overloading issues to never have a similar dilemma like the one Cryptokitties presented ever again.
While dealing with the scalability issue, Quarkchain intends to maintain both security and decentralization. They do this through several means and incentives in their network, including clustering and an ASIC-resistant PoW (Proof of work) to encourage collaborative mining.
Not only do they not compromise on the aforementioned characteristics, but they also are adamant on providing cutting edge features to keep the masses appeased. Remember Smart Contracts? Quarkchain supports Turing Complete Smart Contracts which can execute and supervise contracts while using even more sophisticated logic than the typical Smart Contract.
Other features include the support for EVM (Ethereum Virtual Machine) and GPU mining, so basically Quarkchain can do everything Ethereum can, and by Q2 2019, it can do it at over a million transactions per second.
Read on:
Whitepaper: https://quarkchain.io/QUARK%20CHAIN%20Public%20Version%200.3.4.pdf
Website: https://quarkchain.io/
Telegram: https://t.me/quarkchainio
Github: https://github.com/QuarkChain
Code Review: https://cryptobriefing.com/quarkchain-code-review-deep-dive/
Facebook: https://web.facebook.com/quarkchain/
Reddit: https://www.reddit.com/r/QuarkChain/
Twitter: https://twitter.com/Quark_Chain