QuarkChain is a new blockchain that has the ultimate goal of creating a mainstream highly scalable blockchain that is secure. It is designed to be capable of 1 million transactions per second with a double layer blockchain system.
Since QuarkChain is projected to be mainstream, it will do this by supporting smart contracts through Ethereum Virtual Machine (EVM). This means that existing dApps currently on Ethereum will work on QuarkChain as soon as mainnet goes live, meaning that it could very well rise near to the top of the crypto marketcap. While cryptocurrencies are still relatively small, they are now faced with scalability concerns moving forward and being ready for the mainstream market.
Scalability Depends on Blockchain Transaction Capacity
Reportedly, Bitcoin is currently able to support around 7 transactions per second, while Ethereum is able to perform around 15 transactions per second. The minutes that are needed to fully complete transactions on the 2 main current blockchains could be reduced to seconds on the Quarkchain.
Financial Payment Systems Compared to Blockchains
Current financial payment Systems such as Visa and AliPay are capable of 60,000 and 200,000 transactions per second, respectively. For blockchain to truly decentralize traditional payment systems, the scalability issues need to be solved. QuarkChain is designed to be able to handle up to 1 million transactions per second.
Blockchain Scalability Barriers
For a blockchain to be good and go mainstream, it must always consider the factors of Decentralization, Scalability, and Security.
Decentralization is only truly possible with permissionless blockchains, which is different from traditional payment systems such as PayPal or Visa. When Decentralization and Security are achieved with current leading blockchain platforms, Scalability is sacrificed due to the requirements of encrypted data.
Achieving Scalability
Quarchain will be able to combine three factors to build a Scalability Potential. By using Multi-blockchains, Lightning network, and Sharding. The later is the solution to the issues linked to consensus protocol, where cross-shards transactions as well as shard take overs may occur. Together, all three solutions work as one, securing the Scalability Potential.
Double Layer Blockchain
Quarkchain has 2 layers that insure security. The first is composed of “elastic sharded” blockchains. The secondary layer features a root blockchain. The two layers guarantee the state and confirmation of all transactions on the Quarkchain blockchain.
Quarkchain Smart Wallet
QuarkChain users will have their “Primary Account”, which will hold most of the funds. In addition, multiple wallets in an account, would be possible and transactions would follow the same systematic function, which makes QuarkChain very quick. This is called sharded blockchain to another sharded blockchain systematics.
QuarkChain Collaborative Mining
Mining will be “clustering” miners to enable mini-nodes that are able to work together and virtually create a full node. This strategy will lower mining costs while enabling greater mining results to its miners.
QuarkChain Roadmap
Q1 2018 — White paper development and proof of concept
Q2 2018 — Release verification code 0.2 and implement Testnet 0.1 with Wallet 0.1.
Testnet 0.1 supports basic transactions including both in-shard and cross-shard transactions
Q3 2018 — Release Testnet 0.2 and Wallet 0.2.
Testnet 0.2 supports further features such as smart contracts, reshard, etc.
Q4 2018 — Release of QuarkChain Core 1.0, Mainnet 1.0, together with Smart Wallet 1.0
Core 1.0 will provide basic functionality and basic optimization (e.g. GPU support) for QuarkChain.
Q2 2019 — Release of QuarkChain Core 2.0, Mainnet 2.0, together with Smart Wallet 2.0
Code 2.0 further optimized Core 1.0 and will enable clustering feature for mini-nodes to build a cluster and opperate as a full node.
Token Economics Specifications
Token Name : QKC
Hard Cap : 20 Million USD
The QuarkChain token (QKC) is an ERC-20 token until Mainnet 1.0 launches Q4 2018, the QKC (ERC-20) will then be converted to QuarkChain’s mainnet tokens.
Crowdsale is intended to be scheduled for end of May until the start of June
QuarkChain Outlook
QuarkChain’s EVM smart contract support is quite possibly its most promising feature. Provided that QuarkChain is able to provide a secure scalable blockchain prior to Ethereum solving its own scalability problems, it is likely that dApps that are in need of scalability will likely migrate to QuarkChain, which would further the increase of developers and existing and new users.
QuarkChain Development Team
Qi Zhou — Founder - PHD from Georgia institute of Technology
Zhaoguang Wang — Software Engineer - PHD and Masters degree in Computer Science and Engineering, University of Michigan
Xiaoli Ma — Research Scientist
Yaodong Yang — Research Scientist
Wencen Wu — Research Scientist - Holds a MSC and PHD in Electrical and Computer Engineering
QuarkChain Operations
Anturine Xiang — Marketing and Community
Partners and Investors
Arun G. Phadke - Fellow of National Academy of Engineering, USA
Bill Moore - Managing Director of Walden International
Mike Miller - PhD Physicist with 100+ publications
Kevin Hsu - Investor in blockchain companies
Leo Wang - Cryptocurrency fund
Zhiyun Qian - Cybersecurity expert