Blockchain technology promises an imminent future with reforms for almost every industry, but despite the world-changing benefits, blockchain adoption is not nearly as widespread as one would assume. The technology is on the horizons, but nowhere in sight at the same time.
There is a reason for this, a reason that caused many great minds to band together and work towards a solution. To understand the reason, you must first understand the three fundamental characteristics of the blockchain.
The first and foremost characteristic of the blockchain is its ability to be completely decentralized. This characteristic is probably the one that would have the most impact on the world’s industries as a whole. It allows transactions to take place in a peer-to-peer network without any intermediaries.
This ties in well with the second characteristic of security. Currencies over the blockchain will not be controlled by any entity. What makes cryptocurrencies so attractive is the fact that it can’t be printed out of thin air as many banks have done in the past with their own respective currencies, causing extreme rises in inflation.
The final characteristic is scalability, perhaps the greatest issue the technology is facing at the moment. Scalability is difficult to achieve while maintaining a decentralized and secure network for all due to the enormous data and bandwidth requirements; as a result, transactions become extremely slow which has an adverse impact on processing fees.
This is where Quarkchain comes in.
Quarkchain is a new blockchain that claims to have all the answers, and with good reason. Their solution may enable the entire general public to finally be able to bask in the day where a decentralized and secure peer-to-peer network is available for their use without grueling delays skyrocketing transaction fees.
Other solutions would usually compromise one of the fundamental characteristics, but Quarkchain have an ambitious vision which seeks to maintain all three, without compromise. After all, by 2019 Q2, they intend their technology to allow for over a million transactions per second.
In contrast, at the moment, Bitcoin can only handle 6 to 7 transactions per second and Ethereum supports up to 15 transactions per second. The private testnet for Quarkchain is already running at 2,000 transactions per second, but it is important to note that its scalability is not really challenged until it is available to the public.
Nevertheless, the current performance of the private testnet is still outperforming most other blockchain 3.0 projects with much higher valuations. In time, with more nodes being used by the testnet, higher scalability can be attained.
There are several other core competencies offered by Quarkchain that are intended to secure the three fundamental characteristics while maintaining a smart network; for example, Quarkchain supports smart contracts by using the Ethereum Virtual Machine (EVM), utilizing their own sharded blockchain that can run transactions simultaneous and parallel to each other.
All this is possible through the brains behind the machine with big names such as the likes of Qi Zhou, the man responsible for allowing Facebook to process 10 million transactions per seconds while he worked as an engineer of the real-time infrastructure team. As an expert in scalability, there is no better man to spearhead the new blockchain that could solve the biggest limiting factor on blockchains for good.
Useful Links:
WP(English):
https://quarkchain.io/QUARK%20CHAIN%20Public%20Version%200.3.4.pdf
Main Page: https://quarkchain.io/
Telegram: https://t.me/quarkchainio
Twitter: https://twitter.com/Quark_Chain
Code Analysis: https://cryptobriefing.com/quarkchain-code-review-deep-dive/
Github: https://github.com/QuarkChain