Raises all ships, and Quarkchain is definitely one. When it comes to zero compromise between scalability, security and decentralization, Quarkchain is on its way to become the leader of the crypto-pact.
Why do I say that?
To understand why, you must first understand what Quarkchain is. What it is, is the newest brand blockchain is probably going to become; a two-layered blockchain with elastic shards as minor blockchains for the first layer and a major root chain as the second layer. Hash power is divided evenly between the both, as their responsibilities are equally important.
Elastic sharded blockchains are basically several minor blockchains that can increase and decrease itself depending on demand; a feature that is essential to maintaining efficient and effective use of hash power to ensure excellent scalability.
Did you notice that? Yes, a keyword that you have probably heard quite often, scalability. The problem with blockchains today is that they simply can’t handle transactions at a good enough speed. Bitcoin itself is working at about 6 to 7 transactions per second. Do you know what Quarkchain aims for? 1 million transactions per second by 2019 Q2, and it has already achieved 20,000+ transactions per second in its private testnet today.
The trick lies in their intrinsically designed blockchain technology developed by an expert team with Qi Zhou at its helm, a scalability legend. As mentioned before, Quarkchain can solve the scalability problem before everyone else simply because they know how to best utilize hash power.
Hash power is basically the lifeforce of a public blockchain. Miners use processing power to solve complex algorithms to be able to generate hash power for a blockchain and a cryptocurrency for themselves.
If miners do all the work, do they have all the say?
That is a legitimate concern that has shown itself in reality for plenty of real world examples. If a mining pool is formed, a few people have control over the majority of hash power. Quarkchain has already anticipated the potential problems it would face should it garner the attention it inevitably will, and it can do so thanks to the mistakes of its many failed predecessors.
Quarkchain have sharded blockchains, and this means that they can have different rewards and difficulty levels so that weak miners can achieve similar levels of expected returns by mining solo. Not only that, but there’s also some complex theoretic incentives behind collaborative mining which ensures that only behaviors in line with the system’s best interest will be appropriately rewarded.
Voila! Quarkchain can confidently say that centralization, which is everything that goes against what blockchain is, is not a problem.
What else is not a problem?
Basically, anything you thought would be a problem for migrating away from great blockchain networks like Ethereum is not a problem. Quarkchain is incorporating the EVM too, so you’re not going to miss out on smart contracts or dApps. The only thing that you need to watch out for is any other competitor that may beat Quarkchain to the race. Is that looking likely? Not really, but that’s not to say plenty of others aren’t trying.
Learn more about Quarkchain:
Site: https://quarkchain.io/
Whitepaper: https://quarkchain.io/QUARK%20CHAIN%20Public%20Version%200.3.4.pdf
Github: https://github.com/QuarkChain
Twitter: https://twitter.com/Quark_Chain
Telegram: https://t.me/quarkchainio