The cryptomarket has been taking punches left and right for a while now, and will continue to do so in the near future, but fret not, the brightest of dawns follow the darkest of nights. Quarkchain is one such bringer of light; led by a very talented and experienced team of engineers and scientists, it sets out to solve the major problems plaguing blockchain tech today.
The Quarkchain Proposition
The solution by Quarkchain entails the effective utilization of hash power through a two-layered blockchain system. The two layers include an elastic sharded blockchain and a root blockchain.
The elastic blockchain contains shards in the form of many minor blockchains that can increase proportionately to the number of transactions that need to be processed. Each shard deals with a small subset of transactions and may contain a small subset of your own ledger. To assist the user in dealing with this added complexity, Quarkchain introduces the Smart Wallet to portray both a primary and secondary account. The former will contain the user’s default shard and the secondary account manages the addresses in other shards. Transactions in the secondary account will eventually reflect on the primary account, eliminating any confusion that could possibly occur.
The ability of Quarkchain to effectively utilize its resources for cross-shard transactions is what sets it apart from other blockchains, offering an unprecedented high-throughput solution.
The root blockchain is much simpler as its responsibility is to confirm transactions whenever the minor blockchains forward block heads to it as transactions are underway.
It is through this method that Quarkchain intends to achieve 1 million+ transactions per second by 2019, an amount not even Visa and Alipay can come close to.
The reason as to why this is so incredibly important is simply because scalability is everything to blockchain right now. Slow transaction speeds increase transaction fees significantly, which is the case with Bitcoin and Ethereum right now, and prevents widespread adoption of the technology among the people who appreciate the decentralization and security of the blockchain.
Quarkchain radiates hope, and only a select few will manage to bask in it as they fight to get whitelisted for the ICO. The team has already funded $20 million by themselves and only seek a further $4 million from the public.
Quarkchain developments
Currently Quarkchain maintains a private testnet where it has already achieved more than 2,000 transactions per second with 8 minor blockchains/shards; their next milestone is over 10,000 transactions per second for this quarter in 2018, possibly after the ICO.
Quarkchain also supports smart contracts and dApps as it utilizes the EVM or Ethereum Virtual Machine. Though Ethereum is looking for solutions regarding the problems around blockchain, they are simply exploring options at this point. Quarkchain seems to have its target set and goal in sight, so it won’t be unsurprising if they manage to be the go to blockchain by 2019.
Important Resources To Study:
Github: https://github.com/QuarkChain
Telegram: https://t.me/quarkchainio
Twitter: https://twitter.com/quark_chain
Reddit: https://www.reddit.com/r/QuarkChain/
Whitepaper: https://quarkchain.io/QUARK%20CHAIN%20Public%20Version%200.3.4.pdf
Main Page: https://quarkchain.io/