Quarkchain is a high throughput blockchain that’s coming out with its ICO and intends to garner $4 million worth of funding from the public in its crowdsale. It has already secured $16 million from private investors and the hardcap is $20 million including the overbooked private sale. The whitelist is until May 21, but to be a part of the KYC process, interested participants had to have joined the telegram group on or before May 5.
Quarkchain goal is to be able to create a blockchain that is secure, decentralized and offers high scalability. Much like Omniledger, Quarkchain’s plan is to adopt the sharding methodology to ensure high transaction speeds without compromising decentralization and security
The Blockchain:
A two layered blockchain with sharded minor blockchains that are elastic in nature as well as a root blockchain responsible for confirmation of transactions. The shards handle small subsets of transactions and are flexible enough to handle single shard and cross shard transactions. A smart wallet is intuitive enough for users to be able to understand the state of their ledger even as transactions occur with other shards. A primary account will give an overview of their entire wallet while a secondary account showcases other addresses in cross shard relationships as they occur.
Progress towards goal:
A private testnet in operation has achieved over 2000 transactions per second and a newer version mult-threaded testnet with additional shards is said to be able to achieve around 10,000 transactions per second. In comparison, Ethereum can only manage around 15 transactions per second, but they are a public network. Quarkchain intends to achieve over a million transactions per second by Q2 2019.
Other blockchains such as Ziliqa are also racing to solve the scalability problem, but methods differ. In the case of Quarkchain, they are performing very well when it comes to transactions per second and, if realized, their final goal will be an incredible feat.
How Quarkchain manages such speeds is also partly due to how they utilize miners. Instead of allowing each miner to become a full node, Quarkchain adopts a clustering approach where miners form mini-nodes that become full nodes when combined.
The problem with fewer nodes is that it encourages centralization. Quarkchain intends to combat this concern by ensuring there is equal hash power divided by both layers in the blockchain as well as developing incentives to encourage collaborative mining instead of selfish behavior. Thanks to sharding, Quarckchain offers different rewards and difficulty levels to incentivize mining solo by providing similar returns than you would otherwise get by forming a mining pool; as a result, the risk of centralization at the hands of a few miners would be far lower.
In conclusion, Quarkchain is a serious contender when it comes to high throughput blockchains in the market. They may be the first to offer great transactions speeds at low transaction fees with industry-changing features much like those you would find in Ethereum, such as smart contracts and dApp support; however, Quarkchain needs to start securing partnerships.
Read on:
Website: https://quarkchain.io/
Whitepaper: https://quarkchain.io/QUARK%20CHAIN%20Public%20Version%200.3.4.pdf
Twitter: https://twitter.com/quark_chain
Facebook: https://www.facebook.com/quarkchain/
Reddit: https://www.reddit.com/r/QuarkChain/
Github: https://github.com/QuarkChain
Telegram: https://t.me/quarkchainio