Beginners Guide to QuarkChain (QKC)
What is QuarkChain (QKC)? It’s a fair question because the name inspires a fair amount of mystery as to what QuarkChain actually does. Today we are going to take a flyby glance at QuarkChain, and what it’s intended goals and objectives are.
QuarkChain is actually one of the more unique approaches to solving the scaling issue faced by contemporary blockchain technology at the moment. QuarkChain uses a multi blockchain arrangement in which a sharding layer rests above and underlying root blockchain settlement layer.
A multi blockchain scaling architecture
Sharding is a database partitioning technique that will allow QKC to have the flexibility of multiple shard blockchains to focus on verifying/validating smaller amounts of data like transactions and smart contracts instead validating the complete blockchain like nodes in Bitcoin and other proof of work coins.
The idea behind QKC is to use multiple shards on the layer above to allow for a much higher transaction throughput, and then settle a finalized version of the ledger immutably to the root blockchain underneath. As more users join the network more shards are added increasing the capacity and transaction throughput of the QKC network.
QKC achieves this through a Proof of Work (POW) consensus, which uses SHA-256 encryption shared by Bitcoin, Ethereum, and other cryptocurrencies. SHA-256 was originally created by the NSA.
Miners will mine the underlying root blockchain as well as the sharding blockchains above it. Miners can also combine their hash power through collaborative mining into a super-full node, which verifies the whole blockchain.
Each of the blockchains will have their own incentives for miners in the form of block rewards and will compete for hashing power. Each shard blockchain will have a “root blockchain first, POW algorithm” to make sure all chains stay in sync with the root blockchain.
More Secure, decentralized and scalable?
QKC’s development team claims that this multi blockchain architecture is more secure, decentralized and scalable than current blockchain architecture is capable of. Furthermore, they have incorporated the Ethereum Virtual Machine (EVM) for Turing complete smart contracts, decentralized applications (DAPPS) and other Web 3 stack modules.
QKC will be the first chain which utilizes sharding, in which users will have the ability to make cross-shard transactions, and smart contracts. Since QKC is optimized this way it also opens the door for cross-blockchain transactions and smart contracts as well. QKC will also have support for off-chain transactions.
QKC’s smart wallet will let users to send transactions within their shard blockchain, across shard blockchains, and to external blockchains and to also deploy smart contracts with the same versatility.
QKC claims they will be able to have throughput for one million transactions per second, utilizing the elastic sharding blockchains which will allow for it to meet the demands of the modern global consumer economy. This rate of transactions would eclipse competing payment options like Visa, Alipay, and most other cryptocurrencies.
The QKC token sale
QKC recently completed their tokens sale, which was unique in the fact that they did not have a presale, only a private and public sale. Overall the token sale was a smashing success. The team met their funding goal of $20 million USD, in just one day.
Token sale highlights
- ICO Token Price: 1 QKC = 0.0197 USD (0.00003171 ETH)
- 2,000,000,000 OKC tokens sold out of 10,000,000,000 total supply
- The average return on ICO investment 825.47%
- Token began trading on exchanges June 4, 2018, the day after the sale concluded
- Current token price is $0.17 cents, with a $7.7 million dollar 24-hour volume on Binance
The QKC token debuted at $0.23 on Monday when it began trading but has since dropped a few cents in price. The QKC token will be used as a currency, as gas for the QKC network, to reward miners, and as a store of value. Right now it’s an ERC-20 token on the Ethereum network, but QKC will be making the migration to their own blockchain network once they deploy their main net.
The QKC team is comprised of several former Google and Facebook employees, led by Qi Zhou, a former Google developer with 15 years experience and expert in high-performance systems. He holds a PhD. from the Georgia Institute of technology. He is a well-qualified leader to the development team, with experience in completing complex projects.
Another notable developer on the QKC team is Zhaoguang Wang another former Google and Facebook expert in high-performance systems. He has a master’s degree in computer science from the University of Michigan and has personally built systems capable of processing millions of queries, so you know he is the right guy for the task.
The rest of the development team is comprised of three research scientists, Xioali Ma, Yaodong Yang, and Wencen Wu. All three are university professors with expert knowledge in Blockchain, Signal processing for wireless systems, IOT and Model simulation/verification in distributed systems.
QKC also has a four-member operations team which will handle the business/administrative aspect of the project. They are very qualified, with a community/marketing specialist, a business development expert, content creator, and social media broadcast expert making up the operations team.
QKC also has a well-rounded team of advisers with 6 industry authorities lending their expertise to the QKC team. With an adviser team this qualified I expect the QKC project to be on track to meet their goals stated on their roadmap. They do have very ambitious and cutting-edge objectives, however, so only time will tell if they have bitten off more than they can chew, as far as the scope of the project is concerned.
The final impression of QuarkChain
QKC is an amazingly ambitious project. They have pretty much pulled out all the stops and designed a blockchain from the ground up to focus on only one thing, scalability. The unique blockchain architecture, the implementation of the sharding chain and root blockchains all offer a next-generation approach to solving many of the common snares holding back mainstream adoption of blockchain technology and the token economy.
QuarkChain is just an idea, at the moment. The team has been running a simulation of a test net up until now. The real challenges will come when the test net goes live and we really get to see how realistic it is to use this new multi blockchain architecture. We will actually get to see if it’s all just a lofty idea, or if there is any substance to the science behind this revolutionary project.