QUARKCHAIN - High Capacity Blockchain System

QuarkChain is a blockchain which is scalable, permissionless, ultrafast, decentralized with proof of work aiming 1 Million transactions per second. The quark chain is a multi-layer peer to peer transaction blockchain. The first layer of the chain has shards and the second has the main chain to achieve security, scalability and pure decentralization. All transactions on QuarkChain are protected by 50% hash power of the network, therefore things like a double spending attack will be much harder to perform due to the decentralized nature. Only one account is needed for all shards which are quite a cool feature of QuarkChain. It’s a high capacity peer-to-peer transactional system, changing the world with this revolutionary blockchain technology.

Problem

The main problems solve by Quarkchain are as below.

Security issues – One of the main issues is a 51% attack. Since blockchains are controlled by the majority – if there is a rogue case of a single miner or collective group of miners, who control more than 50% of the network's mining hashrate, this could completely damage the blockchain.

Decentralization – One of the main advantages of Blockchain technology is the decentralization aspect i.e. no one person has the power to change transactions or create fake transactions. However, this is being threatened more and more. For example, there are formations of mining pools and other collective groups, who can take advantage of users transacting on a blockchain.

Scalability – Think of transactions as sending cryptocurrencies from your wallet to another person’s wallet. Now as the blockchain and cryptocurrency communities grow, the number of transactions being undertaken will only increase. This will mean that transactions take longer to execute and transaction fees would increase – not a good user experience and something that could slow adoption of the technology.

The Way Quarkchain Solves the Problems

QuarkChain is looking to solve these problems through a two-layer solution. The first layer has multiple elastic sharded or minor blockchains, which can be thought of partitioning a large database into smaller databases, which are faster and easier to handle. It is known as elastic as the sharded blockchains can increase or decrease as necessary. As the number of shares increase, the number of transactions which can be executed at the same time increases as well. The second layer is a root blockchain that confirms the blocks from the first layer. The combination of these two layers provides the ability to offer a higher amount of TPS and poses a solution to the scalability issue. The system is also designed in a way to allow miners to choose and mine any of the sharded blockchains so there is no incentive for them to join mining pools. Therefore, it is more decentralized than a single blockchain technology, which also makes it more secure. Also, they are supporting smart contracts with Ethereum Virtual Machine (EVM) so developers can deploy existing dApps built on Ethereum onto the QuarkChain platform, resulting in mass adoption immediately.

Features

Smart Contracts
Quarkchain will integrate the Ethereum Virtual Machine (EVM). Most of the existing dApps built on the EVM can be directly deployed on Quarkchain’s platform. The dApps would also be able to use Quarkchain’s high capability features.

Token Utility
Transactions on Quarckchain’s network would require a nominal transaction fee, which would be paid using the native token QKC. QKC would also be used as a reward for community members who make a contribution to the system. The tokens would be ERC20 tokens during the ICO phase and would be swapped when the main-net is launched in Q4, 2018.

Smart Wallet
A user can have transaction data over multiple shards in the Quarkchain ecosystem. Each user will have a primary account address in a default shard, and a secondary account managing multiple addresses in the other shards. The Smart Wallet will simplify account management when using multiple addresses, such that the user does not need to know about the underlying cross-shard transactions. The first version of the Smart Wallet is scheduled to be launched in Q4, 2018, along with their main-net.