The Scalability problem!
Right now even if we wanted to move towards a smart economy, as it stands the tech isn’t ready! Ethereum can only handle about 14TPS (transactions per second), and is still a relatively niche market!
If we wish to move towards a smarter world, we need a blockchain that can at least scale upwards of VISA’s current TPS (2000), and even more if we wish to build dAPPs, or start introducing Internet of Things technology to the blockchain.
Step in QuarkChain!
QuarkChain aims to solve the scalability problem, by introducing a 2 layer blockchain system with shading technology! This will allow them to achieve a theoretical yield of 1.7million TPS. This is over and above what is required for main stream adoption! In fact, QuarkChain, already has a test net running! Which is managing to achieve speeds in excess of 2000 TPS. Which already outperforms the vast majority of blockchains, and the project is still in its infancy stages, we can expect much more in the future!
How will they implement the solution?
As I mentioned earlier this will be a 2-chain blockchain system. It will comprise of a Root or main chain, and a second layer that will confirms blocks with the root chain.
- Rootchain – Responsible for keeping the network secure. 50% of the hashing power of the network will be funnelled to this layer, to avoid byzantine attack.
- Secound layer – Will utilise sharding technology, that is elastic and can scale on demand. As this layer expands, it will not make changes to the root layer.
The QuarkChain network will secure its network via a proof of work mode, this is the oldest consensus algorithm which has withstood the test of time, and will support GPU mining!
What will the QuarkChain (ERC20) tokens be used for?
These tokens are essentially place holders, used to raise capital to boot strap the project, but also to decentralise the network. Upon Mainnet launch, these tokens will be swapped for QKC tokens.
How Can I Participate in the Crowdsale?
In order to participate in the crowdsale, you will need to take part in the whitelisting process. Due to the high demand of the project this will be done in three stages.
1- Telegram Join Date
2- Quiz
3- Contributing to the QuarkChain network.
If you would like to read about this in more detail please check out the steemit post below!
https://steemit.com/quarkchain/@quarkchain/quarkchain-whitelisting-kyc-process
Conclusions!
This project seems to be one of the most exciting ones of the year, they have team members on board from google and Facebook, which have great tech backgrounds! The concept itself is much needed in the blockchain space. If we want to speed up mass adoption, we must have a product that is ready to scale with the demand. We know that in the blockchain space, if there are projects with large communities behind them, they tend to do well! QuarkChain has gained 70k telegram followers already, and many social media influencers heavily support the project!
Could this be the project of 2018?
You can find out more about quark chain on their social media links ill post below!
Website: https://quarkchain.io/
Steemit: https://steemit.com/@quarkchain
Telegram: https://t.me/quarkchain
Github: https://github.com/QuarkChain
Weibo: http://weibo.com/QuarkChain
Facebook: https://www.facebook.com/quarkchain.quark.5
Twitter: https://twitter.com/Quark_Chain
Disclaimer: this is not financial advice!
Thanks for Reading!
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