Revolution in Blockchain Technology: QuarkChain Claims 1,000,000 TPS is Reality 🚀

abuzaki (55)in #blockchain • 6 years ago

QuarkChain peer-to-peer platform is a new generation blockchain system comprising high capacity and security in one two-layered structure.
The success of QuarkChain rests on three pillars:

High scalability
Decentralization
Security

These three principles applied smartly allow QuarkChain to be one of the most potent p2p chains of nowadays.

1. Scalability. Increasing scalability is always a challenge for a transaction system developer. Together with security issues, elevating throughput of the platform may lead to high cost of transactions, greater data volume and increased internet traffic, which makes it impossible for the most miners to process transactions without relying on super-full nodes with high hash power.
To solve this problem, the QuarkChain team has developed a structure consisting of multiple minor chains, or shards, that process their transactions independently, and even weak miners do not need to joint to mining pools. Increasing the number of shards potentially allows achieving multi-capacity exceeding 1,000,000 TPS, as all the transactions are processed in parallel.

2. Decentralization. The QuarkChain permissionless shard system not only provides high throughput but also contributes to cost-effectiveness of the platform. There is no any centralized storage and data processing; users work with dynamically created data. Each shard has different rewards and hash power, and a miner is free to choose an optimal price and conditions.
Advanced sharding technologies also facilitate not only quick in-shard transactions but also cross-shard transactions performed in minutes. It takes about 10-15 seconds to process an in-shard transaction and approx. 15 times longer – 2-3 minute – takes for a cross-shard transaction. Any user can initiate a cross-shard transaction.

3. Security. It is another common concern when it comes to online transactions. A two-layered structure of QuarkChain protects the platform of possible hacker attacks. Whilst all the data and transaction details are managed in shards, another level of the platform –a block chain with a hash power 51 per cent – is responsible for transaction confirmation, which makes it difficult for malicious miners to do the trick with a double spending attack, as it requires at least 25 per cent of hash power, but it is hardly possible to obtain 25 percent in a decentralized PoS (Proof of Stake) blockchain.

On top of these blockchain essentials, QuarkChain has a number of extra attractive features allowing users to enhance their experiences while working with smart contracts, processing payment and sharing data:

Simple account management
Off-chain transactions
Support of smart contracts issued in other systems
Market driven business development

Account management in QuarkChain includes a smart wallet, which allows dealing seamlessly with different shards through the only user account, and a unified private key valid for both for in-shard and cross-shard transaction, and contracting. This function is realized by the twofold structure in which a user has a primary account in a default shard and, at the same time, can create secondary accounts for smart contract in other shards. Regardless of in which shard the contract is, transactions are initiated from the primary account and a balance, if any, is always automatically moved back to the primary account.

Off-chain transactions – transactions that are performed not in the blockchain – are available in the QuarkChain system along with on-chain transactions, which gives more opportunities when dealing with external data.

Smart contract features. QuarkChain uses Ethereum virtual machine (EVM) to support smart contracts, enabling, thus, seamless integration of all the contracts built on the same engine to the blockchain.

Business development based on the market demand. QuarkChain team meets market challenges and aim to create dynamically developed system that is always up-to-date and ready to deal with any new issue and innovation. Our short-term product development plan includes:

Building mobile decentralized application (DApps2go)
Integration with IoT, e.g., for data collection and processing
Building relations with artificial intelligence (AI) and Bid Data

The mission of QuarkChain is to give users a cost effective and secure blockchain with high scalability for smart contracting and quick transaction processing. Cutting edge technologies applied in QuarkChain systems suit perfectly to the goal and give their courage to incentivize users with reward proportional to their shares to build their own clusters on the blockchain platform.