QUARKCHAIN: A REVOLUTIONALIZED BLOCKCHAIN WITH UNIQUENESS

ijsera (34)in #blockchain • 6 years ago (edited)

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INTRODUCTION
The idea behind the introduction of cryptocurrency in the world's financial system was to decentralize the medium of the financial transaction control as against the traditional centralized system of financial transaction through electronic money and central banks.

This decentralization was largely welcomed, however, soon, became an avenue to cyber anarchy and opened to theft in the crypto space. Fortunately, the announcement of encryption of cryptocurrency by Kelvin Kelly in 1990s was to put a stamp to anarchy and bring sanity to the system.

Several attempted to control the crypto space had proved abortive as there has always been a missing link to secure the crypto space until 2008 when the peer to peer network for the financial transaction was conceived and the first generation of blockchain technology, bitcoin was birthed; a product of Satoshi invention.

Currently, companies and financial institution all over the world are throwing themselves at the opportunities of the blockchain technology to the protection of their data and financial transactions. Blockchain has successfully transformed business dynamics of information storage and financial transactions. Statistics have shown a geometric growth in the number of the transaction requests in the blockchain.

GENERATION OF BLOCKCHAIN TECHNOLOGY

Blockchain technology has survived three generations. The first generation of blockchain technology, bitcoin, was able to stop double spending, provide transparency and security in the system. This was a giant stride in the crypto space. It was the first time a secured transaction took place without the involvement of a middleman. Bitcoin has successfully provided payment transactions system and remittance to millions of people. Currently, bitcoin market capitalization is estimated to be around $166Bn.

The second generation of blockchain technology is Ethereum. Ethereum is an improvement of the first generation with the introduction of ledger system to expand on the existing blockchain technology. Ethereum blockchain was built on blockchain contract also known as the smart contract. The smart contract allows the exchange of property and financial assets such shares and bonds without the intervention of a middle person, ethereum blockchain paved the way to acceptance and advantages crowdfunding and ICOs relishes and also have their own peculiar tokens. The market capitalization is estimated to be around 84billion in US dollars.

The third generation of blockchain technology can also be referred to as blockchain 3.0 is also called Proof of Stake (POS). Third generation platforms allow for the operation on different platforms. Blockchain 3.0 has improved the security of the Proof of Work (POW) on the ethereum blockchain which needs a large amount of hash rate or bitcoin hash to fast-track operation of bitcoin mining. Proof of Stake has drastically reduced the amount to energy the hash rate requires in bitcoin mining.

FEATURES AND LIMITATIONS OF BLOCKCHAIN TECHNOLOGY

Security is one of the features associated with Blockchain technology built on cryptography. the Blockchain technology is built on the network of blocks; hence, a security breach is almost impossible. Data storage and transaction details are personal to the user and can be accessed via private key, mnemonics, etc. These information no longer become valid if there is an intrusion.
Unfortunately, with the tight security measures, the blockchain technology is still exposed to vulnerabilities on the platform.
A prominent feature of the blockchain is its decentralized system which makes it stands out from the conventional centralized system. The decentralized system has been able to crash the price of products and services. Taking advantage of this technology has especially in pool mining has turned be a threat to decentralization. Pool mining, though built for Proof of Work blockchain, champions centralization.
Blockchain technology is not scalable, however, the system can accommodate multiple and autonomous blockchains. The challenge in allowing this exposes it double spending, internet crimes, and incomplete transactions because allowing multiple blockchains implies developing a sole algorithm to run on them creates an imbalance in the blockchain system
Sharding is a method of breaking down chunks of the database into a smaller component for easy management. This technology has been adopted by ethereum blockchain, however, it is still in the development stage. Regrettably, sharding in the current blockchain is complex to handle.

QUARKCHAIN TECHNOLOGY AND SOLUTION TO LIMITATIONS OF BLOCKCHAIN

Quarkchain is a blockchain technology that does not have the restriction on participation in the system. It is developed to solve the challenges of the blockchain of the mentioned above especially, scalability problems.

A solution posed by the Quarckchain technology is to expand the blockchain boundaries and allow unlimited access to the platform. Expansion of the blockchain will deal with traffic issues and facilitate the increase of transaction per second (TPS) from its current thousand to million without distorting its security and decentralization features.

On sharding, Quarckchain is designed to be elastic to meet with multiple transactions simultaneously. The Quarkchain is developed on a double blockchain system. The first uses elastic shards to accommodate more transactions while the second uses root chain to verify blocks from the shard. With Quarkchain sharding, the Transaction Per Second has greatly improved.

The Quarkchain hash rate at 50% on the root chain help to boost the security of the blockchain platform and coupled with the fact that it is more decentralized than the single blockchain technology.

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TOKEN INFORMATION,SALES AND DISTRIBUTION
The Quarkchain technology utilizes the QKC token as the medium for transaction currency exchange. QKC token supports smart contracts and Like other ethereum based token, QKC requires transaction fee, however, QKC IS minimal because of its transaction features and it is paid in QKC, unlike other ethereum based tokens.
Quarkchain technology is a peer to peer system and therefore gives back to the system for their contribution to the growth of the system.

Quarkchain is not doing a Pre-sale.
KYC has started, today (7/05/2018) and will run for two (2) weeks.