QUARKCHAIN: SOLVING SCALABILITY ISSUES OF BLOCKCHAIN

Blockchain technology has brought a great revolution to the current era of technology with cryptocurrencies introducing digital currencies. Despite all shortcomings, negative influences etc, blockchain technology has continued to show tremendous growth and various applications.
Due to the outstanding features of blockchain technology, many organizations have embraced it at the same time studying how to implement it to their platform so as to utilize its features such as decentralized platform, smart contracts etc.
Bitcoin is the first cryptocurrency and as such can be called the first generation, it introduced blockchain technology, while Ethereum is the second generation introducing smart contracts, thus making it possible for almost all organizations to assess, launch and develop their platforms.
Another blockchain launched was Proof-of-Work (POW), it's shortcomings, such as consuming a high amount of energy led to the invention of Proof-of-Stake (POS).
Even with the introduction of all these blockchains, one issue still persists, that is the ability to cover the world's commerce. A study has shown that as electronic payment grows globally, the current blockchain-based system can't cover the world's commerce owing to its low capacity (low TPS) in addition to that, decentralization and security is sacrificed in the pursuit of scalability.
This issues and more has led a team of talented and brilliant minds into building a blockchain system which will solve all these issues and more. This blockchain is called QUARKCHAIN.
Quarkchain is an outstanding, innovative and permissionless blockchain built with the aim of meeting the world's commercial standard at the same time ensuring security, decentralization and a scalable blockchain, which in the long run delivers 1,000,000+ on-chain transaction per second (TPS).
Quarkchain aims to increase the current TPS (to 1,000,000+) while maintaining security and decentralization. The platform will be easily accessible to people with different purposes and also free of congestion.

CHALLENGES OF BLOCKCHAIN

The blockchain is faced with three issues or limitations such as Decentralization, Scalability and Security.

1. Security Issue: Blockchain is a chain of digitally connected blocks, these blocks are linked, thereby making it difficult for cyber intrusions with the transaction records being secured through cryptography. Furthermore, blockchain is decentralized and distributed across Peer-to-Peer network which is constantly updated. A study has shown that even with all these properties, the current blockchain is still vulnerable, in addition to cyber intrusions which needs to be corrected.
2. Decentralization Issue: Decentralized nature of blockchain is being challenged as can be seen in the POW-based blockchain. In this blockchain, lots of mining pools were formed, thus weak miners collect timely rewards without having to wait for a long period. This mining pool, in turn, encourages centralization thus becomes a threat to decentralized POW.
3. Scalability Issue: This issue will be taken from three areas.
   a. Multiple blockchains: In as much as multiple blockchains can be used to solve scalability, it also poses a risk. An inappropriate implementation such as two blockchains using the same hash algorithm can lead to double spending attack, reverse transaction etc. In addition cross-chain transaction (as seen in centralized cryptocurrency exchanges) also limits the scalability of the blockchain.
   b. Sharding: Owing to the complex nature of Sharding, it takes more years to be completed (3-5years) as Ethereum is still in phase one. Other issues associated with Sharding includes cross-shard transaction, single shard-takeover etc.
   c. Lightning network: In a lightning network, the transaction is tracked, with some relying on third-parties. Many lightning networks are already in existence, but yet they affect the scalability of the blockchain.

SOLUTION

1. In The Case Of Security: All transactions done on the Quarkchain platform is secured, this is made possible through the allocation of 50% hash power to all transactions as cyber intrusions (double-spending attack) requires 25% hash power.
2. In The Case Of Decentralization: Quarkchain is more decentralized and as such, a weak miner doesn't need to join a mining pool to collect his reward. Thus the core value of decentralization is achieved.
3. In The Case Of Scalability: In as much as the allocation of 50% hash power ensures security, scalability is also achieved. With advanced sharding technology, Quarkchain enhances system capacity which in the long run processes more TPS as required.

FEATURES OF QUARKCHAIN

1. Cross-shard transaction: This can be issued at any time and confirmed in minutes.
2. Market-driven collaborative mining: To prevent a double-spending attack, 50% of overall hash power is allocated to root chain.
3. Simple account management: For all shards, only one account is needed.
4. Horizontal scalability: To further encourage decentralization, Quarkchain implements multiple cheap nodes which are used to replace the super-full node.
5. Two-layered blockchain: Quarkchain consists of the two-layered blockchain. The first layer is an elastic sharding blockchain while the second is the root chain that confirms the blocks from the shard.

QUARKCHAIN TOKEN

Quarkchain token QKC is an ERC-20 with a total supply of 10,000,000,000. It is currently built on Ethereum blockchain, but on completion of the mainnet, all tokens will be converted to the mainnet token.
Quarkchain token QKC is used in the following ways:
i. QKC as a value carrier: Used to bring value and reliability to the platform.
ii. As a reward: Quarkchain will utilize QKC to encourage community members to continue promoting the system.
iii. As a transaction fee: All transactions fees are paid with QKC.

KYC, TOKEN SALE AND TOKEN DISTRIBUTION

It is worthy to note that, there will be no Pre-sale.
Furthermore; KYC has started already (07/05/2018) and will run for two (2) weeks.
To participate in KYC and know more details about the token sale, you need to join the Telegram group and channel.

CONCLUSION

The main aim of Quarkchain is to solve the scalability problem associated with the current blockchain.
Quarkchain's platform is suitable for;
i. Gaming platform,
ii. Financial systems,
iii. Internet of Things (IoT),
iv. High-frequency trading,
v. Social media etc.

ROADMAP

THE TEAM

ADVISORS

COLLABORATORS

FOR MORE INFORMATION ON QUARKCHAIN

Telegram Group: https://t.me/quarkchainio

Join the Telegram Channel: https://t.me/QuarkChain_News

Follow on Twitter: https://mobile.twitter.com/Quark_Chain

Visit the Website: https://www.quarkchain.io/

Visit GitHub: https://github.com/QuarkChain

Whitepaper: https://www.quarkchain.io/QUARK%20CHAIN%20Public%20Version%200.3.4.pdf

Writer: Flezy