QuarkChain: High-Capacity Peer-to-Peer Transactional System

in #quarkchain6 years ago

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As we all know by now, Cryptocurrency was first developed as a means to provide an alternative to the conventional methods of moving monetary assets from one place to another. As an added benefit, this technology offered more security due to the fact that it required a 'trustless' network in order to operate, the algorithmic mechanics behind it were enough to ensure that all transactions were correct without any middlemen verifying their authenticity. As such, this feature has been one sought to be enhanced by the many differently specialized iterations of cryptocurrencies with one of the most notable ones being Monero. Nonetheless, the issue of scalability has been a persistent one as the popularity of this technology continues to rise, but users are not willing to compromise on the security. As such, QuarkChain - a new Blockchain based out of China - hopes to solve this problem by utilizing a new approach known as Sharding, as its principal means to solving the scalability issue while preserving the anonymity and high-level of security expected from users.

Sharding & Quarkchain's Innovations

As this Medium article explains in more detail, Sharding is a means of data partitioning. Generally speaking, databases are designed to breakup large data-sets into smaller, more manageable ones. What distinguishes Quarkchain from other more widely-used technologies is that it does so horizontally as opposed to vertically. In contrast, the reason that most systems use the latter approach is because it is easier to design and program, yet it provides less opportunities for efficiencies, the below diagram explains the principal:
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The below diagram from the QuarkChain white paper outlines the key concept behind the company's sharding technology. It utilizes a two-layered design with the root chain having a significant large positions (over 50%) of hash power over the whole has power of the network, enabling it to enabling it to conduct more efficient indexing and management of transactions.
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Team

As per the following website, the team consists of 9 members, with the following being the key members of the team:

Qi Zhou, Founder - PhD in Electric and Computer engineering with 5 years' experience in engineering and software engineering with the most recent being with Facebook as a software engineer.

Zhaoguang Wang, Software Engineer - 7 years' experience in software engineering with tech giants such as Facebook, Instagram, and Google.

Xiaoli Ma, Research Scientist - Professor at Georgia Institute of Technology. PhD in electrical engineering and 7 years' experience in the tech industry with the most recent being the CTO of Ratrix Technologies.

Yaodong Yang, Research Scientist - PhD in engineering, and a Tenure Track Professor at Xi'an Jiaotong University, and co-founder of Demo++ Technological Incubator.

They also have 6 advisors including Bill Moore, Chief Engineer for Storage at Sun Microsystems, Arun G. Phadke, Virginia Tech Professor, Zhiyun Qian, cyber security expert, among others.

ICO Structure

Quarkchain's initial funding goal is to raise $20 million while releasing 20% of all of its total tokens (QKS) supply. Due to its relatively low market cap, it stands to reason that if the technology is only somewhat adopted by the blockchain community and end-users at the beginning, then it can surpass its initial company evaluation rather effortlessly. The tokens will be released some time in May or June 2018 and distributed over the Ethereum network, key details are outlined below:

Ticker: QKC
Token type: ERC20
Public Sale: End of May/Beginning of June (No Specific Date released)
Hard cap: $20M USD
Price: 1 ETH = 39416QKC ( 25% bonus)
Sale (private and public): 2b QKC
Total supply: 10b QKC
Payments Accepted: ETH

Conclusion

Quarkchain hopes to strike the ideal trinity of balance which cryptocurrency should encompass: security, sociability and decentralization. With a strong team and a promising concept it can bring this goal to fruition. The company has set a reasonable funding goal as compared to industry standards providing room for additional appetite for demand and growth for its technology in the foreseeable future.

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