Everything you need to know about The QuarkChain Network - A High-Capacity Peer-to-Peer Transactional System
What is Quarkchain
QuarkChain is a decentralized, secure, permissionless high throughput blockchain architecture which utilizes sharding to provide a high-capacity transaction system which aims to deliver 1 million transactions per second using sharding. Current, they have managed to achieve approximately 2000+ tx/s in their test net.
One of the problems in blockchain technology is the tradeoff between decentralization and scalability. Other technologies e.g NEO, being faster/more scalable in comparison to older technologies Bitcoin and Ethereum have received flak by being centralized/semi-decentralized, due to its consensus protocol:Delegated Byzantine Fault Tolerance).
Other platforms like Ethereum, though it being decentralized and secure, it has issues with scalability. This was quite evident in the CryptoKitties fiasco, a dApp that allows you to buy and breed virtual cats that slowed down transactions for Ethereum.
Illustration of the tradeoff between decentralization and scalability
The problem though with distributing data into multiple nodes is security. Hackers might try to find any vulnerability during the process of distributing data into multiple nodes. A possible attack mentioned on the white paper is double spending.
Quarkchain aim to satisfy the tradeoff between the 3 pillars/dillema's of blockchain technology Security, Decentralization and Scalability.
Whitepaper Summary
- It consists of 2 layer:
- The First Layer, an elastic sharding blockchain(shards), which allows high throughput by distributing/breaking data into segments/partitions.
- Second layer, the root blockchain, which confirms the blocks from the shards in the first layer. +1 for scalability +1 for security
- To ensure the security of the transactions within the network, 50% of the hash power from miners to are allocated to the root chain to prevent malicious attacks like double-spending attack. +1 for security
- Usually high throughput blockchains uses super-full nodes, which can be quite expensive. QuarkChain uses a cluster of nodes which are cheaper acting as the super-full node. +1 for decentralization +1 for being economical
- QuarkChain will provide support for EVM (Ethereum Virtual Machine) integration for smart contracts. This will allow dApps built on EVM to be deployable in QuarkChain.
- QuarkChain also offers faster and efficient cross-shard transaction by adding more shards. Transactions across shards are confirmed in just a few minutes. +1 for scalability
- QuarkChain enables miners to mine without joining a mining pool. +for being an incentive driven-ecosystem
- Smart wallet: QuarkChain allows you to store all currencies across all shards in 1 account or smart wallet.
- Quarkchain's network is designed to support adding of shards in an active network for faster throughput. Adding more shards will devide the transactions subsets onto each individual shards.
- Support Mobile Decentralized Application.
- Aims to shorten product development cycles by adopting build-measure-learn feedbackloop from the lean startup methodology allowing developers to run minimum viable product on-chain. +1 for being developer friendly
- Supports IoT (Internet of Things) technology.
- Supports Big Data and Artificial Intelligence.
Roadmap and Timeline
Live TestNet Demo with Qi Zhou (CEO)
Comparing QuarkChain to its competition
Transactions per seconds
Zilliqa, another high throughput blockchain that uses sharding
- Both are high throughput blockchain that utilizes sharding for scalability.
- Zilliqa though doesn't support turing complete smart contracts systems but are in the work for developing their own non-turing complete smart contracts. QuarkChain on the other hand does support turing complete smart contracts.
- Zilliqa has no cross-sharding capabilities while QuarkChain has cross-sharding capabilities Quarkchain supports both network and state sharding
Token Metrics
- Symbol: QKC
- Hard Cap:$20 million
- Total Token Supply : 10 Billion
- Total Circulating Supply : around 2 billion (20%), 8 billion(80%) locked up
- Price: 1 QKC = 0.00003 ETH = $0.0225 (If ETH = $750)
- Market Cap: 2,000,000,000x$0.0225=$45000000
- Token Type: ERC20 (Will be swapped at Mainnet Launch)
- Crowdsale date: Late may to early June
- Token Distribution date: TBA
- MarketCap if 100% diluted: $225M (If ETH = $750)
- Crowdsale Dates: TBA (Around End of May 2018 is expected)
- Private Sale Max Bonus: 25%
- PreSale Max Bonus: No Presale
- Lockup time: 10% release each month for the first 4 months and 20% release each month for the later months (the token is available at the end of each month)
Token Use
- Pay network fees
- User's unit of exchange within the network
- Incentive for miners
QuarkChain Distribution
Possible Return:
- After getting listed in top 5 exchange: It should have around 400+ million Market cap in current market. That's approximately 10x
- In 4 months: It should reach reach around $700m (Wanchain level) to 1.2b (Zilliqa level). That's approximately 15x to 25x
Team and Advisors
Developer Team
- Expert in high-performance systems
- Worked in Realtime Infrastructure team for Facebook (1 yearr 1 month)
- Was a key developer of the first DSSD dual-controller high availability solution with clustering feature that delivers 10M+ IOPS for Dell EMC (2 years, 4 months)
- Software Engineer for Google (9 months)
- Senior Engineer for Ratix Technologes (10 months)
- MS in Computer Science - Shanghai Jiao Tong University
- Expert in large scale distributed systems with 6 years work
- Senior Software Engineer for Facebook (1 year, 2 months)
- Software Engineer for Instagram(4 months)
- Senior Software Engineer for Google (5 years, 1 months)
- Worked in Realtime Infrastructure team for Facebook (1 year 1 month)
- MS in Computer Science and Engineering - University of Michigan
- BS in Software Engineering - Shanghai Jiao Tong University
- Expert in signal processing for wireless systems, big data and IoT
- Professon, IEEE fellow at Georgia Institute of Technology (7 years, 11 months)
- Co and Founder Ratix Technologes (6 years, 6 months)
- PhD in Electrical Engineering - University of Minnesota (Twin Cities)
- MS in Electrical and Electronics Engineering - University of Virginia
- BS Automation - Tsinghua University
- Responsible for the publication of multiple peer review paper on Science and Engineering, with multiple citation in his name. This guys is a monster!
- Vice Chairman in Education at Xi’an Jiaotong University, Frontier Institute of Science and Technology (3 years, 9 months)
- Co-founder of Demo++, a Technological Incubator (2 year, 11 months)
- Tenure Track Professor at Xi’an Jiaotong University (6 years, 10 months)
- Research Assistant at Virginia Tech (3 years, 8 months)
- PhD in Engineering - Virginia Polytechnic University Tech (3 years, 8 months)
- Software Engineer for Instagram (4 months)
- M.S in Computer Science and Engineering - University of Michigan
- B.S in Software Engineering - Shanghai Jiao Tong University
- B.S in Software Engineering - Shanghai Jiao Tong University
- Assistant Professor at Rensselaer Polytechnic Institute (4 years and 7 months)
- PhD in Electrical and Computer Engineering - Georgia Institute of Technology
- MSc in Electrical and Computer Engineering - Georgia Institute of Technology
- MSc in Electronic, Information and Electrical Engineering - Shanghai Jiao Tong University
Operations Team
- Founder of incubator Demo++, Incubator of Ink, Ziggurat
- Geek in Product Management
- Comittee of Liuhe Capital Shanghai
- Dedicated on Blockchain productization and business application
- Lead Platform Analytics at Wish (1 year, 3 months)
- Analytics, Business Development and Marketingat Beepi (1 year, 6 months)
- Lead of Product Analytics at Chartboost (1 year, 2 months)
- Consumer Marketing and Analytics at LinkedIn (11 months)
- Financial Consultant at Argus Information and Advisory Services (1 year, 7 months)
- MSE in System analysis and economic management (major in energy market) - The Johns Hopkins University
- BS in Environmental Science and Engineering - Shanghai Jiao Tong University
- Founder of investment firm (3 years)
- Crypto media writer
- BS Fudan University
- Shanghai Branch Manager at RoboTerra, Inc. (2 years, 1 month)
- Marketing for international at QuarkChain
- Assurance Auditor at EY (3 months)
- Corporate Development Intern at Las Vegas Sands Corporation (2 months)
- MBA Accounting - Rutgers, The State University of New Jersey - Rutgers Business School
- BS Hospitality, Business - University of Nevada-Las Vegas
- Winner of Benjamin Franklin Medal
- University Distinguish Professor at Virginia Tech
- Fellow of National Academy of Engineering
- Former president of DSSD
- Distinguished Engineer at Sun Microsystems
- Founder of Cloudant
- PhD Physicist with over 100 publications
- Former President of DSSD
- invested over 60 blockchain companies
- Famous crypto fund manager
- Invested in over 50+ project
- Expert in cyber security
- Discovered serious vunerabilities in Linux, Android and TCP/IP
- Assistant Professor at UC Riverside
Connect with quarkchain
Official Website: https://www.quarkchain.io/
Token Sale Info: https://steemit.com/quarkchain/@quarkchain/quarkchain-token-sale-terms-and-conditions
Telegram News: https://t.me/QuarkChain_News
Github: https://github.com/QuarkChain
Support Quarkchain by participating in theirBounty Program
Giving away $500 worth of BTC to 5 people, thats $100 each. Just follow the steps below:
1. Upvote and comment put a meaningful comment with #QuarkChain and your BTC address
2. Follow me on twitter:https://twitter.com/balanjp08
3. Retweet pinned post
This article is authored by Jcb08 and will be transfered to his personal website in the near future TheJourneyOfACryptonaut.com
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