Quarkchain: A potential usurper of the blockchain throne
QKC, or the Quarkchain ICO, intends to raise only $4 million worth of public funding for its $20 million hard capped inception into the crypto market. This is a measly number compared to the size of the vision behind this multi-layer blockchain, and its competitors.
Zilliqa, its primary rival, is up there at $1.4 billion. For Quarkchain, that’s a huge potential for growth, and that’s the plan. The team intends to start going all out when they have hard proof of achieving what they plan to do.
The plan itself is to defeat the greatest nemesis blockchain is facing today, the public affection, or in other words, the scalability problem.
Due to an overwhelming interest in public blockchains like Bitcoin, transaction speeds are abysmal and cause tremendously high transaction fees. This prevents the widespread adoption of blockchains, and intermediaries like centralized institutions still exist when they would otherwise be obsolete.
The plan of action Quarkchain has come up with is the use of elastic sharding in one of its layers. This layer can add or remove shards as required, and assist each other in cross-shard transactions. Each shard, as you may have guessed, handles their own subset of transactions. The other layer takes on the heavy duty task of confirming each transaction. These transactions are reflected on a Smart Wallet through a primary and secondary account, though only the primary account is necessary to keep track of your cryptocurrency.
If you are afraid Quarkchain is intending to sacrifice decentralization for the purpose of achieving high transaction speeds like most other blockchains are doing, then you don’t need to worry. Through clustering and collaborative mining, Quarkchain will maintain complete decentralization as it continues to grow.
The edge Quarkchain truly has over Zilliqa is the fact that it supports the EVM and Turing Complete Smart Contracts. This means that it can facilitate developers to create dApps on the platform as well as assist businesses to execute Smart Contracts with an additional level complexity if required. These are major benefits to being on Quarkchain over Zilliqa, and if the intended speed of over a million transactions per second is achieved by their target, Q2 2019, it is inevitable that the larger public will begin to migrate over to the multi-layered blockchain.
Much like many others at the moment, you’re probably interested in the QKC, the utility token that will be used as a transaction fee on the network as well as a mining reward. The KYC process is already underway so you may not be whitelisted, but keep Quarkchain in mind for the future. There’s still an incredible room for growth, and why would you not want to be a part of that.
For more information on Quarkchain, use the following resources:
Whitepaper: https://quarkchain.io/QUARK%20CHAIN%20Public%20Version%200.3.4.pdf
Portal: https://quarkchain.io/
Github: https://github.com/QuarkChain
Code Review: https://cryptobriefing.com/quarkchain-code-review-deep-dive/
Test-net Demo and Interview:
Facebook: https://web.facebook.com/quarkchain/
Twitter: https://twitter.com/Quark_Chain
Telegram: https://t.me/quarkchainio
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