QUARKCHAIN - The Future of Digitial Transactions
In the past, transactions used to be in various form involving physical contact, which can be viewed as both stressful, time consuming and mostly insecure. however, with advancement in technology, transactions have so evolved that even the credit card means of payment that was once viewed as a marvel to reckon with is gradually going out of phase.
Although, the efficiency of commercial institutions as regards to the number of transactions per seconds is unparalleled, it still suffers from myriad of limitations.
Shortly after the 2008 global financial crash, the world was in need of a more stable system. This was when Satoshi Nakamoto came up with a new peer to peer financial system using a digital crypto currency called bitcoin via blockchain technology.
Since people are tired of centralized power meddling with economic system, many perceived this system as a better way of doing things. Simply put Blockchain is a non-disruptive way to track data changes over time.
What is so special about the blockchain technology is that it is designed to be decentralized and distributed across a large network of computers. This reduces the ability of data tampering. Another unique feature is that it creates trust in the data, because before a block can be added to a chain a few things have to happen; first a cryptographic puzzle has to be solved by a network of computers known as miners. The computer that solves the puzzle shares it with the other network of computers, this is called proof of work. The network would then verify this information and if correct, the block would then be added to the chain. The combination of this complex math puzzle and verification by many computers that are in various locations ensures that we can trust any block added to the chain as authentic.
It is quite evident that most of the reasons people involve intermediates in their financial transactions is due to lack of trust. Since blockchain technology by default has trust built into it, we can reduce a tremendous amount of time and money by bypassing any intermediate and interact directly.
With the features of decentralization, trust which encompasses security and the absence of intermediates coupled with blockchain unique ability to tackle the double spending menace that has plagued digital transactions, this gives blockchain the potential to revolutionize the way we interact and conduct transactions with one another.
Now, many of you might be lucky to know what blockchain is all about, thanks to the internet. But what most of you don’t know is that only about 0.03% of the world know about blockchain technology. That is approximately the population of Manhattan in New York City. This is a major issue in the sense that to project the progress of a system you have to completely understand its strength and weakness. This lack of understanding of the future of blockchain technology led to a bitcoin user to use about 10,000btc to purchase two pizzas back in 2010 (The equivalent of which in current day would get you at least a dozen fully equipped duplexes in Palm Jumeira, Dubai).
The Challenges Associated with the Blockchain Technology
Now, this is where it gets really interesting. Although, blockchain is the best thing that has happened since the discovery of a commercially viable lightbulb by Edison ( or probably since the advent of the internet) , in its quest to improve on security and decentralization it suffers from a major limitation, which is the number of transactions per seconds. To fully buttress this limitation let us look at an example. Bitcoin using block chain technology has a rate of 10-20 transactions per second (TPS). In contrast, visa claims to have 56,000 TPS and Alipay has achieved 200,000+ peak TPS in November 2017.
Obviously, if the block chain technology aims to take over the world, which has about 7 billion people, in transaction and storing digital content it would need to do better.
Let us assume that 3billion people need to perform various transactions at the rate of 10 TPS. It would take approximately 10years to carry out all transactions (That’s enough time for an apple tree to be planted and yield fruit or more succinctly for a newly born to get as far as high school).
Without doubt this might appear to be a trivial issue, especially if you are a tech savvy person (After all a world that has come up with so many convoluted technologies like our smart phones and even some advance incomprehensible sensors, should not have problem improving transaction rates), however a major trade-off to scalability would be to sacrifice Security and decentralization, which is like the backbone of the blockchain technology. This is similar to a car owner whom with the aim of improving the speed of the car, opted to reduce weight of the car by taking out the doors and seats, and inadvertently sacrificing security and comfort.
Introducing Quarkchain
To solve this major Trilemma Qi Zhou an expert in high performance systems with 15+ years development experience who holds a PhD from Georgia Institute of Technology came up with an innovative idea called the Quarkchain; A high capacity peer-to-peer transactional system.
Quarkchain offers a transaction rate of about 1,000,000+ transactions per sec. In order to fully appreciate this speed, let us revisit the example of 3billion people performing transactions via Quarkchain that would take less than an hour to complete, as opposed to the earlier estimate of 10years inherent in the blockchain technology.
Quarkchain is so unique and cutting edge in the sense that it aims to achieve the ability to perform secured, decentralized and faster transaction using a unique technology of double layers of blockchain to achieve scalability without sacrificing security and decentralization.
Some of the basic features of quarkchain are as follows:
• Enhancing the scalability while guaranteeing security and decentralization.
• Enabling seamless cross-shard transaction for user quality of experience.
• Simple account management for clients.
• Open standard to support various dapp.
• Incentive-driven eco-system.
In plain words Quarkchain uses features such as collaborative mining, node clustering and two layers. While the root chain layer is running proof of work and the throughput of cross-shard transactions could be sealed linearly as the number of shards increases. Also it would support smart contract via the Ethereum virtual machine.
An important point to note is that quarkchain would also support smart contract as well as other off-chain transactions. It also supports simple account management which would allow you to perform transactions from all shards from a single point.
Given the above specifications and the experienced team in the quarkchain organization, there is no doubt that quarkchain would shape the future on how human transact both digital content, digital currency and various product using blockchain technology. In a nutshell if the blockchain technology is a conventional basic form of transport in the world of cars, quarkchain is a Lamborghini (faster and more robust).
Mark Twain says and I quote “20years from now you would regret the things you didn't do far more than the things you did“. Right now the world has become so dynamic that the above quote should be modified to read “20days from now, you would regret the investment/opportunities you didn't make far more than those you did".
Quarkchain Collaborators
Roadmap and Timeline
Team and Advisors
ICO OVERVIEW
TOKEN SALE: MAY – JUNE (NO EXACT DATES)
TICKER: QKC
TOKEN TYPE: ERC20
TOKEN PRICE: 1 ETH = 31533 QKC (Private sale bonus: 25%)
FUNDRAISING GOAL : 20,000,000 USD
TOTAL TOKENS: 10,000,000,000
AVAILABLE FOR TOKEN SALE: 20%
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I BELIEVE QUARKCHAIN WOULD REVOLUTIONIZE THE FUTURE OF DIGITIAL TRANSACTIONS, WHAT DO YOU THINK?
The blockchain keeps getting better and better.
The most interesting part of this project is the block size.
Boasting of over 100000 tps. I am looking forward to further development of this project.
Yes, also looking forward to the implementation of all that has been stated in the roadmap
Blockchain ecosystem will go a step further with projects like this one. because from the whitepaper and the roadmap I believe in the projects capability.
Secondhanded
Amazing project with good development and exciting features
The new blockchain introducing scalability