QuarkChain - Breaking the Blockchain paradigm

rakeshs (25)in #quarkchain • 6 years ago (edited)

BREAKING THE BLOCKCHAIN PARADIGM

The balancing act between scalability, security and decentralisation is a problem that has challenged the greatest names in blockchain technology, for almost a decade.
QuarkChain is attempting to resolve this problem once and for all, by creating an innovative permission-less blockchain that employes cutting-edge techniques and technology to increase scalability without compromising security and decentralisation.

In a space filled with buzzwords and marketing speak, QuarkChain is developing concrete solutions to the biggest challenges threatening the adoption of blockchain technology.

TECHNOLOGICAL OBJECTIVES

Enhance scalability while maintaining security and decentralisation
Enable all in one transactions for Quality of Experience (QoE)
Open standard to support various dApps
Provide an incentivised eco-system
Provide simple account management facilities for clients

PRINCPLES

Security
Security is guaranteed through QuarkChain by incentivised 'Market-driven' collaborative mining. This employs game-theory to create a framework which promotes and incentives good actors. This requires that at least 50% of hash powers is allocated to the root chain, to prevent surplus spending on any transactions.
Enhanced Decentralisation
A super-full node can be very costly in any blockchain network which contains a high TPS. This in turn encourages centralisation. Anti-centralised horizontal scalability allows QuarkChain to employ multiple cheap nodes to form a cluster, which will act as a super- full node, thereby promoting and maintaining decentralisation within the ecosystem.
Scalability

QuarkChain is built with a two-layered 're-shardable' blockchain.
Known as Anti-Centralized Horizontal Scalability Expansion, the first layer consist of elastic sharding blockchains (shards), with the second layer a root blockchain which follows first. The second layer is flexible and can even be re-sharded, without making any changes to the root layer.

ADDITIONAL FEATURES
Aside from these features (which must be maintained by any blockchain), QuarkChain also enables the following:

Efficient Cross-Shard Transactions
Where the input and output addresses are in different shards. These types of transactions are much more difficult because synchronisation must take place between shards.

The design architecture of QuarkChain maintains only one root chain. Therefore, users will now be able to issue cross-shard transactions at any point in time and simultaneously have it all confirmed within in a very short period of time. As the number of shards increases, the speed of cross-shard transactions increases in a linear fashion, as a result of this.

Simple Account Management
This requires only one account to be needed for the entire blockchain. By allowing users to handle only one account this simplifies the management and administrative processes associated with multiple account utilisation.
A High-Capacity Peer-to-Peer Transactional System

PRACTICLE SYSTEM OPERATION

On/Off-Chain Transactions
On-chain and off-chain transactions are required by some applications. It is therefore imperative to supports both types of transactions. Thanks to the two layered sharding structure, QuarkChain is flexible enough to handle both yielding increased utility for potential use-cases.
Smart Contract Fucntionality
Smart Contracts executed via the EVM (Ethereum Virtual Machine) will potentially enable most existing dApps which are built on Etheruem to be deployed on the QuarkChain. This immediately positions QuarkChain as a direct competitor to Ethereum, whilst having significant competitive advantage to it.
Account Management
QuarkChain features two account types:
Primary: this manages the user address in a default shard. Most transactions will originate from this account. The user will only be required to manage the balance in this account, as any balance in the secondary account it will be moved to the primary.
Secondary: this manages the remainder of the addresses of the user in the remaining shards
This feature is enabled by default as part of the smart wallet, and all cryptocurrencies from different shards can be stored in it. The smart wallet is an open source project produced by the QuarkChain team.
Smart Wallets
The QuarkChain smart wallet helps to simplify account management. Any underlying operations will be conducted absent of further user interaction. It will be used in both 'Value Transfer' transactions (transferring tokens from one address to another) as well as Smart Contract Transactions (the execution of smart contracts on individual shards).

THE QUARKCHAIN TOKEN (QKC) AND ECO-SYSTEM
QuarkChain will mainly focus on the 'Fin-Tech' sector and Gaming industry. Additionally, a new token will be introduced representing the value of QuarkChain and will be referred to as the "Value Carrier".

Similar to Ethereum, each transaction on QuarkChain will require a fee to be paid. QKC has powerful transaction processing capability resulting in very low value transaction fees. These fees can only be paid by QKC. No other currency will be accepted.

Peer-to-Peer economic systems such as QuarkChain are revolutionary as they produce positive feedback, which promotes the system, and in return motivates people/users within the community to contribute towards the further development of the system.

FUTURE DEVELOPMENTS

Mobile Decentralised Applications
Minimum Viable Products with On-chain Fast Evolution
Demand Oriented Business Scenario
IoT (Internet of Things)
QuarkChain for AI and Big Data

The crowdsale is scheduled for the end of May, until the start of June.

The QuarkChain token (QKC) is an ERC-20 token until Mainnet 1.0 launches. The QKC (ERC-20) will then be converted to QuarkChain's mainnet tokens.

ROAD MAP

The project is still under development, and targetting implementation of the test-net with smart contract support in Q2, around the time of the token sale event.
Q2 2018 - TestNet 0.2 release with smart contract support
Q4 2018 - QuarkChain Core 1.0 release, Main-net 1.0, Smart Wallet.
Q2 2019 - QuarkChain Core 2.0 release, Smart Wallet 2.0.

TEAM

QuarkChain Team led by Dr.Qi Zhoue, PhD from the Georgia institute of Technology. He has worked at EMC, Google, and Facebook, and has over 15 year's experience in software development
Other prominent members of the team include:

Xiaoli Ma (Ph.D. Electrical Engineering, University of Minnesota and Professor at Georgia Tech)
Dr. Yadong Yang, (Google, Instagram/Facebook)

ADVISORS

Eminent scientists and leaders in blockchain advise QuarkChain team. These include:
Arun Phadke, Professor Emeritus of Electrical Engineering at Virginia Tech. Ph.D. from University of Wisconsin
Bill Moore, Founder/CEO of DSSD, accquired by EM. Partner and Managing Director of Walden International, a startup VC.
Leo Wang - Head of PreAngel VC (a large Chinese venture fund focused on early stage startups). Qlink advisor.