Idea & Token
QuarkChain is a decentralized high-capacity peer-to-peer transactional system that is aiming to process more than 1 million transactions per second (TPS). To evaluate this number, compare it with the current speed of Visa which is about 65 thousand TPS. This will resolve the scalability problem of today’s blockchains. The QuarkChain ecosystem will consist of two layers – a sharding layer and a root layer. The first one will increase the throughput by distributing data more effectively. The second one will confirm the blocks from the shards. As a result QuarkChain will achieve three effects traditional for blockchain – scalability, security, and decentralization. Apart from the horizontal scalability, the system will have such features as a single account for all shards and a possibility of cross-shard transactions. QuarkChain is the first blockchain that supports state sharding, turing-complete smart contracts, and clustering as peers. The platform will also allow dApps, such as CryptoKitties, as well as apps requiring high transaction speed to be deployed directly on the platform.
Their ERC-20 token called QKC will be used for all transactions on the platform. In future, the tokens will be produced by miners. A total supply is 10 billion tokens. The distribution is as follows: 45% – mining, community, and marketing, 20% – sale, 15% – foundation, 15% – team, 5% – advisors. The tokens of the last three items of the list (all in all 35%) will be locked up for 2 years.
The team consists of 9 people and includes top specialists with a previous experience in such software monsters as Google, Facebook, and Instagram. They also have several scientists and researchers, PhDs, professors, specialists in blockchain, finance, and PR. Seven advisors add their expertise at engineering, blockchain, cyber security, and investments.
The huge hype around QuarkChain is not just a glossy cover, the project has already proved they are going the right way by demonstrating 2,000 TPS while using only a few nodes. Compare it with 15 TPS of Ethereum, and you’ll understand everything. If they manage to attract a significant number of dApps, the project will definitely be among top blockchains.
QuarkChain is going to become one of the top ICO projects by resolving a critical problem of blockchains – low speed. We don’t see what can prevent them from achieving their goal.
QuarkChain ICO datesexport to calend
Scalability and security do not go always hand-in-hand when it comes to blockchain technology. QuarkChain have set out to find a solution that balances both these needs through by separating the two main functions of the chain into separate layers.
The first layer contains all minor blockchains, or shards, which process a sub-set of all transactions independently. As the number of shards increase, so to does the number of transactions which can be processed concurrently.
The second layer of QuarkChain is the root chain. The primary function of the root chain is to confirm all blocks from the sharded chains, but does not process transactions itself.
QuarkChain allows for two types of transactions- in-shard and cross-shard. In-shard transactions occur between addresses on the same shard. However, setting the QuarkChain ICO apart from other high-throughput solutions is the ability to conduct cross-shard transactions. The throughput of the cross-shard transactions system will scale linearly as the number of shards increases.
Illustration of 2 Layer Architecture
To simplify the user experience of the cross-shard system, QuarkChain is developing a Smart Wallet. All addresses owned by the user in any shard are accessible via a single private key.
Theoretically, a user may have many addresses associated with disparate shards. To address this issue, QuarkChain employ both a primary and secondary account within the wallet. The primary account contains the address of the user’s default shard, while the secondary manages the remaining addresses in other shards.
To simplify management of funds, any transaction executed in a secondary account will revert the remaining balance back into the primary account. The user balance will then remain in the primary account, eliminating the confusion caused by multiple balances across multiple shards.
QuarkChain ICO tokens (QKC) are ERC-20 compatible and distributed on the Ethereum blockchain. After the mainnet is launched in Q4 2018, the ERC-20 tokens will be converted to the mainnet token by pre-mining. Future QKC will be produced by miners.
QKC are the sole means of transacting value in the system and supply a reward for miners. QuarkChain will support smart contracts on the Ethereum Virtual Machine (EVM) to enable future compatibility with existing dApps, which will benefit from increased scalability.