QUARKCHAIN: An offer we cant refuse. Is it just another Blockchain? Crypto Community is growing and so is the increasing demand for groundbreaking innovations. And we are sure that there is space for all projects in this crypto sphere , We dont need to compete each other, Blockchain is still young and everyone needs to coexist. Quarkchain Details: It is the latest High-Capacity Peer-to-Peer Transactional system. Like others, It aims to make it mark in the Revolutionary Blockchain Technology. It also aims for an Anti-Centralized Horizontal Scalability Expansion. Quarkchaim will have 100000 +tps as compared to Bitcoin: 7 tps , Ethereum: 15 tps , And even Visa: 50000 tps. Quarkchain Technology: 1. Two-Layered Blockchain: The fisrt layer will apply Elastic Sharding Blockchain, and, the Second layer will have the root blockchain which confirms the blocks from the shards.
Cross Shard Transaction: It can be issued at any time and confirmed in minutes, and throughput increases linearly as number of shards increase.
Horizontal scalability: A super-full node can be extremely expensive when TPS goes high, Quarkchain allows multiple honest nodes forming a cluster running as a super-full node.
Quarkchain Design Principle: It is Based on the following principles; • 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 dapps. • Incentive driven eco-system. Collaborative Mining: • Hash powers are incentivized to distribute evenly among shards. This ensures that all shards are mined evenly and thus the TPS increases as number of shards increases. • The root chain will have over 50% of hash power of the network. This will precent double spending attack, and a malicious miner would need 50% * 50% = 25% power to perform an attack. Transaction Fees: Since quarkchain has powerful transaction processing capability, the transaction fees will be very low. Transaction fees only can be paid by QKC. Quarkchain Ecosystem: •Mobile Decentralized Applications •Minimum Viable products with Onchain fast evolution. •Demand oriented Business scenario. •Quarkchain for Internet of Things •Quarkchain for AI and Big data. Development Team: Now lets focus on the development team which is the most important aspect to judge if they are capable enough to build such a groundbreaking innovative techonolgy, The team consists of 9 members, with the following being the key members of the team: ~Founder- •Qi Zhou~ is an Software Engineer and expert in high performance systems. He is a former Googler and has 15+ years of development experience. Also has a PhD in electric and computer engineering. ~Software Engineer- • ZHAOGUANG WANG~ Expert in large scale distributed systems with 6 years work experience at Facebook and Google. Master in computer science from University of Michigan. ~Research Scientist- •XIAOLI MA~ Professor at Georgia Institute of Technology. PhD in electrical engineering and 7 years’ experience in the tech industry with the most recent being the CTO of Ratrix Technologies. ~Reasearch Scientist- •YAODONG YANG~ PhD in engineering, and a Tenure Track Professor at Xi'an Jiaotong University, and co-founder of Demo++ Technological Incubator. ~Research Scientist- •WENCEN WU~ Assistant Professor at RPI; PhD from Georgia Institute of Technology ~Marketing and Community- •ANTHURINE XIANG~ Graduate from SJTU & JHU; Combined background of finance and tech; 6 year experience in both Wall street and Silicon Valley ~Business Development and Eco-system- •TING DU~ Product management founder of incubator Demo++, incubated Ink; Dedicated on Blockchain productization and business development Julianne Zhu ~Social Media Broadcasting- •JULIANNE ZHU~ Julianne has extensive BD Marketing experiences in both U.S and China. Julianne previous servers as branch manager for Roboterra Inc, which is a AI robotics company. ADVISORS: • ARUN G PHADKE~ University Distinguished Professor, Virginia Tech; Fellow of National Academy of Engineering, USA. • Bill Moore~ Distinguished Engineer at Sun Microsystems；Co-led the ZFS team and served as Chief Engineer for Storage at Sun Microsystems •Mike Miller~ PhD Physicist width 100+publications; Founder: Cloudant (YCS08) acquired 2014 (IBM Cloud Data Services) •Leo Wang~ Crypto Fund Manager. Invested in Over 50+ Project allover the world.Including: Ontology, ArcBlock, SmartMesh, Elastos, Penta, MedicalChain, AppCoin, BitGuild, Zeepin, Gifto, Iotex. P.S: I am not a financial advisor, Please DYOR before investing. This post can be reffered to for Information purpose :)
QuarkChain A High-Capacity Peer-to-Peer Transactional System What is QuarkChain? It is a blockchain project based around the idea of shards, sub-chains, and root-chains. They found a great solution for the balance between security, high scalability and decentralization. How does QuarkChain work? QuarkChain offers a highly-scalable blockchain that claims to be able to process 1 million on-chain transactions per second. For comparison: Bitcoin: can support about 7 tps Ethereum: can support around 15tps Visa: 45000tps Alipay: 256000tps A permissioned (centralized) blockchain can provide scalability and security however loses all trace of decentralization. This blockchains are similar to our nowadays systems (banks or visa). Opting for a permissionless (decentralized) blockchain such as Bitcoin or Ethereum provides security and a dispersed network however scalability is sacrificed, this was evident with the CryptoKitties dApp and excessive transaction fees when the demand on the Bitcoin network was high. So the question is how is it possible to achieve 1) Decentralization, 2) Scalability, 3) Security. There are propositions to solve the problem of scalability: Multi-Blockchains Lightning network=BTC‘s option to solve the problem Sharding=Omniledger‘s solution to the problem The partial solutions don‘t provide full efficiency. QuarkChain accepted the challange and aim to fulfill the goal of goals of any blockchain. Extending scalability far beyond current tech limits, while maintaining the balance for both security and decentralization. QuarkChain‘s solution to solve the problems? QuarkChain‘s scalability begins by considering the two primaray functions a blockchain serves as a public ledger which is: Tracking the state of a ledger and all the transactions and Ensuring only valid transactions are confirmed and recorded onto the ledger. Transaction confirmation: If a transaction is made it doesn’t necessarily mean the transaction will go through and this is what confirming a transaction is all about. It‘s difficult to get security and scalability togheter when it comes to blockchain technology. With QuarkChain‘s solution they separate the two main functions of the chain into the two layers. The first layer offers elastic sharding, which is a type of database partitioning that separates very large databases into smaller, faster, and easily managed components called data shards. Data shards are a key part of the QuarkChain project. The second layer, meanwhile, is known as the root blockchain. This is the component that confirms the transactions (the blocks) pushed by the first layer. The second layer of QuarkChain can be “resharded” as needed without changing the root layer. Also a unique feature of QuarkChain is the ability to offer guaranteed security and through market- driven collaborative mining. Essentially, this means that 50% of the network’s hash power is devoted to the root blockchain to specifically prevent double spending attacks. Furthermore, multiple cheaper, low-resource nodes can form a cluster to create a super node. The features also ensure the decentralization. QuarkChain has two types of transactions- in-shard and cross-shard. In-shard transactions occur when the input and output addresses of the transaction are in the same shard, while cross-shard transactions occur when the input and output addresses are in different shards. Cross shard transaction can be issued at any moment and confirmed within minutes. The number of shards and the speed of the cross-shard transaction will increase togheter. So that means more shards=more transaction speed. Simple account management: QuarkChain users are able to use a single primary account where the funds will be parked to manage all other wallets. So the user can simply send funds from primary account to diffrent sharded blockchains. Smart wallet: QuarkChain will have a smart wallet with two levels, including primary and secondary account. The primary account is the address of the user in a default shard, while the secondary account manages the rest addresses of the user in the rest shards. The primary account is combined with a smart wallet to automatically handle cross-shard transactions. The transactions can made anytime and confirmed within minutes. Smart contracts: QuarkChain supports smart contracts with the use of Ethereum Virtual Machine (EVM), sharded blockchains therefore run their own smart contracts local to their blockchain via EVM. Roadmap: Token economics: Token Name : QKC Hard Cap : 20 Million USD The QuarkChain token (QKC) will be an ERC-20 token until Mainnet 1.0 launches Q4 2018, the QKC (ERC-20) will then be converted to QuarkChain’s mainnet tokens Crowdsale intended for end of May or start of June 2 year vesting period for the team with an extended vesting period for QuarkChain’s Foundation QKC will be used to pay for transaction fees and to reward community contributors that help improve QuarkChain’s system A significant amount of QKC will be dedicated to incentivizing developers to build dApps on QuarkChain’s platform Development Team Qi Zhou / Founder Expert in high-performance systems Former Googler and have 15+ years development experience PhD from Georgia Institute of Technology ZhaoGuang / Senior Software Engineer Expert in large scale distributed systems with 6 years work experience at Facebook and Google Build systems capable of processing millions of queries per second Master in Computer science from University of Michigan Xiaoli Ma / Research Scientist Full Professor at Georgia Tech IEEE Fellow Expert in signal processing for wireless systems, big data, IoT Yaodong Yang / Research Scientist Professor at Xianjiao Tong Univ. Partner of Demo++ PhD from Virginia Tech Dedicated on Blockchain development and research Wencen Wu / Research Scientist Assistant Professor at RPI Expert in model simulation and verification in distributed autonomous systems PhD from Georgia Institute of Technology Operation Team Ting Du / Business Development and Eco-system Founder of incubator Demo++, Incubator of Ink, Ziggurat Geek in Product Management Committee of Liuhe Capital Shanghai Dedicated on Blockchain productization and business application Anthurine Xiang / Marketing and Community Combined background of finance, consulting and tech, 6 years experience in both Wall street and Silicon Valley Lead of platform analytics at Wish, previously marketing lead at Beepi and Linkedin Extensive experience in startup, crypto investments and building up ecosystem Patrick Mei / Creative and Content Founder of investment firm, 3 years experience in financial investment Crypto media writer Bachelor from Fudan University Julianne Zhu / Social Media Broadcasting MBA from Rutgers University Former BD Director from Roboterra expertise in business development and marketing Advisor Bill Moore: Distinguished Engineer at Sun Microsystems Mike Miller: Ph.D. Physicist with 100+ publications. Founder: Cloudant Zhiyun Qian: Expert in cyber security Arun G. Phadke: University Distinguished Professor Emeritus&Research Professor of Virginia Tech Leo Wang: Crypto Fund Manager. Invested in over 50+ Project allover the world Kevin Hsu: rich experience in investment and has invested over 60 blockchain companies
Opportunity of a lifetime: If you have enough money to buy a car, buy bitcoin instead and take the bus for 8 months. You will be playing in six figures $$$. Better still, if you invest it into Quarkchain ICO, you will be millionaire in that time. If you are too scared to venture into crypto, then give Quarkchain a shot, as the revolutionary product and social media hype will produce the winner in the cryptocurrency race. 8 months down the line, you will look at this article and exclaim. Prime property of blockchain is its decentralised nature. This gives rise to security and scalability. In perfect blockchain ecosystem, it will consist of decentralised nodes, providing security and at scale where it can be applied to real world problems. However, there is trade off between: Decentralisation Security Scalability An attempt to increase in scalability requires compromise on decentralisation, the uderlying concept of blockchain itself. Quarkchain is an innovative new blockchain ecosystem which will attempt to solve this trade off and offer highly decentralised and secure blockchain on a big scale such that it would meet the global commercial requirements. Quarchain will solve this by offering two-layered blockhain: First layer is composed of elastic sharding blockchain called shards, which are confirmed by a root blockchain which is the second layer. Quarkchain will allow horizontal scalability by allowing standalone nodes to work together forming a cluster, replacing expensive super full nodes, resulting in high transaction per second (TPS), at low cost. Blockchain will be secured by network of market driven miners who will ensure the security of all transactions. The incentives will be offered in such a way that at least fifty percent of the hash power will be directed towards root chain to prevent double spending attack on any transaction. Quarkchain also offers simple account management by requiring only one account for all the shards. This will be done by a smart wallet which will store all cryptocurrencies from different shards. Quarkchain nework will also support turing complete smart contracts. Adoption of Ethereum Virtual Machine (EVM) will allow easy migration of existing EVM DAPPS onto Quarkchain network. Quarkchain Team: Qi Zhou, PhD is an expert in high performance systems. He is a former Googler with 15+ years of development experience. Zhaoguang Wang is an expert in large scale distributed systems with 6 years work experience at Facebook and Google. Xiaoli Ma is a Professor at GeogiaTech and an IEEE fellow. Yaodong Yang is Research Scientist, Prof. at XJTU & Cofounder of Demo++ Wencen Wu is Research Scientist, Assistant Professor at RPI Ting Du is in Business Development and Eco-system, Founder of Demo++ Anthurine Xiang is in Marketing and Community, Extensive experience in startup Roadmap Q2 2018 — Testnet 0.1 along with Wallet 0.1 (10K+ tps). Q3 2018 — Testnet 0.2. Q4 2018 — QuarkChain Core 1.0, Mainnet 1.0, Smart Wallet 1.0 (100K+ tps). Q2 2019 — QuarkChain Core 2.0, Smart Wallet 2.0 (1M+ tps). Quarkchain Contact Website：www.quarkchain.io Twitter: https://twitter.com/Quark_Chain Telegram: https://t.me/quarkchain （EN）
Blockchain 1.0: Bitcoin 4 transactions per second Blockchain 2.0: Ethereum 10 transactions per second Today I bring to you, Blockchain 3.0: Quarkchain 1,000,000 transacions per second Quarkchain, this is the beginning of new era. Adoption of cryptocurrency and the blockchain transactions by the real world economy is going to be made possible by Quarkchain’s high throughput. Quarkchain aims to scale to 1 million transactions per second without compromising on security and decentralisation nature of blockchain. An attempt to increase in scalability requires compromise on decentralisation, the uderlying concept of blockchain itself. Quarkchain is an innovative new blockchain ecosystem which will attempt to solve this trade off and offer highly decentralised and secure blockchain on a big scale such that it would meet the global commercial requirements. Quarchain will solve this by offering two-layered blockhain: First layer is composed of elastic sharding blockchain called shards, which are confirmed by a root blockchain which is the second layer. Quarkchain will allow horizontal scalability by allowing standalone nodes to work together forming a cluster, replacing expensive super full nodes, resulting in high transaction per second (TPS), at low cost. Blockchain will be secured by network of market driven miners who will ensure the security of all transactions. The incentives will be offered in such a way that at least fifty percent of the hash power will be directed towards root chain to prevent double spending attack on any transaction. Quarkchain also offers simple account management by requiring only one account for all the shards. This will be done by a smart wallet which will store all cryptocurrencies from different shards. Quarkchain nework will also support turing complete smart contracts. Adoption of Ethereum Virtual Machine (EVM) will allow easy migration of existing EVM DAPPS onto Quarkchain network. Quarkchain Team: Qi Zhou, PhD is an expert in high performance systems. He is a former Googler with 15+ years of development experience. Zhaoguang Wang is an expert in large scale distributed systems with 6 years work experience at Facebook and Google. Xiaoli Ma is a Professor at GeogiaTech and an IEEE fellow. Yaodong Yang is Research Scientist, Prof. at XJTU & Cofounder of Demo++ Wencen Wu is Research Scientist, Assistant Professor at RPI Ting Du is in Business Development and Eco-system, Founder of Demo++ Anthurine Xiang is in Marketing and Community, Extensive experience in startup Roadmap Q2 2018 — Testnet 0.1 along with Wallet 0.1 (10K+ tps). Q3 2018 — Testnet 0.2. Q4 2018 — QuarkChain Core 1.0, Mainnet 1.0, Smart Wallet 1.0 (100K+ tps). Q2 2019 — QuarkChain Core 2.0, Smart Wallet 2.0 (1M+ tps). Quarkchain Contact Website：www.quarkchain.io Twitter: https://twitter.com/Quark_Chain Telegram: https://t.me/quarkchain （EN） TG Announcement Chanel: https://t.me/QuarkChain_News Medium: https://medium.com/@quark_30920 Facebook: https://www.facebook.com/quarkchain.quark.5 Weibo：http://weibo.com/6527041117/profile Whitepaper: https://www.quarkchain.io/quark.pdf GitHub: https://github.com/QuarkChain Watch this space and witness the adoption of cryptocurrencies by the mainstream economy. #Quarkchain
Quarkchain is a high throughput blockchain which aims to provide a decentralised, secure and scalable ecosystem through its 2 layered blockchain and elastic sharding principle.The incentive structure unlike other blockchains will be determined by collaborative mining and account management on shards will be made easy by a smart wallet ecosystem.
Comparison and Evolution
The current and past generation of blockchains viz Ethereum and Blockchain provide a decentralized and secure system but are not scalable enough to handle large volume of transactions.Bitcoin carries out 1–3 transactions per second(tps) whereas ethereum carries out 20 tps. On the other hand centralised institutions like VISA can carry 56000 tps. Clearly, if blockchain is to disrupt the existing centralized financial systems than they must be scalable enough to handle high volume of transactions.The applications of blockchain is not limited to financial sector but also in Big Data and AI. Hence, this warrants the need of a blockchain which processes transaction at a much higher rate.QuarkChain proposes to overcome the scalability issue by adopting the principle of elastics sharding and achieve transactions greater than 1 million TPS. It will use Ethereum Virtual Machine for providing a smart contract language platform. This would also enable existing applications on Ethereum to use QuarkChain’s ecosystem.
1. QuarkChain will provide a 2 layered blockchain system viz, rootchain and shards. Shards are group of nodes that carry out a small subset of all the proposed transactions at any given time. So as the number of shards increases the system will be capable of performing more transactions. The root chain will confirm the transactions proposed by every shard.The total hashpower in the system will be distributed between the rootchain and shards. At any given time more than 50% of the hash power will be alloted to the rootchain. In order to carry out a double spend attack the hashpower required will be 50%*50% = 25% of the total hashpower.
PoW consensus algorithm will be used for validating transactions similar to Ethereum and Bitcoin.The incentives for each node will be determined using collaborative mining. This will ensure that weak miners get fair share of rewards in a timely manner unlike traditional systems where a weak miner is forced to join a mining pool to get rewards in a timely manner.
There are no masternodes but a group of nodes can form a cluster which will be termed as super nodes.These supernodes will avoid the need for the huge hardware and bandwidth requirements if each node were to act as a super node. Also, each node will not have to validate all the transactions unlike ethereum or bitcoin but a subset of chains.
A smart wallet interface will be provided to mange wallet addresses, since sharding requires the creation of multiple addresses.In shard and cross shard transactions can be carried out swiftly form few seconds to few minutes. and the smart wallet will manage funds transfer between the addresses of same user at the backend.
Onchain and Offchain transactions can also be carried out.Network will support smart contract via EVM.
Mobile applications can also be hosted. Live testing of apps can be done on mainnet and the feedback loop system will ensure that testing and modifications can be made swiftly.
Strengths 1.Achieved a speed of 2000 tps on closed testnet.
Strong team with devs/techs having past work experiences from Google and Facebook and academicians from top tier universities.
Use of EVM and Solidity will enable existing Ethereum dApps to be hosted on QuarkChain network
No partnerships announced yet
According to the development roadmap ,no projects will be announced till a high testnet speed(10,000 tps) is achieved
Opportunities1. Scalability is an issue that is being tackled with by proposing solutions like state channel networks(Raiden and Trinity) or technologies like sharding.
The only new project based on sharding is Zilliqa but it will not support existing dapps on ethereum because it is proposing a new smart contract language Scilla. If ethereum does not achieves scalability through casper than we may observe a migration of these dapps to quarkchain.
Ethereum (Casper Protocol)- Ethereum has developed Casper Protocol which will implement sharding and is claiming to be functional by the next quarter
Zilliqa- Zilliqa has also achieved 2500 tps on testnet(already released) and planning to launch mainnet by the next quarter.
QiZhou(Founder) - ex Google ,15+ years development experience,PhD-Georgia Institute of Technology ZhaoGuang Wang(Senior Software Engineer)-ex-Facebook and Google, 6 years experience,MS in CS -University of Michigan. Xiaoli Ma (Research Scientist)-Full Professor at Georgia Tech,IEEE Fellow Yaodong Yang (Research Scientist)-Professor at Xianjiao Tong University.,Partner of Demo++,PhD-Virginia Tech Wencen Wu (Research Scientist)-Assistant Professor at RPI,PhD-Georgia Institute of Technology
Total Supply — 10 bn ICO — 20% (20 million to be raised) Incentives,Rewards,Marketing — 45% Team — 15% Founders — 15% Advisors — 5% Team, Founders and Advisors will have a vesting period of 2 years
This project possesses a solid team with relevant experience, well defined objectives, low hardcap and has generated a lot of hype.The platform will see huge adoption even if they replicate the achieved tps on mainnet. A low hardcap and huge hype will ensure good RoI for investors since 80% has been raised from private sale and only 20% is available for crowdsale and hence there will be a lot of unmet demand.Closest competitor(project wise) is Zilliqa and has a market cap of 1.3 billion USD after 3 months of testnet release.Investment for short term or long term will be beneficial.
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