Why QuarkChain will be so fast, secure and decentralized! QuarkChain shortly explained

bigfloater (37)in #cryptocurrency • 7 years ago (edited)

QuarkChain - A High-Capacity Peer-to-Peer - Transactional System

QuarkChain is a high-throughput blockchain that is:

decentralized
secure
scalable
permission-less

QuarkChain aims to deliver more than 1 mio on-chain TPS by applying sharding technology with a two-layer structure.

Check out the video

The high-capacity system will solve the scalability problem that current main blockchains are facing. Nowadays challenge is to obtain an extremely high TPS while maintain the network’s decentralization and security at the same time.

How will Quarkchain solve these challenges?

Scalability is achieved with the two-layer structure, where the first layer is flexible and can be adapted to the needs through sharding.
Security is achieved by marked-driven collaborative mining, where a game-theoretic framework ensures that through incentives at least 50% overall hash power is allocated to the root chain to prevent double spending attack on any transactions.
Decentralization is achieved through an anti-centralized horizontal scalability, where multiple cheap nodes can collaborate to form a cluster and act as a super-full node.

Two layer strcucture

The QuarkChain consists of two layers of blockchains, the elastic sharding layer and the root layer. While the work is done on the first layer through sharding on elastic sharding blockchains, the transactions are confirmed on the second layer which is the root blockchain, that confirms the blocks from the shards. The two-layer concept allows that the flexible first layer can be resharded according to the needs without changing the root layer.

Market driven collaborative mining

The collaborative mining at QuarkChain is defined through an incentive mechanism and difficulty algorithms. A game theoretic framework for incentives is designed to incentivize hash power to distribute evenly among shards and to prevent double spending attack, at least 50% of overall hash power is allocated to the root chain.

Horizontal scalability

Super-full node can be extremely expensive when TPS goes high and tend to centralize the system. To ensure decentralization, QuarkChain allows multiple honest nodes to form a cluster in order to run as a super-full node.

Cross-shard transactions

QuarkChain allows cross-shard transactions between shards, where input and output addresses are in different shards. While any user can issue any cross-shard transaction at any time and cross-shard transactions can be confirmed in minutes, the throughput of cross-shard transactions increases linearly with the number of shards.

Simple account management

QuarkChain will use two types of accounts. A primary account, which is the address of the users default shard and a secondary account, which manages the rest of all the addresses the user has in the rest of the shards. The account management is simplified via smart wallet, in a way that the user does not need to be aware of the underlying detailed shard operations. The user only needs to handle one account, to manage all addresses in all shards. All cryptocurrencies from different shards will be stored in one smart wallet.

Use of QuarkChain

QuarkChains key feature is the high transaction rate. Therefore QuarkChain can be used for DApps especially demanding high transactions rates like IOT (internet of things), AI, big data, advertising, gaming, peer to peer sharing economy etc.

Timeline