Reinventing blockchain transactions by Quarkchain

eyox (50)in #cryptocurrency • 7 years ago

The blockchain technology has been game-changing since its inception. Many believe that it is the greatest technology ever since the invention of the internet. The technology has gone through several increments of upgrades since its initial founding.

The first generation of the blockchain which was spear-headed by Bitcoin focused on reinventing the financial sector of the market and this, to a great extent, was very successful. The second-generation, led by Ethereum, aims at transforming the app market and bringing more functionality to the first generation by providing smart contract services

However, this revolutionary technology still has many flaws. The main flaw is that the current block chain lacks the scalability feature. This is a major concern which is hindering the technology from going completely mainstream. Decentralization was the main aim of the blockchain. However, since the computation power is majorly held by just 6 mining pools, it leads to centralization. To address this issue, QuarkChain has come up with an innovative new idea.

Introducing Quarkchain

The Quarkchain ICO mainly aims at combating the scaling and partial centralized problem with the current block chain. Visa is capable of handling 56,000 transactions per second whereas Bitcoin and Ethereum can handle only 10 and 20 TPS respectively. This is a major concern that is creating scalability problems.

Quarkchain solves this by being able to handle 1M TPS. This number is ridiculously high and helps the blockchain technology go mainstream. The project makes use of a two-layer system to achieve this.

The first layer helps to perform elastic data sharding. Databases/data are divided and maintained in the form of smaller databases/data. These data shards are then sent to the second layer. The second layer confirms the transactions sent over by the first layer. This layer might also be regarded depending on the congestion of the network.

To combat partial centralization, the system gives hope to the smaller miners by including them on the secondary layer. The miners are rewarded for the hashing power that they provide for the network. The individual small miners are grouped into clusters and their mining power is combined and contributed towards mining on the network.

The platform also makes use of smart contracts based on the Ethereum blockchain to reward the users with QKC tokens.

QKC tokens

Currently, they are a token used as an accumulator of value on the network. They are currently ERC20 tokens. These will be converted once the project gets their own blockchain during the Q4 of 2018. It can help out different types of users in different ways such as:

Smaller miners: Smaller miners can now mine crypto without having to worry about their low mining power. This returns the power to all the miners on the network.
Users: Owing to its high TPS stats, there is very less delay in the network and hence can be used to perform very fast transactions.
Decentralization: The mining power will once again be distributed amongst all the users, thereby, completely decentralizing the system.

Final Thoughts

The Quarkchain project might just be capable of solving the current problems with the blockchain to help it go mainstream. By giving the smaller miners hope, it further establishes complete decentralization of the network and the security features offered by the network ensures that there is no double spend attack on the network. All in all, it is a solid project aimed towards the advancement of blockchain.