With Blockchain making headlines every single day, enterprises want to hop on the bandwagon, thus, leading to them conduct research on the same. However, the Blockchain technology as we know it, has many flaws as of today.

The Blockchain Trillema

Many agree that cryptocurrencies will only achieve mass adoption when the Blockchain Trilemma has been solved. The Blockchain Trillema refers to limitation of current blockchain technologies to achieve Scalability, Decentralization & Security altogether.

None of the top cryptocurrencies have an answer to this issue as of now.



“Bu..but haven’t you heard about EOS?” — EOS is a great example of my point above. EOS sacrifices Decentralization for Scability and Security. What is the point of a cryptocurrency if it’s not decentralized?

The current state of technology is incapable of providing solutions to these. To put an end to all these issues, QuarkChain has started an ICO project.

QuarkChain

Bitcoin introduced the blockchain technology to the world and ever since its inception, it just kept getting better and better. The openness of the technology allowed other developers to propose their own solutions to issues faced by the blockchain. However, none have had success when it came to resolve the scalability problems of the technology as we’ve seen with the whole BTC-BCH drama.

How does Quarkchain aim to solve the blockchain trillema? What are its defining features?

Quarkchain proposes an ingenious solution to this problem by making use of a two-layer network. The first layer is called the shard layer and the second is the root layer or root chain.

Shards are the division of database into smaller parts, enabling a more efficient handling of data.

This same logic is used on the Quarkchain network. The shards are nothing but the split blockchains, each handling a set of transactions parallelly, in order to get the work done quickly and efficiently.

Okay, so what does “sharding” and “two-layer blockchain” mean.

The root chain then confirms the blocks on the first layer. This mechanism ensures a high throughput of 100,000+ TPS, which is WAY higher than the current TPS capability of VISA — the most widely used payment system on the planet.

The splitting of the chain into numerous shards might induce the possibility of a double spend attack. However, the root chain of the network is assigned more than 51% of the total hash power of the network, which eliminates the chance of double spend.

In order to encourage smaller miners, the system makes use of smaller nodes, forming clusters to work simultaneously and get the work done. This ensures decentralization (In the current blockchains, the top 6 mining pools hold 75% of the total mining power, hence, causing partial centralization).

The system also supports the smart contracts on the Ethereum blockchain. This ensures the deployment of these smart contracts on this blockchain without any problem. The system uses proof of work protocol to confirm the transactions.

Miners are equally rewarded to mine on each shard (Mining power is distributed equally). This ensures that no single shard gets less power. The miners are rewarded in the form of a QKS token which

Use Cases:

1. Solution to the current state of blockchain

The Quarkchain is the solution to the current state of blockchains as it can handle more transactions than even VISA. It solves all three aspects of the Blockchain Trilemma that NO other project has managed to solve to this date. This is essential for the mass adoption of the technology.

2. Smart wallet — Ease of Use

The users are provided with a smart wallet with two modes. The first mode can be used to transfer the tokens to other wallet addresses. The second mode can be used to deploy/engage with smart contracts on the network.

3. Cross-chain and cross-shard compatible

Since the root chain is kept unaltered, the shards can enable cross-chain transactions as well. The root node can then confirm the transaction.

4. Congestion free network for Dapps

Dapps require a congestion-free network which is not possible on Ethereum (remember CryptoKitties?). With such high throughput, Quarkchain can be the solution to this issue.

Future enhancements

The field of future enhancements is high on the Quarkchain network. This can revolutionize the IoT industry which requires a network that is fast and capable of handling a lot of transfers in a short period of time.

Developments in the field of AI are also underway. The technology can do marvels in the field of AI. Sharding technology can be used in order to efficiently solve problems in this field.

Not just that, this project can even revolutionize the Big Data analytics as well. This is an aspect that no other projects offer, making Quarkchain a sole winner.

Conclusion

The Quarkchain project is a very ambitious project with great potential. Their solutions to the problems of the current blockchain are truly remarkable. The future enhancements such as those in the field of AI and IoT serve as an additional icing on the cake.

The potential to outrun VISA in terms of TPS means that it is closer to being mass adopted. This might just be the one true solution to the current blockchain technology.