Ask any banker or financial experts to mention happenings that shook the world of finance in the past, and they would make reference to the collapse of the Lehman Brothers on September 2008. However, six weeks later something happened, something that is going to change the world of finance. On October 2008, a pseudonymous cryptographer named Satoshi Nakamoto came up with a project named bitcoin which runs on blockchain technology.

Interest to know, this technology has continued to grow. New and advanced blockchains that doesn’t act on the premises of currency alone are being developed. Developers now develop blockchain to go beyond transfer of value. It’s now able to execute simple tasks such as verifying maybe a deal has been fulfilled by a party to a contract. This is achieved by a “smart contract” which is a computer protocol which allows the execution of credible transactions without third party. Example of such advanced blockchain technology is QuarkChain.

What is QuarkChain?

QuarkChain is an innovative permissionless blockchain system that utilizes sharding mechanism to provide a high capacity peer to peer transactional system.

Features of QuarkChain

Reshardable two-layered blockchain: QuarkChain consist of two blockchain layers. The first layer which is the sharding layer which represents ledger, facilitates transaction and record results and the second layer which is the root layer confirms transaction carried out on the first layer and mines the block.

Guaranteed security by market driven collaborative mining: To prevent double spending attack on any transaction, a game theoretic framework is designed where at least 50% of the total hash powers are allocated to the root chain.

Anti-centralized horizontal scalability: QuarkChain allows multiple cheap nodes forming a cluster to replace a super full node which encourages decentralization.

Efficient cross shard transactions: These transactions can be issued anytime and get confirmed within minutes on the QuarkChain network.

Simple account management: All cryptocurrencies from different shards are stored in a single smart wallet. Thus, only one account is needed for the entire blockchains (shards) in QuarkChain.

With this features, QuarkChain aims to satisfy and achieve a perfect blend between the 3 core values of blockchain which are;

Decentralization: Traditional blockchain miners have to mine the full block to earn rewards from the block. However, in QuarkChain, there are several shards (mini blocks), each has its own mining difficulty and the power required to mine it. A miner has the option to choose the block to mine depending on corresponding hash power. Security: QuarkChain plan to achieved this by; linking the blocks, all transactions on the blockchain are secured through cryptography, and the blockchains are decentralized and distributed across peer to peer networks that are continually updated and kept in sync with a consensus. Scalability: 2 layers are involved in QuarkChain to perform the requirement needed of each block (ledger which notes the transaction in the block and confirmation which confirms these transactions). Having 2 layers to perform individual task increases the scalability of the QuarkChain network.

Tokens

The QKC token will be an Ethereum blockchain based (ERC 20) token prior to mainnet launch which is scheduled for Q4, 2018. A token swap will be conducted at this time.

Token details

Token symbol: QKC

Total tokens: 10 billion tokens

ICO supply (private & public): 2 billion tokens

Hard cap: $20 million

Price/Conversion rate: 1 ETH = 31533 QKC (public sale)

Projected crowd sale date: May/Early June

QuarkChains integration was done using solidity which is the most popular programming language for dApps. For those dApps built on other blockchains that needs high throughput, porting to QuarkChain which provides a low entry barrier to adapt the network.

Another point to look at in the project is the team. The team is made up of a blend of engineers and academicians from/at reputable universities and companies. With this team behind the project, then project execution wouldn't be at problem.





Learn more at

Website: https://quarkchain.io/

White paper: https://quarkchain.io/quark.pdf

Telegram: https://t.me/quarkchainio