What is QuarkChain? All You Need to Know About QKC

The digital age demands speed and efficiency, especially in finance. Large-scale and quick transactions are becoming increasingly in demand as our economy becomes more globalized. Current blockchain solutions, despite their potential, often stumble when it comes to handling massive traffic, potentially causing delays in crucial financial exchanges. It is imperative for global payments to ride on a robust infrastructure, one that’s both fast and scalable. With this backdrop, QuarkChain emerges, promising a solution that might reshape the landscape of digital transactions.

What is QuarkChain (QKC)?

QuarkChain, envisioned in 2017 by Qi Zhou, a former engineer at Google and Facebook, emerged as a response to the pressing scalability issues faced by contemporary blockchains. By March 2018, the project announced its unique multi-layer sharding approach, a solution to amplify transaction speeds without compromising security.

Just a few months later, in June 2018, QuarkChain’s vision garnered substantial backing as it successfully raised over $20 million in an ICO. This momentum carried the project to December 2018, when they officially launched their mainnet, boasting a capacity to handle 100,000 transactions per second (TPS) — a notable achievement in the blockchain realm at the time.

Over the subsequent years, from 2019 to 2021, QuarkChain saw a trajectory of continuous developments, fostering partnerships and broadening its ecosystem, all the while reinforcing its commitment to a scalable, decentralized blockchain for the global community.

How Does QuarkChain Work? Sharding and Collaborative Mining

QuarkChain’s architecture revolves around sharding, a technique designed to enhance scalability in blockchain systems. Sharding essentially divides the network’s data into smaller partitions called “shards,” each capable of processing transactions and smart contracts. This parallel processing means that while one shard is handling a set of transactions, other shards are simultaneously working on different sets, thereby exponentially increasing the network’s throughput.

QuarkChain’s implementation of sharding is unique. It employs a two-layer structure: a primary layer dedicated to shards and a root layer that confirms the blocks from these shards. Transactions within individual shards are first confirmed swiftly at the shard level, and then these blocks are further confirmed in the root chain to ensure network-wide security.

This dual-layered approach achieves a balance between scalability and security. While the shard chains amplify transaction speed, the root chain ensures that the system remains secure and resistant to potential threats. By doing so, QuarkChain aims to maintain the core values of blockchain – decentralization, security, and scalability – in a harmonized manner.

Source: quarkchain.io

Collaborative mining, developed by QuarkChain, is a novel strategy for upholding the network’s decentralization and security. This mining technique addresses centralization concerns inherent in many blockchain ecosystems by encouraging broader participation and fairer distribution of rewards.

In traditional blockchain systems, larger mining pools tend to dominate, sidelining smaller miners. QuarkChain’s collaborative mining, however, ensures that miners with different hash powers have proportional chances to mine new blocks. This is achieved by designating specific shards to certain hash power ranges, ensuring that small and large miners can contribute and earn rewards in proportion to their computing power.

Moreover, to bolster security, QuarkChain mandates that 50% of the network’s hash power is allocated to the root chain. This prevents any single shard from amassing an undue amount of power, which could jeopardize the network’s integrity.

Collaborative Mining exemplifies QuarkChain’s commitment to inclusivity and security. By leveling the playing field for miners of all scales and reinforcing the network’s defenses, QuarkChain ensures a resilient, decentralized, and equitable blockchain ecosystem.

Source: quarkchain.io

Consensus Mechanism

QuarkChain utilizes a distinctive consensus algorithm named Proof of Staked Work (PoSW), an innovative blend of Proof of Work (PoW) and Proof of Stake (PoS). While the root chain employs PoW for robust security, miners must stake QKC in proportion to their hash power, ensuring balanced participation. PoSW mitigates the dominance of mining pools and raises the stakes for potential attacks. This system not only fosters security through high hash power but also strategically incorporates PoS to minimize energy consumption. Future expansions anticipate incorporating diverse consensus mechanisms into the network’s shards.

QuarkChain Use Cases

QuarkChain’s versatile network design has positioned it as a prime candidate for many applications. Foremost, its technology shines in artificial intelligence, big data, and the Internet of Things. Beyond this, QuarkChain’s robust infrastructure makes it a natural fit for mobile decentralized applications (dApps), creating an Android-friendly ecosystem, incentivized by QKC tokens to spur developer engagement. Importantly, QuarkChain smart contracts are EVM (Ethereum Virtual Machine) compatible, ensuring seamless integration and enhanced versatility for developers familiar with Ethereum’s ecosystem. This means developers can use Solidity, the primary smart contract programming language for Ethereum.

These features pave the way for innovations in blockchain-based gaming, social networking, online storage, and sharing economy platforms. The native QKC token, besides facilitating secure payments between network participants, covers transaction fees and incentivizes constructive community contributions. Its compatibility as an ERC-20 token also allows for trading on external exchanges and integration into Ethereum’s burgeoning decentralized finance sector.

In essence, QuarkChain emerges as a multi-faceted solution tailored to meet the ever-evolving demands of the digital age.

What is the QKC Coin?

QKC is QuarkChain’s native cryptocurrency, used for transactions, incentives, and fees. Its maximum supply is capped at 10 billion units, of which 6.4 (64%) are already in circulation (August 2023).

The QKC coin, QuarkChain’s intrinsic cryptocurrency, plays a pivotal role in its blockchain ecosystem. QuarkChain’s ICO in June 2018 reached its $20 million hard cap, with a 10 million QKC total supply. The token distribution was: 20% for the token sale, 45% for mining, marketing, and community, 15% for both the QuarkChain foundation and team, and 5% for advisors. While mining might cause slight QKC inflation, the team and foundation’s tokens have a two-year vesting period, ensuring commitment and long-term stability.

The token serves as a trustworthy medium for payments and settlements among users of the QuarkChain network. Unique in its mining approach, it adopts the Proof of Work (PoW) methodology. However, before diving into mining, participants must stake a certain amount of QKC, a strategy aimed at mitigating inflationary pressures. This approach to distribution has been further enriched by various StakeDrop events.

Venturing beyond standard utilities, 2021 marked QuarkChain’s embrace of “multi-native tokens,” allowing custom tokens for specific applications within its network. While these tokens parallel QKC in their utility and value, they distinctly lack governance features; unlike QKC, they do not offer voting rights for network administrative decisions. Altogether, QKC is not merely a currency but the cornerstone of QuarkChain’s dynamic network.

QuarkChain Ecosystem

The QuarkChain ecosystem, grounded in sharding technology, stands out as a global pioneer in implementing state sharding for blockchain. Its main wallet, QPocket, provides a secure gateway for users to manage assets and interact with dApps. QuarkChain’s defining features include:

• Super Flexibility: It’s unique in its ability to support multiple consensus algorithms, transaction models, ledgers, and multi-token economics. This adaptability allows for a tailor-fit approach to various industries, enterprises, and DApps.
• High Scalability: With an ambitious goal of achieving 100,000+ on-chain TPS, QuarkChain’s two-tiered structure promotes decentralized mining, either at the root or shard level.
• Great Usability: The platform supports any native token for individual shards and boasts scalable cross-shard transactions. One account grants access across all shards, and QPocket streamlines management.

Strategic partnerships propel QuarkChain further:

• Chainlink: QuarkChain’s integration with Chainlink enhances its blockchain application capabilities. This integration implies an enhancement in the utility and versatility of its smart contracts. It allows QuarkChain’s decentralized applications (dApps) to access trusted external data sources and APIs, making them more dynamic and useful across a broader range of applications. \

• CertiK: In alliance with CertiK, QuarkChain fortifies its ecosystem’s security. CertiK, backed by a team from Silicon Valley, Yale, and Columbia, brings its innovative DeepSpec formal verification, ensuring enhanced security for smart contracts. CertiK’s legacy includes the CertiKOS anti-hacking operating system, further strengthening QuarkChain. \

• DxChain: QuarkChain’s partnership with DxChain aims to construct a comprehensive blockchain infrastructure. DxChain’s “chains-on-chain” design addresses the industry’s storage and computational challenges, dovetailing seamlessly with QuarkChain’s mission to boost transaction speeds. \

Together, these collaborations and features position QuarkChain as a robust and evolving blockchain ecosystem.

QuarkChain is transitioning into an Ethereum Layer 2 solution, tapping into Ethereum’s dominant market position. This strategic evolution leverages QuarkChain’s sharding technology, enhancing Ethereum’s performance and potential. Partnering with EthStorage, they aim to expand storage capacities dramatically, addressing Ethereum’s scalability and cost challenges.

Additionally, QuarkChain supports the Web3 Access Protocol, further decentralizing web resources. As they redefine their approach, QuarkChain boosts marketing endeavors, starting with a collaboration with BSC Station, enhancing their outreach.

Is QuarkChain a Good Investment?

QuarkChain’s technological foundation presents compelling arguments. The platform boasts a robust consensus mechanism, a harmonious blend of Proof of Work and Proof of Staked Work, which balances security and energy efficiency. This design, coupled with its state-sharding technology, positions QuarkChain to achieve impressive transaction speeds potentially, a benchmark many in the industry aspire to.

Its ability to support multiple consensus algorithms, transaction models, and ledgers provides a level of adaptability not commonly found, allowing it to cater to diverse industry requirements. Furthermore, its partnerships, like the integration with Chainlink, signify forward momentum. Investors considering QuarkChain should, apart from doing their own research, thoroughly assess its technical merits, roadmap, and strategic alliances as indicators of its potential long-term value.

How to Own QKC?

To own QKC, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy QKC.

News on QuarkChain

Although it is not very recent news, it is still important to report two other important strategic collaborations QuarkChain has forged. On one front, QuarkChain joined hands with VIW, focusing on NFT verification. Through this partnership, VIW provides its Enterprise NFT verification to QuarkChain, facilitating enhanced smart contract deployment like ERC721, ERC1155, or VIW’s unique Watermark. Further leveraging the introduction of QuarkChain’s Web3 URL standard, ERC-4804, they aim to elevate NFT storage and security standards. VIW, based in Seoul, is a pioneer in resolving NFT security issues.

In another development, QuarkChain partnered with Handy Labs, a blockchain-centric forecasting platform. This collaboration seeks to merge blockchain technology and cross-marketing strategies. Handy Labs, renowned for its ‘Handy Pick’ forecasting platform and ‘King of Planets’ NFT content, aims to harness QuarkChain’s sharding technology, promising greater stability and scalability for its over 3.6 million users.

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