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Author Topic: QUARKCHAIN - The Future of Digitial Transactions  (Read 160 times)
gwensarah1 (OP)
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May 14, 2018, 05:15:00 PM
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In the past, transactions used to be in various form involving physical contact, which can be viewed as both stressful, time consuming and mostly insecure. however, with advancement in technology, transactions have so evolved that even the credit card means of payment that was once viewed as a marvel to reckon with is gradually going out of phase.


Although, the efficiency of commercial institutions as regards to the number of transactions per seconds is unparalleled, it still suffers from myriad of limitations.

 
Shortly after the 2008 global financial crash, the world was in need of a more stable system. This was when Satoshi Nakamoto came up with a new peer to peer financial system using a digital crypto currency called bitcoin via blockchain technology.  
Since people are tired of centralized power meddling with economic system, many perceived this system as a better way of doing things. Simply put Blockchain is a non-disruptive way to track data changes over time.  
What is so special about the blockchain technology is that it is designed to be decentralized and distributed across a large network of computers. This reduces the ability of data tampering. Another unique feature is that it creates trust in the data, because before a block can be added to a chain a few things have to happen; first a cryptographic puzzle has to be solved by a network of computers known as miners. The computer that solves the puzzle shares it with the other network of computers, this is called proof of work. The network would then verify this information and if correct, the block would then be added to the chain. The combination of this complex math puzzle and verification by many computers that are in various locations ensures that we can trust any block added to the chain as authentic.  
It is quite evident that most of the reasons people involve intermediates in their financial transactions is due to lack of trust. Since blockchain technology by default has trust built into it, we can reduce a tremendous amount of time and money by bypassing any intermediate and interact directly.  
With the features of decentralization, trust which encompasses security and the absence of intermediates coupled with blockchain unique ability to tackle the double spending menace that has plagued digital transactions, this gives blockchain the potential to revolutionize the way we interact and conduct transactions with one another.
  
 
Now, many of you might be lucky to know what blockchain is all about, thanks to the internet. But what most of you don’t know is that only about 0.03% of the world know about Blockchain Technology. That is approximately the population of Manhattan in New York City. This is a major issue in the sense that to project the progress of a system you have to completely understand its strength and weakness. This lack of understanding of the future of blockchain technology led to a bitcoin user to use about 10,000btc to purchase two pizzas back in 2010 (The equivalent of which in current day would get you at least a dozen fully equipped duplexes in Palm Jumeira, Dubai).

The Challenges Associated with the Blockchain Technology
 
Now, this is where it gets really interesting. Although, blockchain is the best thing that has happened since the discovery of a commercially viable lightbulb by Edison ( or probably since the advent of the internet) , in its quest to improve on security and decentralization it suffers from a major limitation, which is the number of transactions per seconds. To fully buttress this limitation let us look at an example. Bitcoin using block chain technology has a rate of 10-20 transactions per second (TPS). In contrast, visa claims to have 56,000 TPS and Alipay has achieved 200,000+ peak TPS in November 2017.
Obviously, if the block chain technology aims to take over the world, which has about 7 billion people, in transaction and storing digital content it would need to do better.





Let us assume that 3billion people need to perform various transactions at the rate of 10 TPS. It would take approximately 10years to carry out all transactions (That’s enough time for an apple tree to be planted and yield fruit or more succinctly for a newly born to get as far as high school).
 
Without doubt this might appear to be a trivial issue, especially if you are a tech savvy person (After all a world that has come up with so many convoluted technologies like our smart phones and even some advance incomprehensible sensors, should not have problem improving transaction rates), however a major trade-off to scalability would be to sacrifice Security and decentralization, which is like the backbone of the blockchain technology. This is similar to a car owner whom with the aim of improving the speed of the car, opted to reduce weight of the car by taking out the doors and seats, and inadvertently sacrificing security and comfort.

Introducing Quarkchain


 
To solve this major Trilemma Qi Zhou an expert in high performance systems with 15+ years development experience who holds a PhD from Georgia Institute of Technology came up with an innovative idea called the Quarkchain; A high capacity peer-to-peer transactional system.
Quarkchain offers a transaction rate of about 1,000,000+ transactions per sec. In order to fully appreciate this speed, let us revisit the example of 3billion people performing transactions via Quarkchain that would take less than an hour to complete, as opposed to the earlier estimate of 10years inherent in the blockchain technology.
 Quarkchain is so unique and cutting edge in the sense that it aims to achieve the ability to perform secured, decentralized and faster transaction using a unique technology of  double layers of blockchain to achieve scalability without sacrificing security and decentralization.
 
Some of the basic features of quarkchain are as follows:

• Enhancing the scalability while guaranteeing security and decentralization.

• Enabling seamless cross-shard transaction for user quality of experience.

• Simple account management for clients.

• Open standard to support various dapp.

• Incentive-driven eco-system.

In plain words Quarkchain uses features such as collaborative mining, node clustering and two layers. While the root chain layer is running proof of work and the throughput of cross-shard transactions could be sealed linearly as the number of shards increases. Also it would support smart contract via the Ethereum virtual machine.

 

An important point to note is that quarkchain would also support smart contract as well as other off-chain transactions. It also supports simple account management which would allow you to perform transactions from all shards from a single point.
Given the above specifications and the experienced team in the quarkchain organization, there is no doubt that quarkchain would shape the future on how human transact both digital content, digital currency and various product using blockchain technology. In a nutshell if the blockchain technology is a conventional basic form of transport in the world of cars, quarkchain is a Lamborghini (faster and more robust).
 
Mark Twain says and I quote “20years from now you would regret the things you didn't do far more than the things you did“. Right now the world has become so dynamic that the above quote should be modified to read “20days from now, you would regret the investment/opportunities you didn't make far more than those you did".

Quarkchain Collaborators



Roadmap and Timeline



Team and Advisors



ICO OVERVIEW




TOKEN SALE: MAY – JUNE (NO EXACT DATES)

TICKER: QKC

TOKEN TYPE : ERC20

TOKEN PRICE:  1 ETH = 31533 QKC (Private sale bonus: 25%)

FUNDRAISING GOAL: 20,000,000 USD

TOTAL TOKENS: 10,000,000,000

AVAILABLE FOR TOKEN SALE: 20%

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TELEGRAM :

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KYC DETAILS EXPLANATION  


I BELIEVE QUARKCHAIN WOULD REVOLUTIONIZE THE FUTURE OF DIGITIAL TRANSACTIONS, WHAT DO YOU THINK?
seo-maestro
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May 14, 2018, 05:53:36 PM
 #2

QuarkChain potentially can be Etherium killer with higher speed sharding blockchain. I want to buy this coin on Exchanges just after listing while price is low because it's impossible to invest in QuarkChain in ICO stage.
gwensarah1 (OP)
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May 14, 2018, 06:01:14 PM
Last edit: May 15, 2018, 09:28:18 AM by gwensarah1
 #3

QuarkChain potentially can be Etherium killer with higher speed sharding blockchain. I want to buy this coin on Exchanges just after listing while price is low because it's impossible to invest in QuarkChain in ICO stage.

I don’t think it’s impossible to invest during the ICO stage, if you’ve already been selected , you just have to be fast enough or rather wait till it hits exchanges
Moore234
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May 14, 2018, 07:30:13 PM
 #4

Quarkchain is an outstanding project. I read through it and I think I'm gonna invest in this project.
Hughesy26
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May 14, 2018, 07:42:22 PM
 #5

I'm sure it's too late to invest...think you had to be in the telegram by 8 May AND be selected for KYC.

If I am wrong please correct me as I would love to get involved in this ICO. However I think we must just wait patiently until it hits exchanges...

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Alex09012004
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May 14, 2018, 07:47:57 PM
 #6

Very promising project with ambitious plans. I would like to invest, but considering that only 5k people will be able to do it, looks like it will be almost impossible, because they have more than 80k people in Telegram. I guess when Quarkchain will be added to exchanges, this project can easily make x5 in the first day.
ChoobyMaverick
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May 14, 2018, 08:12:40 PM
 #7

I know of projects nailing thousands of tps but I've yet to see one with a million tps in the least. The QuarkChain team are up on a good course with blockchain scalability issues and I think a success at this would revolutionize the entire ecosystem. I look forward to seeing how the team achieves this
gwensarah1 (OP)
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May 14, 2018, 10:21:31 PM
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Very promising project with ambitious plans. I would like to invest, but considering that only 5k people will be able to do it, looks like it will be almost impossible, because they have more than 80k people in Telegram. I guess when Quarkchain will be added to exchanges, this project can easily make x5 in the first day.

I see your point, so if you can’t get it during the ICO at a cheaper price, would be good to get hold of it immediately it hits exchange.
saycryptohello
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May 14, 2018, 11:00:59 PM
 #9

On paper, everything looks great. The team has a strong project, let's see how it will be with the implementation.
gwensarah1 (OP)
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May 15, 2018, 06:42:30 AM
 #10

On paper, everything looks great. The team has a strong project, let's see how it will be with the implementation.

Yes the implementation is the most important, can’t wait for the actualization of all that has been included in the roadmap
gwensarah1 (OP)
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May 15, 2018, 09:26:53 AM
 #11

I'm sure it's too late to invest...think you had to be in the telegram by 8 May AND be selected for KYC.

If I am wrong please correct me as I would love to get involved in this ICO. However I think we must just wait patiently until it hits exchanges...

Frankly it’s too late now, you need to get 60 points for contribution, you just have to wait till QKC hits exchanges
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