Blockchain and distributed ledger technologies are in the process of revolutionizing the financial systems of the world. However, with the transaction volume of global electronic payments constantly growing, blockchain-based networks don’t currently have enough capacity to handle the world’s commerce. While many are working on solutions to scalability issues, this can often mean compromising on security and decentralization. QuarkChain aims to meet global commercial demand without making any sacrifices.
In order to solve the scalability problem, the QuarkChain team leveraged their extensive experience and technology called state sharding in the centralized world of developing large-scale distributed systems which can handle billions of transactions per second. By applying these mechanisms to blockchain, the QuarkChain Network has expanded the usability of the technology while retaining its secure and decentralized nature.
The QuarkChain Network is an innovative permissionless blockchain architecture which employs what’s known as a reshardable two-layered blockchain. The first layer is made up of shards (smaller partitions of the blockchain) and the second layer is a root blockchain where blocks from the first layer are confirmed.
The first layer can be resharded without the need to change the root layer, which gives the blockchain flexibility. QuarkChain can meet the requirements of various decentralized apps (dapps) and industries as it can support multiple types of transaction model, consensus, ledger, and token economics within the same network. As QuarkChain is compatible with the Ethereum virtual machine (EVM), it can support any dapp currently deployed on Ethereum, and developers will have more choice in the future as there are plans to integrate more virtual machines.
The network achieves scalability without great expense as transactions can be processed by multiple cheap nodes forming a cluster. QuarkChain has already achieved more than 130,000 transactions per second (TPS) and aims to deliver over 1,000,000 TPS on-chain.
The security of transactions is ensured through incentives and market-driven collaborative mining. Double spending attacks are prevented through a framework in which at least 50% of overall hash powers are allocated to the root chain. QuarkChain also provides efficiency as cross-chain transactions can be issued at any time and confirmed in minutes, with their speed increasing with the number of shards.
The project was financed by a range of investors which are well-known in the blockchain space, including Hashed and Distributed Digital. Earlier this year, the QuarkChain mainnet 2.0, dubbed “Big Bang”, was launched, which provided higher flexibility and a more comprehensive ecosystem.
The native utility token of the QuarkChain network is called QKC and was initially distributed as ERC-20 tokens, though they migrated to the QuarkChain Network blockchain when it launched. There will be a maximum supply of 10 billion QKC.
QKC is designed to be a value carrier as well as a transaction currency. The token is required to pay for deploying smart contracts and the consumption of computational resources on the network. QKC must be used to pay the fee for every transaction on the QuarkChain Network – similar to Ethereum. However, these fees are very low due to the blockchain’s powerful transaction processing capability. The cryptocurrency is also distributed as incentives to encourage the community to contribute to the system.
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