What Is QuarkChain (QKC)?
QuarkChain (QKC) is a permissionless blockchain architecture that aims to provide a decentralized, secure, and scalable blockchain solution to users. The platform aims to deliver the speed of 100,000+ on-chain TPS (transactions per second). Thus, QuarkChain aims to build a high-throughput network to support applications such as distributed social media, the Internet of Things, gaming, high-frequency trading, and payments.
According to the QuarkChain whitepaper, the platform aims to solve the three main challenges of the existing blockchain: security, decentralization, and scalability. The current blockchain technology includes two basic functionalities in each block within the chains. First is the ledger that performs transactions, includes the current ledger state, and records the results of every transaction occurring on the chain. The key property of a ledger is to be data-intensive. The limited data size that can be packed into a block is one of the bottlenecks of current blockchains. Second is the confirmation that involves presenting the result of the transactions from the ledger followed by mining the block to reach the desired difficulty.
Based on the above observations, the QuarkChain network was developed with the motive to offer two main functions into two layers while adopting the divide-and-conquer idea. Quarkchain (QKC) uses a novel sharding-based blockchain architecture to increase transaction speed. The network contains an elastic shorting blockchain layer containing a list of shards (minor blockchains). Each shard processes the subsets of all transactions independently. With the increased number of shards, more transactions can be processed concurrently, thereby increasing the system’s capacity.
Moreover, the QuarkChain network has a rootchain (a mechanism to increase the transaction’s confirmation speed on the blockchain) that confirms all blocks from the sharded blockchains. Since the root blockchain is not economically efficient, it does not process any transactions. The QuarkChain network aims to support additional shards in an active network to offer both scalability and security.
The QuarkChain network caters to the blockchain issues in the following ways:
Scalability: Advanced shorting technologies have been used to improve the system capacity. Thus, the shorting technology allows the network to facilitate more transactions per second without hampering scalability.
Decentralization: As the computational power of a single blockchain network increases, the expected return time of novice or weak miners grows significantly. Thus, this process allows such miners to join a mining pool to collect their rewards. This increases the centralization as opposed to the core value of a blockchain. However, the QuarkChain network aims to be more decentralized and creates a cluster that works as a complete node itself while making the system decentralized.
Security: The platform restricts the miner from attaining more than 50% of computational power, which further secures the ecosystem from mining attacks.
QKC is the primary and native utility token of the QuarkChain network. QKC follows an ERC20 standard. The token is used as the unit of exchange between participants on the QuarkChain network. Further, the use cases of QKC include:
Value carrier: QKC is a value carrier.
Transaction currency: QKC is the fuel of the network and is used as a unit of exchange. The token is also used for paying the costs of the consumed computational resources.
Reward contribution: QKC is distributed as a reward to encourage the community to contribute continuously towards the system.
History of QuarkChain (QKC)
Qi Zhou is the founder and CEO of the QuarkChain network.
How Are New QuarkChain (QKC) Tokens Created?
The QuarkChain network uses PoSW (proof of staked work, a combination of proof of work and proof of stake). PoSW offers miners the benefits of lower mining difficulty by staking mainnet QKC tokens. Further, PoSW enables a division-and-cooperation mechanism in which token holders and miners can efficiently work together on mining and share the profit afterward.
How Many QuarkChain (QKC) Tokens Are There?
The total QKC token supply is fixed at 10 billion.
How to Buy QuarkChain (QKC)
The QKC token can be traded on an exchange, including Coinbase. It's simple, secure, and easy.
