QuarkChain
QuarkChain is a distinctive blockchain architecture that operates without the need for authorization. In addition, it employs blockchain sharding technology to offer an adaptable, scalable, and user-centric framework. The main goal of this blockchain was to create global business standards that could handle at least 100,000 transactions per second on-chains.
The main things that make this blockchain interesting are its scalability, low cost, and speed. This makes it good for all kinds of uses, including gaming, payments, high-frequency trading, distributed social media, and IoT.
The company's CEO, Qi Zhou, started QuarkChain in 2018. Zhou founded QuarkChain after serving as a software engineer for Google, Dell EMC, and Facebook following his pursuit of a PhD in Electrical and Computer Engineering at Georgia Institute of Technology.
QuarkChain made its testnet and QPocket wallet available in 2018, along with the ERC-20 QKC utility token. In 2019, QuarkChain launched its main net and organized a token swap to allow users to convert their ERC-20 QKC tokens to native QuarkChain main net QKC tokens, and vice versa. In 2020, staking was implemented, and in 2021, QuarkChain's main net 2.0, nicknamed BigBang, went live.
QuarkChain is a blockchain project that tries to eliminate the most prevalent issues that earlier generations of blockchains encountered. Blockchains like Bitcoin and Ethereum have ensured decentralization but at the cost of being scalable and flexible. Meanwhile, projects like XRP and Tether (USDT) are incredibly scalable, but they are centralized, so they are not the finest models of what the crypto industry is all about. QuarkChain wants to improve that by working on these problems. Enhances Flexibility: Its team asserts that it can adapt to blockchain innovations by merely modifying consensus or altering the transaction model, among other factors. All of this makes it incredibly flexible and adaptable, whereas other blockchains are largely limited to what they were designed for. Scalability: The system capacity has been increased by using advanced shorting technologies. So, the shorting technology helps the network handle more transactions per second without limiting its ability to grow.
QuarkChain uses a proprietary consensus technique known as Proof of Staked Work, which is a hybrid of Proof of Work and Proof of Stake. The root chain is powered by PoW, which maintains a suitable difficulty level for the blockchain's security, but only after a miner has staked a quantity of QKC corresponding to the hash power they intend to give. PoSW thus makes mining pools less attractive because the owner would have to buy a big stake. This also implies that a malicious actor would need to stake a huge number of tokens as well as 51% of the network's hash power to carry out a double-spend assault.
The use cases of QuarkChain are: Applications involving artificial intelligence (AI), the Internet of Things (IoT), and large amounts of data can all benefit from utilizing QuarkChain. It has an appropriate design and a solid structure to support mobile dApps. QKC exchange incentives function as a means of establishing an Android-friendly environment. QuarkChain's scalable technology can be used for social networks, games, web storage, and platforms for sharing. QKC coins can be used to conduct safe and secure payments.
DATE NEWS/EVENTS IMPACT 07/05/2022 TerraUSD and LUNA both collapsed and as a result, a number of crypto platforms folded in the aftermath -39% Decrease 14/09/2018 QuarkChain begins a strategic partnership with NH Investment & Securities +20% Increase
QuarkChain's revolutionary blockchain design solves the blockchain trilemma by being decentralized, scalable, and safe at the same time. QuarkChain's utilization of a two-layered architecture and sharding technologies enables them to achieve a high transaction throughput, which can greatly assist in meeting global commercial demands.
The QuarkChain Network is flexible enough to handle various consensuses, transaction models, and token economics all within one network, which is also EVM-compatible. Ethereum's dApp migration and potential use cases across industries like payments, social networks, gaming, and the Internet of Things have the potential to significantly expand the community in the near future.
