Even since the invention of the blockchain by Satoshi Nakamoto in 2008, blockchain technology has undergone mass adoption in the decentralization of various ecosystems, with businesses from various sectors adopting blockchain technology for transactions. As the adoption of blockchain technology increases, the inherent limitations of the technology used in the development of a particular blockchain becomes more pronounced, the major one being the issue of scalability; the number of transactions that can be processed per second. Also, as the numbers of users and transactions increase, the cost of transactions has increased exponentially, causing users to pay higher fees for the faster processing of transactions.
QUARKCHAIN has been developed as a secure, scalable, permissionless, and decentralized blockchain architecture. Utilizing sharding technology which involves the horizontal partitioning of data in order to break a database into smaller parts and increase the rate of processing, Quarkchain is capable of processing over a million on-chain transactions per second, ensuring that it can be used as a platform for global transactions.
Quarkchain employs a dual-layer blockchain system, with the first layer being the elastic sharding blockchain consisting of small blockchains called shards, with each of them independently processing a subset of transactions. The root blockchain is the second layer which processes the transactions from the first layer.
ON-CHAIN AND OFF-CHAIN TRANSACTIONS: Quarkchain has been developed to support both off and on-chain transactions. Transactions that need to access external data not on the Quarkchain blockchain(off-chain) are implemented by converting the tokens by an adapter and performing the transaction like a cross-shard transaction, thereby making it possible to communicate between blockchains.
ENABLING AND EXECUTING SMART CONTRACTS: Quarkchain supports smart contracts by utilizing the Ethereum Virtual Machine (EVM). Decentralized applications(dApps) built on the top of the EVM can be deployed on the Quarkchain platform.
ACCOUNT MANAGEMENT (PRIMARY AND SECONDARY ACCOUNTS): The platform allows users manage all addresses in all shards via a private key, this means that a user can have the same number of addresses as the number of shards. Account management is simplified by defining two accounts, with the funds being held in the primary account, and the secondary account coming into use in the case of transactions that requires the temporary holding of funds. The smart wallet makes account management easier for both making transfer and managing transactions with smart contracts.
The Quarkchain token QKC will be the native token of the platform and will have various uses with the ecosystem, some of which are:
- Payment for transactions within the Quarkchain ecosystem, and serving as the value carrier of the platform. As a result of the superior capability of the Quarkchain blockchain, transaction fees will be very low.
- QKC will be used as rewards to motivate the community, to promote continuous development within the ecosystem.
QKC is being offered to the public and participants of the token sale are required to pass Know Your Customer(KYC/AML). The hard capitalization is $4 000 000 USD and the price of QKC has been pegged at 1 ETH for 31533 QKC.
Quarkchain has gone into partnership with businesses across various sectors, ranging from telecommunications to content-based social media, proving the adaptability and usability of the Quarkchain architecture.
For questions and inquiries, use any of the links below:
WEBSITE: https://www.quarkchain.io/
WHITEPAPER: https://www.quarkchain.io/QUARK%20CHAIN%20Public%20Version%200.3.2.pdf
TELEGRAM: https://t.me/quarkchainio
TWITTER: https://twitter.com/Quark_Chain
FACEBOOK: https://www.facebook.com/quarkchain.io
MEDIUM: https://medium.com/@quarkchainquark
GITHUB: https://github.com/QuarkChain
Awesome article
thanks. The project is a remarkable one.