What is QuarkChain?
QuarkChain (QKC) is a revolutionary blockchain platform that aims to provide a highly secure, decentralized, and scalable solution for users. The network is designed to handle 100,000+ TPS (transactions per second), making it an ideal platform for high-throughput applications such as social media, IoT, gaming, high-frequency trading, and payments.
The QuarkChain whitepaper explains that the platform was created to address the three main challenges of current blockchain technology: security, decentralization, and scalability. The current blockchain technology has two basic functionalities in each block: a ledger that performs transactions and records the results, and confirmation, which involves presenting the result of the transactions and mining the block to reach the desired difficulty.
QuarkChain (QKC) addresses these issues by using a novel sharding-based blockchain architecture to increase transaction speed. The network is divided into two layers: an elastic sharding blockchain layer that contains a list of shards (minor blockchains) that process subsets of transactions independently, and a rootchain that confirms all blocks from the sharded blockchains. This allows for more transactions to be processed concurrently, thereby increasing the system's capacity.
The QuarkChain network also aims to be more decentralized, creating a cluster that functions as a complete node itself, which ensures decentralization. Additionally, the platform restricts miners from attaining more than 50% of computational power, which secures the ecosystem from mining attacks.
QKC is the primary and native utility token of the QuarkChain network. It follows an ERC20 standard and is used as a unit of exchange between participants on the network. The token can also be used for paying the costs of computational resources, and is distributed as a reward to encourage community participation.
In terms of history, QuarkChain was founded in 2017 by a team of experienced blockchain developers and researchers. The project raised funds through an initial coin offering (ICO) in 2018, selling over 2 billion QKC tokens. Since then, the team has been working to develop the QuarkChain network and bring it to the mainstream.
One of the major milestones in the history of QuarkChain is the launch of its mainnet in April 2019. This marked the beginning of a new era for the project, as it allowed users to start utilizing the network and its features. Since then, the team has been continuously working to improve the network and bring new features to it.
Another significant achievement of the QuarkChain project is its partnerships with several well-known companies in the blockchain and crypto space. These partnerships have helped to increase the visibility and credibility of the project, and have also helped to bring new users and developers to the network.
Overall, QuarkChain (QKC) is a promising project that aims to address some of the major challenges facing the blockchain industry today. With its high-throughput network and advanced sharding technology, it has the potential to become a leading blockchain solution for a wide range of use cases. As the demand for fast and secure blockchain technology continues to grow, QuarkChain (QKC) is well positioned to play a significant role in the future of the industry.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
Stay ahead of the competition by accessing high-quality data, advanced tools, and expert research.Try for Free