Quarkchain is a new blockchain project that aims to achieve a perfect balance between decentralization, scaling and security. With over 1 million transactions per second, the project should not only eclipse well-known blockchains such as Bitcoin and Ethereum, but also put transaction giants such as Visa and Co. in their pockets. An ambitious goal that is being tackled by the Quarkchain team. And the team, which consists of former employees of Google and Facebook, is impressive. More below.
Token, token price and presale
The QKC token will initially be an ERC-20 token. Since Quarkchain creates its own blockchain, however, the ERC-20 tokens are converted into tokens that are tailored to its own blockchain when the mainnet is launched.
At the private sale round of Quarkchain 16 million USD were collected for a value of 39416 QKC / ETH. At the ICO the course will be 31533 QKC / ETH. This resulted in a bonus of 25%. Unfortunately, there is only $4 million left for the ICO, as the hardcap should not exceed $20 million.
Token distribution and Bitcoin Code market cap
Taking the current value of $740 / ETH at hand, the market capitalization is over USD 200 million at QKC 10 billion at $0.023 each, which is unfortunately too high for us. The token distribution is thus also less than 20% for Bitcoin Code investors fortunately, however, the tokens of private sales are blocked for a certain period of time. For the first 4 months 10% of the tokens are released by the presale every month, then 20% / month. We have a plus point for that.
The overall score for the Quarkchain Token Metrics is 2.6/5 points.
Quarkchain project details
Quarkchain wants to solve nothing less than the current blockchain trilemma. On today’s blockchains, all data such as account data, contract codes and transactions from all nodes are still validated. This ensures a high degree of decentralization and security/transparency, but it also severely limits the scalability of transactions per second. In short: The current blockchains are extremely slow. Despite Segwit implementation, Bitcoin only achieves about 12 transactions per second (tps). At up to 15 tps, Ethereum is also far too slow compared to visas and the like, which handle over 50,000 transactions per second. Increasing scaling in turn harms decentralisation or security… Our current blockchains are facing a trilemma!
While Bitcoin Code is now tryin
While Bitcoin is now trying a new approach with the Lightning Network, Ethereum is also developing various possibilities. But it could take years before the scaling problem is finally solved, because changes to an already running blockchain can only be carried out with great care and therefore take a correspondingly long time. With Quarkchain, a new Bitcoin Code project is now in the starting blocks, which, if the project succeeds, could take over from Ethereum and Co.
That’s how Quarkchain wants to solve the problems:
The biggest innovation is splitting the blockchain into 2 parts: A root layer and a so-called sharding layer:
Many small blockchains (shards) process a part of all transactions every second, while a large blockchain (root blockchain) uses a proof-of-work method to combine the block headers of the individual shards into a “large” block and back them up on the blockchain every minute.
Many other mechanisms such as collaborative mining, node clustering and a hybrid proof of work procedure are to ensure not only scaling but also security and decentralization. Smart contracts should also be able to be executed via Quarkchain, which paves the way for decentralized applications.