QUARKCHAIN-RESOLVING SCALABILITY ISSUES

johnomonday (26)in #ico • 7 years ago (edited)

As global financial transaction strength in all electronics means of payment continue to grow, the low capacity of the present blockchain based networks will not be able to withstand the world’s commerce with time. On the other hand, a simple pursuit of scalability which sacrifices decentralization and security. Hence, the sole objective of blockchain is to extend the scalability to the highest point while maintaining absolute security and decentralization in an appropriate level.
Quarkchain is an innovative permission-less blockchain architecture that aims to meet the global-wise commercial standard.

The following are the most outstanding characteristics of Quarkchain:
 Reshardable two-layered blockchain: Quarkchain is made up of two layered blockchains, we apply elastic sharding as the first layer, and root blockchain as the second layer that confirms the blocks from the first layer. The second layer is flexible to be resharded as needed without changing the second layer.
 Guarantee security by market driven collaborative mining: To make sure the security of all transactions, a game-theoretic framework is designed for incentives, where at least 50% of overall hash powers are allocated to the second layer chain to avoid double spending attack on any transactions.
 Anti- centralized horizontal scalability: In any blockchain with a high TPS, a super-full node can be extremely expensive, which gives room for centralization. In contrast, Quarkchain allows multiple cheap nodes formimg a cluster to replace a super-full node.
 Efficient coss-shard transactions: Cross-shard transactions in Quarkchain can be issued at anytime and confirmation is within minutes. The speed of cross-shard transactions increases linearly as the number of shards increases.
 Simple account management: There is only but one account needed throughout the whole blockchains in Qaurkchain. All cryptocurrencies from different shards are stored in one smart wallet.

Our Technology
THE CHALLENGES FACING BLOCKCHAIN
There are majorly three challenges faced by blockchain, which include:
 Security issue:
As a transactional platform, the most important thing here is security, as a blockchain, it is a chain of digitally connected blocks, which makes it inherent that there is need for t-security.
The first blockchain are linked, which ,makes it difficult to tamper with a single record because an internet hacker would need to change the block containing that record as well as those linked to it to avoid detection.
Second, the transactions on blockchain are secured through cryptography. Network clients have their own transaction private key that is assigned to the transactions they make and act as a personal digital signature. If the record is altered, the signature will become invalid and the peer network will know right away that something has happened.
Third, blockchains are decentralized and distributed across P2P network that are continually updated and kept in sync with a specific consensus e.g. POW or POS.
 Decentralization issue:
Different from the centralized case, decentralizes storage and trading allow for drastic reduction in pricing, so that any company or even individual, not just the big ones, can leverage the technology.
 Scalability issue: Already existing scalability can be review in the following ways:
• Multiple blockchain.
• Lighting network.

QUARKCHAIN TEAM