QuarkChain Founder Qi Zhou AMA with Binance

https://quarkchain.io/

QuarkChain Founder today had an ama with binance over telegram . Binance representative asked 5 to the point question to which Qi responds in elaborate manner .
Below you can find all 5 questions and their wonderful answer .

Binance :

May i ask you to give us a brief intro on yourself and your role in QuarkChain please?

Qi Zhou :

I am Qi Zhou, Founder of QuarkChain. I used to work at Facebook, Google, EMC/DELL, focusing on their large-scale high-performance systems, with the major key tech being sharding :)

We started QuarkChain with HQ in Silicon Valley, now we have offices in both China and Korea.
Our engineers came from world-class companies such as Google and Facebook with extensive experience in large-scale distributed systems.
Besides our excellent engineers, we also have exceptional researchers from top-notch universities.
QuarkChain is a flexible, scalable, and user-oriented blockchain infrastructure by applying blockchain sharding technology.
A key technology that is widely used in Google, Facebook to meet their global user needs.
To our best knowledge, it is the first public chains that successfully implemented state sharding technology within clusters for blockchain in the world, which ETH2.0 is also working towards to.
We made lots of achievement during the past year, and now our mainnet ‘Singularity’ will be launched on tomorrow 4/30 :)

• Over 60k people participated in our ICO and 5000 got whitelisted.
• We official debuted on Binance in early June right after ICO
• Our code is open-sourced in September 2018 and a TPS competition was held within the community, the champion reached over 55k+ TPS by utilizing QuarkChain open sourced code
  We also make a lot of contribution in blockchain research. E.g., we present our paper and host a training session on blockchain in IEEE conferences, and we have several other papers that are pending for review.
• Since we started our public testnet from early Dec. last year, the public testnet has evolved 6 major versions, and mining was open in the testnet as well .

Binance :

what are the most important features for QuarkChain mainnet?

Qi :

There are three main features for QuarkChain: Scalability, Flexibility, and Usability.
For scalability, we believe we offer better tradeoff for blockchain trilemma in terms of scalability, decentralization, and security:
QuarkChain aims to deliver 100,000+ on-chain TPS.
Currently, 55000+ peak TPS has already been achieved in TPS competition held within community.
In addition, we allow smaller miners to contribute to the network directly instead of joining miner pools (better decentralization)
And all transactions are protected by strong hashpower of rootchain.
For flexibility, QuarkChain can support multiple consensuses, multiple transaction model ( including virtual machines VMs), ledger, and token economics in one network.
This means that QuarkChain can easily adapt to any blockchain innovations such as new consensus, transaction model ( including VM), ledger or token economics by just adding new shards lol.
Currently network supports PoW and Proof of Staked Work (a hybrid PoS/PoW consensus). In addition, we allow different miners with different mining algorithms (GPU, CPU, or ASIC) to mine QuarkChain concurrently.
For ledger model, we adopt EVM at the moment, but will quickly evolve to other VMs and privacy-preserved ledger model in the future.
Finally, for usability, QuarkChain supports multiple native tokens - each shard is able to have their own token economics. QuarkChain also supports scalable cross-shard transactions. Even better, there is only one account required to access entire resources in all shards, and smart wallet seamlessly simplifies the management.

Binance :

What the critical problems do you see occuring in the blockchain industry nowadays? How does QuarkChain aim to solve these problems?

Qi :

Many people know the hard forking of BCH. The basic reason for this hark forking is simply because SV has different vision compared with ABC. This kind of hard forking is quite common in the crypto world.
With the born of BTC, the miners grew up quickly. Later, LTC was born. It forked BTC’s code and added new hash algorithms, as a result, the original mining community got split. Some miners persisted in mining with BTC, but some others switched to mine LTC.
All those hard forks not only split communities, damage price but also dilute the hash power. Moreover, it makes the so-called 51% of attacks become easier since you don’t really need to reach 51% to attack the network. This was proved by ETC attack already.
As I mentioned above, most public blockchains (such as Bitcoin, Ethereum, etc) have a fixed combination of 4 components:

• consensus (POW, POS, DPOS, PBFT)
• Transaction Model (BTC transaction model, different virtual machine, Privacy transaction model)
• Ledger (UTXO, Account Model)
• Token Economics
  Current public blockchains are designed with the fixed combinations and aren't flexible or adaptable for others. So when BCHSV and BCHABC want to have different combinations of the 4 components to achieve their vision, no infrastructure allows that. However, with QuarkChain 2.0 it allows different combinations existing in the same infra by choosing different combinations of these 4 components in each shard of QuarkChain.
  Hard forks, such as the recent BCHSV fiasco, become obsolete since QuarkChain enables different paths existing in the same infrastructure through different shards. In this way, hash power will not be diluted and the community will not be split. Instead, the community and hash power will grow stronger as more shards and more features are added into the network.

Binance :

Could you please elaborate about flexibility and how it could be used for different industries?

Qi :

Blockchain technology is rapidly growing and QuarkChain is not only keeping pace but ahead of the pack. From POW to POS, nobody knows which tech will be the next most efficient or most popular consensus in the blockchain area. QuarkChain has the adaptability built in for the future as well. When the next technology (whether it's a new consensus or a virtual machine) becomes available, QuarkChain will be able to easily adapt to it in different shards.
For example, games will prefer DPOS since the confirmation time is short. With QuarkChain each shard can be customized for the combination of consensus, transaction model (including VM type), ledger, and token economics for the specific applications (such as gaming)
Another example is that, assuming that a shard of QuarkChain implements the function of privacy token (just modifying the transaction model), users can easily put QKC or other native tokens on the shard of privacy token, and then directly do privacy transactions. All processes are decentralized, complete the transaction, and all other shards can enjoy the benefits of privacy token.
We believe in this way, every shard community could enjoy the benefits of others, and make the whole community stronger.

Binance :

Why is a Native token an important feature?

Qi :

Supporting native token makes it possible to have different token economics in the different shards. Everyone knows that the token generated by ETH is erc20, all tokens created by QuarkChain can be native token.
Whether it is a dApp or vertical blockchain project, the token could have similar functions as the other native tokens - unlike ETH, there is a huge difference between the primary token (ETH) and the secondary tokens (ERC20). Thus, allowing each project developing on QuarkChain to independently design their own token economics and paying with different native tokens instead of using ETH for ERC-20 transactions in ETH network.
Also, as QuarkChain adds features in the infrastructure, all other tokens in QuarkChain will enjoy the benefits of the whole ecosystem. For example, when a privacy shard is built into QuarkChain, all other tokens in the QuarkChain network will enjoy the benefit of privacy cryptocurrency. Multiple native token support will greatly enhance existing dApps and QuarkChain believes it should be an important feature of next-generation blockchains.

My Question :

There has been a lot of FUD recently with what Quarkchain did with their "LOCKED" tokens. To clear this FUD on a big stage, can you please clarify why the locked funds were moved?

I would say all the locked tokens are still in cold wallet, and to identify the locked tokens, please search our annoucenment "Wallets Holding Locked QKC Tokens Update" which contains all addresses with locked tokens.