ICO Review: QuarkChain

askmecrypto (39)in #quarkchain • 7 years ago (edited)

Written by @Peterbenx (AskMeCrypto.com)

Idea:

Achieving scalability of Blockchain via enhanced application of Sharding

Ticker:

QKC

Token Type:

ERC20 (Will be swapped at MainNet Launch)

HardCap:

$20M

Price:

1 QKC = 0.00003 ETH = $0.0225 (If ETH = $750)

Total Token Supply :

10 Billion

MarketCap if 100% diluted:

$225M (If ETH = $750)

Crowdsale Dates:

TBA (Around End of May 2018 is expected)

Private Sale Max Bonus:

25%

PreSale Max Bonus:

No Presale

Crowdsale Max Bonus:

No Bonus

QuarkChain Overview:

QuarkChain would be utilizing Sharding Technology in an enhanced way to achieve a scalable and fast peer-to-peer transactional system using their own Blockchain.

1- Two layers Architecture; Sharding Layer and Root Layer:

a) Sharding Layer: Also known as SHARDS, it will be responsible for distributing data effectively achieving nice high throughput.
b) Root Layer: Will take the role of confirming the blocks from SHARDS (Sharding Layer).

This architecture will allow QuarkChain to achieve scalability with enhanced Security while keeping the ecosystem decentralized. Thus boosting all three components of a Blockchain. 50% plus of the generated hashpower will be designated to Root Layer. This is to avoid any double spending attacks on QuarkChain Network.

2- Concept of Nodes and Clusters

a) Node: It would be working as a normal node. That is; to support the QuarkChain Network by maintaining a copy of blockchain and to process transactions.
b) Cluster: When TPS goes quite high, any Super-node becomes quite expensive to deal with. Here QuarkChain comes with the concept of Clusters where various normal nodes can combine to form a Cluster and performing as a Super-Full Node. This will avoid the necessity of using Super-computers, thus allowing small players to remain a competitive part of the network; allowing even GPU Mining. This will eventually allow more nodes to be part of the network; resulting in higher scalability.

3- Support & integration with EVM for Smart Contracts:

a) QuarkChain will provide support and integration with EVM (Ethereum Virtual Machine) for smart contracts.
b) Allows the existing dApps using EVM to be deployed directly on QuarkChain Network.
c) Increases and ease adoption for existing dApps.
c) Provides capability to developers; to forget about the re-developments or the compatibility issues of their existing dApps built using EVM, when migrating to QuarkChain Ecosystem.

4- In-shard & Cross-shard Transactions

a) In-shard Transactions:

These are the transactions where the sender and recipient addresses are located in the same Shard. They are easy, fast and less challenging as the same the ledger copy on the shard already contains the complete information of the shard.

b) Cross-Shard Transactions:

These transactions are more challenging to manage because they requires the synchronization of the ledger copies of minimum 2 shards; that is the sender's shard and recipient's shard.

QuarkChain unique architecture design allows it to support In-shard as well as Cross-shard transactions. This actually then opens a world of possibilities as follows:
I] Any cross-shard transaction can be performed by any sender.
II] The transaction for the challenging Cross-shard ones would be confirmed in just few minutes.
III] The scalability is immense as the throughput will be directly proportional to the increment in number of shards.

5- Smart Wallet & Cross-Chain Support

a) In-shard & Cross-shard Transactions:

Smart wallet will detect both types of transactions; either the recipient is in the same shard or different one; and will complete the transaction seamlessly.

b) Smart Contract Transactions:

These involve Cross-Chain transactions. For example, if you are trying to perform a transaction that is different than your primary wallet, Smart Wallet will detect the related shard, transfer the tokens to the user's secondary shard that is related, performs the transaction. If you want to transfer any remaining balance to the main Wallet (shard), it is supported as well.

This allows the Cross-Chain Blockchain transactions and open the world of possibilities for other Blockchains to use QuarkChain architecture to communicate with each other.

Value appreciation:

Value appreciation of any coin depends on it's usage and demand. Similarly, QuarkChain coins are directly proportional to the usage increase of QuarkChain. If it is successful, the demand of the coins will increase accordingly.
However, this is necessary to understand that QuarkChain will issue ERC20 based tokens temporarily which would later be swapped with QuarkChain Coins (QKC) at the launch of QuarkChain MainNet in Q4 of 2018. I think, that as there would be more milestone achieved and the release time of the MainNet narrows down, people would get more awareness resulting in the token value demand and value appreciation.

Team & Advisors:

They includes experience working in the Tier 1 organizations like Facebook, Instagram, Google, Sun Microsystems. The team is a Rockstar to us.

Roadmap:

Q2 2018 - TestNet 0.2 release - Supporting QuarkChain’s features such as smart contract, reshard, etc.
Q4 2018 - QuarkChain Core 1.0 release - Mainnet 1.0, and Smart Wallet (Target 100K TPS).
Q2 2019 - QuarkChain Core 2.0 release - Smart Wallet 2.0, (Target 1M TPS with clustering).

Standouts:

a) TestNet is live and has achieved 2k+ TPS which provides them a cutting edge over most of similar projects.
b) The more the nodes; the higher the scalability; result of using enhanced Sharding architecture.
c) Seamless support of Cross-Chain transactions.
d) Integration with EVM. It provides Ethereum based dApps that demands higher throughput, a golden opportunity to migrate to QuarkChain with very few challenges.

Conclusion:

Zilliqa is the closest competitor who has applied sharding successfully in their TestNet with similar TPS; although it can't compete in other aspects of QuarkChain Ecosystem.
At the time of writing, Zilliqa has the MarketCap of around $922M. QuarkChain's complete token metrics are yet to be released. However, with the HardCap of $20M only, it has HUGE potential to multiply it's MarketCap.
Good to invest either short term or long term.