QuarkChain Detailed Review

Topics —What is Quarkchain?How is QuarkChain different from Bitcoin and Ethereum?What are the main features and how will it provide security,scalability and decentralization?How different are QuarkChain and Zilliqa?What are the use cases and business development plans?How strong is the team?What is the verdict?What is Quarkchain?Quarkchain is a high throughput fast, efficient ,secure and decentralized high throughput blockchain ecosystem. The main features of the system are:Reshardable two layered blockchain enabled with cross shard transactionsOn chain and Off Chain transaction systemMarket Driven Collaborative Mining to determine incentives for validating transactions.Simple account management made possible with smart wallet systemsDecentralized horizontal scalability here TPS increases with the number of nodesTuring Complete Smart Contract Platform on Ethereum Virtual Machine (EVM) which can enable existing Dapps on Ethereum blockchain to use Quarkchain’s ecosystem.How is QuarkChain different from Bitcoin and Ethereum?Bitcoin belongs to the first generation of Blockchain which provided ecosystem for trustless P2P transactions. Ethereum belongs to the second generation of Blockchain system which not only provided an ecosystem for transactions but also creation of financial instruments like loans or bonds using “smart contracts”.The current generation of blockchain or any other financial ecosystem aims to provide a secure,scalable and decentralized ecosystem. However, while achieving any of the two aforementioned objective they have to compromise with the third.A secure and scalable transactional system which has 50k+TPS like VISA is centralized, whereas ethereum has 10–30 TPS but is not scalable enough to provide fast transactions. QuarkChain with its sharding ,cross-sharding and collaborative mining based incentive feature aims to achieve all the three objectives.What are the main features and how will it provide security,scalability and decentralization?2 layered blockchain system — There are 2 layers in the blockchain , the first layer is an elastic sharding blockchain also known as shards are mini blockchains that carry out a sub set of transactions . As the number of shards increases the transaction speed also increases thus making it more scalable. The second layer is rootchain with a strong difficulty that confirms all the transactions proposed by the shards.Consensus Algorithm — The rootchain follows POW consensus algorithm whereas the shards have a rootchain first POW consensus algorithm where each shard looks for longest rootchain and then performs transactions.The mining time of rootchain will be several minutes whereas that of the shards will be several seconds.Single to Multiple Blockchain — QuarckChain can transform from single to multiple blockchain depending upon the layer at which the hashpower is concentrated. If all the hash power is concentrated at the root chain then it becomes a single blockchain, on the contrary if alll the hash power is concentrated in the second layer, the ecosystem will function as multiple blockchain. A single or multiple independent blockchain has no advantage over the traditional ecosystems and hence 50% of the haspower needs to be assigned to the rootchain.Collaborative Mining — The incentive system of quarkchain is built on the principle of game theory and hash powers are incentivized evenly among the shards. The system follows an open economic model where a miner can chose the shard depending upon the hashpower. Since, 50% of the hashpower will be on root chain around 25% would be needed to launch a double spending attack.Decentralization — Every node has to fully validate all the transactions which necessitates the use of hardwares with enormous capacity thus allowing centalization. A super node (similar to a master node) can be created by a group of honest nodes, thus avoiding centralization and empowering a weak miner to collect rewards in a timely manner thus improving throughput.Multiple Wallets — Each shard and the rootchain in the ecosystem function as a separate blockchain, a single user will own multiple addresses,one in each shard, the address in the default shard is known as primary address and the address in the rest of the shards is known as secondary address.2 Categories of transactions — There are two categories of transactions namely in-shard transaction and cross shard. In shard transactions are transactions where the sender and receiver addresses are located in the same shard and cross shard transactions are transactions where sender and receiver addresses are located in 2 different shards. In shard transactions will take several seconds for confirmation while cross shard transactions will take minutes.Multiple accounts management with Smart Wallet — To ensure in shard and cross shard transactions. The balance of user will be reflected in the primary address and in the event of a transaction will be automatically transferred to secondary addresses and any remaining amount will be transferred back to the primary address of the owner. A smart wallet system will ensure that such transactions takes place automatic without any manual intervention. The Smart Wallet system will act as an interface for user to simplify the process.How different are QuarkChain and Zilliqa?QuarkChain is Turing Complete whereas Zilliqa is not. A Turing Complete Language can enable coding of loops and hence ensure faster execution of complex smart contracts. The computations required to execute a complex smart contract language in Zilliqa will be exponentially more than what is required to execute in QuarkChain.QuarkChain will support smart contracts on EVM , thus enabling existing dapps on Ethereum to use QuarkChain’s ecosystem. Zilliqa is developing its own smart contract language called Scilla, which is also in development phase. An existing dApp on Ethereum can easily transition to QuarkChain unlike Zilliqa where the entire dApp has to be recoded.No cross shard transactions are possible in zilliqa and there is no system of multiple wallets.What are the use cases and business development plans?Mobile dApps- It will provide robust infrastructure and technology for creating mobile based apps for social network, gaming, online storage and sharing economy.OSS for startups — Can serve as one stop solution for development needs of blockchain solutions by providing services at low costMVP with Fast Onchain Evolution — It will allow developers to deploy and test apps on the mainnet and through the use of it fast ecosystem and feedback loops, performance of apps can be improved at scale.IOT & AI — Blockchain based IOT and AI applications need high throughput ecosystems to perform computationally intensive tasks. Quarkchain can provide fast and efficient ecosystem to such applications.Improvisation using AI— AI will be used to create new economic models for incentive structure in QuarkChain ecosystem.Reinforcement learning can help in developing an efficient ecosystem depending on the transaction behaviour of users.What are the token metrics?Total Supply — 10 billion Token Sale — 2 billion(20%) Reward,Community Incentives and Marketing — 4.5billion(45%) Team- 1.5 billion(15%) Foundation — 1.5 billion(15%) Advisors — 0.5 billion(5%) HardCap — 20 millionThe token metrics are decent , 65% of the tokens will be used for token sale, marketing and rewards. Remaining 35% have a vesting period of 2 years and will be retained by team, foundation and advisors. The hardcap is very low in comparison with other recently funded blockchain projects like Fusion,Elastos. The total Market cap on 100% dilution is 100million .How strong is the team?QuarkChain possesses a strong team(ex Google and Facebook, distinguished academicians) having prior experience in Blockchain development,signal processing and Large Scale distributed Sytems.QiZhou/ Founder -Expert in high~performance systems Former Googler and have 15+ years development experience PhD from Georgia Institute of TechnologyZhaoGuang Wang / Senior Software Engineer-Expert in large scale distributed systems with 6 years work experience at Facebook and Google Build systems capable of processing millions of queries per second. Master in computer science from University of Michigan.Xiaoli Ma / Research Scientist-Full Professor at Georgia Tech IEEE Fellow Expert in signal processing for wireless systems, big data, I0TYaodong Yang / Research Scientist-Professor at Xianjiao Tong Univ. Partner of Demo++ PhD from Virginia Tech Dedicated on Blockchain development and researchWencen Wu / Research Scientist-Assistant Professor at RPI Expert in model simulation and verification in distributed autonomous systems PhD from Georgia Institute of TechnologyWhat is the verdict?Idea — 9.5/10Whitepaper — 8.5/10Team — 9.5/10Token Metrics — 9/10Overall, the project has strong fundamentals and proposes a novel method to overcome the hurdles posed by existing Blockchains. The credentials of the team also instills more faith in the potential required to execute the idea.The competitors are strong in terms of Ethereum and Zilliqa. Ethereum is in the process of implementing sharding, however it is a long road till it is fully implemented.Zilliqa also uses sharding technology to improve scalability and have launched their testnet.At the time of writing Ethereum sits at 72bn and Zilliqa at 1bn in terms of MarketCap.Being a blockchain project, the scope for the token price to grow is exponential.Final Verdict — 9.125/10 via /r/ico https://ift.tt/2jZcSHf