DREP Foundation Partner QuarkChain to Accelerate Mainstream Blockchain Deployment
We are pleased to announce our signing of a Memorandum of Understanding (MoU) with QuarkChain, which will see both companies work closely to develop solutions around two major concerns in blockchain development; scalability and interoperability. Therefore, both teams will collaborate on researching and applying suitable and scalable solutions such as sharding techniques as well as the usage of sidechains.
One of the impediments to commercial implementation of blockchain technology is its slow transaction speed, making it unviable as a competitor to existing service providers. To put it into perspective, Visa handles an average of 1700 transactions per second. This is markedly higher than throughput for Ethereum and Bitcoin (15 and 7, respectively). QuarkChain is proposing a dual-layered blockchain architecture, that includes sharding, which will enable their network to handle up to more than one hundred thousand transactions per second.
“Many projects are claiming to solve blockchain scalability concerns without adequately addressing the three points of consideration in any blockchain development project — decentralization, scalability and security. It is difficult to achieve all three at the same time,” said Xiaolong Xu, co-founder at DREP Foundation. Therefore, both teams will collaborate on researching and applying suitable and scalable solutions such as sharding techniques as well as the usage of sidechains.
Qi Zhou, Founder and CEO of QuarkChain also agreed that, “The collaboration between DREP Foundation and QuarkChain will significantly promote the development of blockchain and enable a lot of applications that address real-life problems, bringing the benefits of blockchain to more people in the world.”
DREP Foundation, who is looking to connect blockchain silos in order to unleash the value of online reputation, and as part of their product, wants to help online platforms battle fake news and malicious content. This battle hinges on the ability of discrete blockchains to communicate information with other blockchains.
Thus, the startups will also share protocol architecture and work towards promoting interconnectivity between Blockchain networks and Internet platforms with the long-term goal of enabling Internet platforms to quantify, monetize, and share reputation value.
ABOUT DREP Foundation
DREP（Decentralized Reputation System）is a decentralized solution based on Blockchain technology that quantifies and tokenizes online reputation for trading, investment and data sharing purposes. DREP Foundation aims to empower Internet platforms to solve their pain points, restructure their value ecosystem and facilitate their transition and acceleration via reputation-centered tokenomics and blockchain technology.
QuarkChain is an innovative, permissionless blockchain protocol that aims to meet the global commercial standard. With an architecture that uses sharding mechanisms in a novel way, Quarkchain promises a high-capacity peer-to-peer transactional system