Binance AMA Summary (Apr.29)

On Apr 29th, QuarkChain had AMA with Binance in Binance English Telegram group. Dr.Zhou introduced critical problems that blockchain industries faced and how QuarkChain solves these problems.

Q1. Will you please give us an introduction into Quarkchain?

We started QuarkChain with headquarters 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.

We made lots of achievement during the past year, and now our mainnet ‘Singularity’ will be launched on 4/30. Talking about milestones, over 60k people participated in our ICO and 5000 got whitelisted,and we official debuted on Binance in early June right after ICO. What’s more, 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.

Q2. What are the most important features for QuarkChain mainnet?

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 the 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 root chain.

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. 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.

Q3. What critical problems do you see occurring in the blockchain industry nowadays? How does QuarkChain aim to solve these problems?

Many people know the hard forking of BCH. The basic reason for this hark forking is simply because SV has a 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 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.

Q4. Could you please elaborate about flexibility and how it could be used for different industries?

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.

Q5. Why is a Native token an important feature?

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.

Q6. There are many projects using sharding technology. What do you think the key points are for public chain competition and what has QuarkChain done to prepare for the competition?

First, the scalability is really important. Sharding has a big advantage over other technology in this field. Secondly, the ability of self-evolution. For example, ETH is trying to change consensus from POW to POS now, but it really needs a lot of effort. We see a lot of blockchain projects, in fact, have reached their previous design bottlenecks. However, for QuarkChain we can continue to evolve by adding shards and change components in the new shard. For example, we can have one shard for pow, one shard for POS and one shard for Dpos and so on. Thirdly, whether we can accommodate a large number of communities or not, including: different mining communities (such as different mining algorithm support, coin-holder-friendly), different developer communities (support different consensus and contract), different user communities (support different trading models, such as the ability to support privacy token functions through shards), and so on.

QuarkChain is not designed for the current but designed for the future. with innate DNA, the next step is to cultivate it carefully. This includes marketing campaigns (actually more about user interaction and education), business operations (how to use our infrastructure to achieve better applications). We think the blockchain is still at the very early stage. There are a lot of dynamics in the technologies. We hope that through our characteristics, we can continuously evolve our universe, and let more users benefit from it.

Q7. It’s great to have 55k+ TPS. Do you have an idea to fill them with something useful?

Reaching high TPS enables a lot of opportunities, and we are working actively with others to fully utilize the power of QuarkChain. Note that current blockchain like the early stage of the Internet, when people using 56K modem to browse and can hardly imagine what Internet looks in the future until the broadband Internet is ready and we have Facebook, YouTube, Netflix, etc. And now, with QuarkChain, we have the road ready, and we welcome more and more people to join us and build next killer applications on top us!

Q8. Will QuarkChain mainnet support dynamic sharding (shards will be dynamically added)? Can you share more information about privacy shards? After mainnet launching, will the mining scheme be fundamentally the same as now?

We could add shards dynamically, and the code is already there. A shard like Zcash, Monero, or Grin may be implemented and with our cross-shard TX, all other native tokens can benefit from the privacy feature enabled by the new shard. We currently support CPU + GPU friendly algorithms, After mainnet launching, supporting ASIC/FPGA mining algorithms is on our plate.

Q9. Why cannot other public chains develop multi-native token but QuarkChain did it?

I guess one reason is that most blockchain is a fixed combination of 4 dimensions we mentioned before, and one native token is good enough for most cases.

Q10. Why don’t you have GAS in your ecosystem? Or you will introduce it later on? If not, then why do you think it is not needed?

QKC is currently the GAS in our ecosystem. Actually, any native tokens can be the GAS in our ecosystem. In addition, besides being GAS token, QKC will also be used to enhance the security of the network — miners need to stake QKC before contributing their hashpower to the network.

Q11. It is good to know that the QKC team is making contributions in Blockchain research, especially through papers and conferences. But are there other plans to make the knowledge available to the public?

We are also working multiple ways to educate people on our technology. We are writing a book regarding blockchain scalability and solutions so that we could present the complete picture and details of various solutions including us. In addition, we are opening some training classes in universities and bring more students to work on us. If you have better ideas, feel free to give suggestions.

Q12. As miners need to stake QKC to earn rewards, will their reward depend on the amount of QKC being staked or hashpower?

We have an interesting consensus called Proof of Staked Work. The basic idea is that the more the hashpower percentage of a miner has, the more stake the miner needs to put. And thus the more reward the miners want to collect, the more both hashpower and stake the miner needs to contribute to the network.

Q13. If network has many multiple consensus, multiple transactions, ledger, and token economics. How you can provide it still can scalability?

Why not? If a network has multiple chains with multiple consensuses and other working together, then the total TPS of the network will be linearly increased — assuming they have a proper way to interactive (cross-shard tx) and secured (our Boson consensus).

Q14. Why singularity but not another name for your mainnet? What do you expect the most with your mainnet’s event?

We are building a new blockchain universe, and based on big band theory, a universe starts with a singularity, which is small, but huge energy. Accordingly, our next major version of QuarkChain will Big Bang. I am really looking forward to it.

Q15.While I see most blockchain projects come out with hotshot keywords claiming to be different from rest in the space and minimal product, where do you see your product actually being used by the community and solving the real world problem?

There is a long story about how we identify the trilemma problem, and why we propose QuarkChain to solve it. I can use two-three hours to explain that, but I would suggest to read our recent interview by NEAR protocol (search whiteboard QuarkChain, Near Protocol in YouTube)

Q16.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 announcement “Wallets Holding Locked QKC Tokens Update” which contains all addresses with locked tokens.

Thank you for joining AMA, if you have any questions, please contact us.

Website
https://www.quarkchain.io
Discord
discord.me/quarkchain
Telegram
https://t.me/quarkchainio
Twitter
https://twitter.com/Quark_Chain
Medium
https://medium.com/quarkchain-official
Reddit
https://www.reddit.com/r/quarkchainio/
Facebook
https://www.facebook.com/quarkchainofficial/

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