QuarkChain 2.0 — When FAANG Join Blockchain, is there still any opportunity for newcomers?
If someone says BAT’s entering into blockchain is just a gesture, not for a long-term plan, are you going to believe it?
A very simple question is that since those well-established companies operate heavily in a centralized business model, why they have to pay extra cost to do business in decentralized crypto. Even if blockchain businesses are fast developing recently, how can they convince the current investors?
However, small and medium entrepreneurs (SMEs) and individuals do not suffer from such a problem at all. By relying on the token economics, they can boldly adopt blockchain technology, freely apply blockchain technology to industries, and learn experiences from repeated practices. This is similar to the period after the Internet revolution. At that time, it was the small and unknown companies took the lead in the early days, rather than the traditional industrial giants.
But things are not always going smoothly. The existing blockchain systems still have a huge gap from the real application needs. On one hand, the mainstream blockchain trading system is slow to confirm, and it also faces scalability problems. For example, Ethereum only supports 20 concurrent transactions per second (TPS). Once more people join the network at the same time, the number of transactions increases sharply, which will cause the network congestion.
In addition, the existing public chain projects have different specialties. It is difficult to form a unified standard and the customization function is far from perfection. Generally speaking, any public chain is mainly composed of four modules: consensus mechanism, virtual machine, ledger and token economics. At present, each public chain is a fixed combination, which can meet the needs of one or several industries rather than other industries. Some teams or individuals are trying to take advantage of their own merits and prepare to enter a vertical field to solve problems. If the existing projects fail to fulfill their needs due to limited TPS or other consensus mechanisms adoption, they need to re-adapt these four modules.
However, the difficulties give birth to opportunities. If there is a new system based on strong transaction processing capabilities, it can easily incorporate new efficient consensus, better virtual machine and customized token economics. Thus, for those who are interested in achieving breakthroughs in the blockchain field, this will be a huge opportunity.
QuarkChain 2.0 aims to build a flexible and scalable infrastructure based on sharding technology that could incorporate state-of-the-art blockchain innovations, and satisfy the needs from a variety of industries.
Inspired by the horizontal scalability technique of Internet giants such as Google and Facebook, QuarkChain 1.0 uses sharding technology to build a public-chain system to reach 14,000+ TPS, adopting 2-layer architecture to ensure the security of the entire system. QuarkChain offers an optimal solution to blockchain scalability trilemma, ensuring security and scalability without sacrificing decentralization. In QuarkChain 2.0, “flexibility” is highly emphasized. Based on sharding technology, QuarkChain can implement the customization of four core modules: consensus mechanism, virtual machine, programming language and token economics. Different shards are able to adopt different elements, and the entire QuarkChain blockchain network is unaffected.
QuarkChain 2.0 can easily incorporate current mainstream consensus algorithms, virtual machines and programming languages. Different shards are able to run different consensuses. Developers can flexibly settle into shards according to their own needs. They can even realize the on-demand arrangement and flexible allocation of these elements by negotiating with the project parties. Developers only need to build their own environment as they wish, without having to make changes for different projects, so that they can get involved in real application development faster.
Similarly, relying on flexibility, developers can further optimize their projects by deploying different elements. DApps on other platforms can also be easily moved to QuarkChain without having to redevelop the modules. Customized sharding is also allowed to be discussed with the QuarkChain team in the future.
On the other hand, QuarkChain 2.0 will implement a multi-native token structure. Whether it is a vertical blockchain project or a DApp, the tokens have the same function as the native token with no difference between the primary and the secondary tokens. This allows each project on QuarkChain to independently design its own token economics, without the occurrence of a situation similar to “paying ETH as a GAS fee for ERC 20 transaction.”
We propose QuarkChain 2.0 with high scalability and flexibility for those who want to break through limitations and bring more value to users.