
QuarkChain Bi-Weekly AMA Summary-11/02/2019
QuarkChain holds a bi-weekly AMA (Ask Me Anything) on Telegram/Wechat groups on Saturday at 7–8 PM PST. This is the summary for AMA from last week. We welcome any questions, comments, and suggestions.
Part 1: Questions about the Blockchain economy
Q1: The announcement that the Chinese government supports blockchain technology is great news! Will QuarkChain team focus more on the market in China?
A1: The bubble period is over and great storytelling skills would not work anymore. Now one requires to demonstrate practical landing applications to develop the industry. In order to develop applications successfully, besides preparation on the technology front, one would also need the cooperation of other industries, which involves the direction of policies in the industries. President Xi’s speech definitely accelerated the development for all the industries to be open and receptive to the blockchain. This is also why we are really busy recently because projects that got slowed down halfway are getting warmed up again. Even more so, there are new opportunities that come and approach us. I believe that applications in the industry will abound in China. So for this question, yes and no. Strategy-wise, China will be a big focus on business and government. However, for consumers, we are promoting ourselves to a global market, which is something we will continue to emphasize. There will be some global-scale promotional activities that you can follow and learn more about QuarkChain. Our dual presence in China and in Silicon Valley is a core strength for us to hold many eggs in one basket. Interestingly, not many blockchain projects can do that. Thanks to our long-time cultivation overseas, we have the capability to form a strategic partnership for domestic companies in China who want to venture overseas. We are also willing to collaborate with the global community in developing our technology and sharing resources.
It is a big move that the state supports blockchain technology, and I think it is a piece of good news for all of the blockchain community. Note that according to our understanding, China’s focus is more on alliance chain space within no token rather than public blockchain
For us, we adopt Boson consensus, which is a highly scalable multi-chain consensus. QuarkChain is just a public blockchain realization of Boson Consensus, but we could also easily extend the consensus to more spaces such as the alliance chain, which I believe will be attractive in China market.
In the future, the Chinese government welcomes the blockchain technology with owned core IP or authorship and it happens that we invent Boson consensus and QuarkChain from scratch!
So all in all, I think there are a lot of opportunities for us in China market, and we will put more resources and develop the market of course!
Q2: What does it mean for the central bank to release the digital currency? Will this have an impact on small and medium-sized blockchain enterprises like QuarkChain? Or even affect the market?
A2:Talking about DCEP, it is a smart political counter-attack against Libra. However, there is no mature solution to provide large-scale, high-concurrent blockchain technology. We have developed a complete set of high-concurrent solutions that can be applied not only to the public chain, but also to the alliance chain. As long as we can prove the maturity of our public chain, our technology will prove to be valuable to the central bank. Speaking of the impact, I think the stable coin would receive the biggest impact. It is a good thing for a company like us who designs the underlying architecture. We should also note that projects with the government or projects with domestic listed companies, will adhere to a high level of confidentiality and no publicity. We encourage you all to pay more attention to our technical activities.
Q3: The team recently published a number of Korean activities, how is the Korean market?
A3: In the secondary market, the global market faced a harsh cooling down in the second half of last year, except the Korean market remained relatively active. We signed an exclusive cooperation agreement with Korea’s largest NH investment last year. Now these are moving forward. South Korea remains an important market, both in terms of secondary or industry landings. I believe that as long as the bull market appears, the Korean market will become hyperactive.
Q4: What do you think about the current market?
A4: The first generation of blockchain technology is the world of native cryptographers, and the second generation of blockchain belongs to Vitalik. The third generation of blockchain is bound to follow the development of the internet, and the integration of the industrial chain with the real economy. With a deep understanding of the Chinese market and a global perspective, a team of leaders who are rigorously trained by companies in the Silicon Valley can go further.
Part 2: Technical Questions
Q1: How was SF blockchain week? Is there anything you find changed about this year compared to last year?
A1: We attended the SF blockchain week and hosted two events with our partners — China Gaming Blockchain Panel and Blockchain 2019 Review and Future. This year, I found that there were more traditional players that joined the meeting, such as GE aviation and others. Compared to Devcon, people are discussing high-level applications of blockchain more while Devcon is more focused on technology.
Q2: Large-scale applications are still far away, What are the new opportunities in the gaming market?
A2: People are still exploring a lot of areas and review popular dApps such as Fomo and CryptoKittes. For us, since we focus on blockchain infrastructure, we are also exploring the opportunities for gaming such as providing game developers with native tokens so that they don’t need to educate people with gas, ETH and so on. We also see that a lot of traditional game producers that utilize the blockchain to tokenize assets. So I think this is an early and emerging market. We are looking forward to further development.
Q3: We all know many projects disappeared this year, QKC is one of the projects that is doing real things. What is the future of Blockchain?
A3: After joining SFBW’s meetings, people agree that the disappearance of the “bad” projects is a good sign for the industry and good opportunities for us. From our viewpoint, blockchain is at an early stage and there are a lot of issues that are not solved such as security, scalability, diversity, and division of the community. I believe QuarkChain is the one that could unite the existing communities, offer greater diversity with multi-consensus support, security using PoSW, and scalability by using multi-chain. I think this should be what the future of blockchain really looks like.
Q4: You attended Cryptography Services Meeting held by NCC. We all know information security is important, how does QuarkChain solve the security problem? Using Boson consensus? Will the consensus be updated in the future?
A4: The major security problem in blockchain is that a lot of PoW chains can be easily attacked. Remember ETC? We developed Proof of Staked Work (PoSW) that aims to dramatically improve the security and address the issue of blockchain bootstrap.
Actually, it is running pretty well these days. And the attack cost is even greater than ETC after just being launched half a year ago. Please check our paper: https://github.com/QuarkChain/pyquarkchain/blob/master/papers/posw.pdf and our mainnet mainnet.quarkchain.io/stats for more details.
Q5: Can you give us more information about “auction, issuance, and gas conversion mechanism of multi-native tokens”?
Our current network supports multiple native tokens and we allow everyone to issue a native token on us and use it as an asset to transfer and pay the transaction fee.
However, taking the bandwidth into account, the number of native tokens to be issued is a scarce resource, we need some mechanism to prevent such functionality from being abused.
So we are developing an auction mechanism to assign the right to acquire the ownership of a native token.
We are also looking forward to community feedback about the best way to offer native tokens. https://github.com/QuarkChain/pyquarkchain/issues
Q6: What’s the highest TPS right now? Is there any update?
A6: We already open-sourced our “Go version of QuarkChain https://github.com/QuarkChain/goquarkchain . And the integral test of the performance is about 5–10x better than that of the Python version, which means we can easily achieve 100K TPS. We will host a TPS competition again, and we are excited to see what is the best number that our community could achieve! 10 years is a bit far (as I guess 10 years ago Satoshi would not have expected the growth of Bitcoin today). I think after 5 years, our network should support most existing projects on one of our shards such as LTC, ETC, ZCash, etc
Q7: What’s the difference between Libra and DCEP? Will these 2 replace QKC?
A7: Libra is completely built on top of blockchain technology with Move as tx language, LibraBFT as consensus with 100 members. DCEP is not quite clear how eventually it would grow. Note that they are more in consortium space while QuarkChain is working in public chain space.
In addition, Boson consensus can be applied also to the alliance chain, which means we could help Libra and DCEP to achieve greater performance and flexibility!
Q8: Will Bosen Consensus be updated?
A8: We will refine Boson Consensus with more details such as how to perform secure and efficient cross-shard transactions, how to build light clients around Boson consensus and so on. So it will be frequently updated, or more precisely, evolved.
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