QuarkChain CEO Dr. Qi Zhou Gave Excellent Speeches on Web3 Summit
Web3 Summit 2019 was held in Berlin August 19–21, 2019 attracting thousands of web developers from all over the world to Funkhaus.QuarkChain CEO, Dr. Qi Zhou, also attended the summit together with his team. Dr. Qi Zhou gave two speeches about Boson and PoSW consensus. He also attended the open discussion about future of blockchain and Oracle and expressed his views on these topics.
Web3 summit gathered developers and researchers for low-level protocols in blockchain and those interested in the latest developments in the decentralized web with a focus on the Web3 technology stack. Topics include: P2P protocols, platform neutral computation language, data distribution protocols. blockchains, t data/messaging, encrypted storage, protocol-extensible developer APIs and so on.
On the Oracle HackerNode parallel session held on August 20， Dr. Qi Zhou gave a speech titling “Boson Consensus：A Scalable Blockchain Sharding Consensus.”
During his speech, Dr. Qi Zhou introduced that the Boson consensus, pioneered by QuarkChain, is a class of consensus algorithms based on hash power distribution. Hash power adjustment mechanism enables the hash power to be distributed among the shards flexibly. Technique to reuse hashpower is developed to protect the newly added shards where the hash power is limited. This technique, when used, can enhance the security of the entire network. Relying on Boson consensus, one can implement a systematic structure of root chain-shards whereby the root chain confirms all blocks from sharded blockchains. Boson consensus is responsible for distributing the hash power between the root chain and the shards.
According to Dr. Qi Zhou, thanks to Boson consensus ,QuarkChain mainnet has accomplished various functions, including multi-native-tokens, various consensus algorithms, and different mining algorithms. More importantly, QuarkChain was ahead of other public chains to adopt state sharding technology in its system design, a technology that is commonly viewed as the most challenging technique among all sharding technologies. State sharding technology and innovative cluster design enable more storage space and save additional computing resources in each node on shards, thus achieving high-efficiency for the entire network.
On August 21, Dr. Qi Zhou gave another speech about PoSW consensus. During his speech, Dr. Qi Zhou said that PoSW consensus, the acronym for “Proof of Staked Work”, is exclusively developed by QuarkChain and runs on the different shards. PoSW allows miners to enjoy the benefits of lower mining difficulty by staking original tokens.
According to Dr. Qi Zhou, by using PoSW, QuarkChain combines the advantage of PoS and PoW. Under the PoSW mechanism, the miners and holders have a cooperative partnership, just like that between startups and venture capitalists. The miners themselves can create value. Moreover, thanks to the help from holders, they can improve the mining efficiency and become more competitive in winning the competition of hash power. The mechanism is more decentralized and has a higher security level which makes it resistant to both 51% attacks and infinite forking attacks. Through creating a cooperative model that mirrors the societal mechanism in real life, it is more humanly and thus more suitable for users.
In addition, Dr. Qi Zhou participated in an open discussion about the prospects of Blockchain and Oracle. He talked freely about how to use PoSW and smart contracts to incentivize token holders and miners to join the blockchain platform more actively. As for the newest development of eWASM, in his opinion, Dr. Qi Zhou thought that eWASM improved the VM’s efficiency but one would need more time to master the technology. On the other hand, the best practice of Solidity on eWASM requires more time to mature. As for the launch of Libra cryptocurrency by Facebook, Dr. Qi Zhou thought that from a technical standpoint, Libra does not have enough innovations and that the programming language Move has advantages in the security aspect.
We will attend more events in the following weeks, please stay turn.