QuarkChain Korea Community AMA Summary -8/22

We have conducted the first AMA for QuarkChain’s Korea community on 22. Please check out the summary below.

Part1. About QuarkChain

Q1. Please briefly introduce QuarkChain.

QuarkChain is a next-generate blockchain technology that aims to build flexible, scalable, and user-oriented blockchain infrastructure by applying blockchain sharding technology.

It is the first public chains that successfully implemented state sharding technology for blockchain in the world, which is ahead of ETH2.0’s schedule.

We have made a lot of achievements such as

1. Our mainnet ‘Singularity’ was launched on 4/30

2. The 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

3. We published a lot of articles about our technologies, and some articles are published in top conferences in IEEE.

Q2. How is QuarkChain different from other public chains and sharding projects?

One key difference is that we allow running different consensus/ledger/transaction model and token economics. That makes us very flexible. And our mainnet is already launched, and you could check the features via our website mainnet.quarkchain.io

Part2. Selected Questions

Q1. What is PoSW? I have read the latest article about co-work between miners and QKC holders. How can I participate as a holder? It all sounds too complicated.

Proof-of-Staked Work is our proposed consensus that aims to harvest the benefits of both PoS and PoW and offer much better security.

If you are a holder, just put your QKC in your wallet (both qPocket or web wallet), and then have a miner that mines using your address. If you need a miner, you could visit our mining group in Telegram or Chinese group in WeChat. (https://t.me/quarkchainmining1)

There are a lot of miners that are seeking a large amount of tokens to mine. We will also open token rental market and simplify mining tools soon!

Q2. Harmony’s TPS was higher in the last comparison table you provided. Does that mean it is faster than QuarkChain?

There are a couple of points that I would like to highlight.

1. Harmony claims to achieve 110K TPS in their testnet, however, no one is able to reproduce their numbers to my best knowledge, while our 55K TPS number is obtained by our community member, and everybody should be able to reproduce the number.

2. 55K is not our limit, and we interviewed community members who joined our TPS competition, and all of them agree that as long as they have more machines, achieving 100K should not be difficult.

3. We are also optimizing our codes, especially in more efficient languages such as Go. Our latest result shows that the Go implementation is about 3–5x higher than the existing version, which means 100K should be easy to achieve.

Q3. Recently, QuarkChain signed an MOU with Korea Blockchain Content Association and Korea Mobile Game Association. What can we expect from this partnership?

Our Korea team has put a lot of effort and recently made significant progress in collaboration with Korea associations. We are glad to join the associations and share our latest development and encourage the adoption of QuarkChain from associations. We believe gaming is one major direction of Blockchain, and we are expecting more applications that will adopt QuarkChain in the near feature.

Q4. Can you provide a more detailed buyback plan for the community?

We are buying more QKCs from the market and store them in our code wallet. We have bought more than 1M USD QKC these days and publicize the address. The bought back tokens will be locked for at least one year, and we will continue to buy back and announce the progress periodically.

Q5. For crypto, its utility is important. Are you planning to have a partnership with banks and card companies? Can QuarkChain be included in Samsung Wallet?

We are working hard on making the usage of QKC more popular in multiple ways including Samsung Wallet, cards, and banks. From technical side, since we adopt the same cryptographic algorithms as ETH, so supporting us in existing services shouldn’t be difficult.

Q6. What is your vision for enhancing QKC’s value in the future?”

First of all, supporting a large number of transactions per second is our first step in QuarkChain.

Another major feature is supporting new shards with new features such as privacy tokens. We plan to add a new shard every year, and as a result, all our token holders can benefit from the features every year.

Q7. With the amount you bought back, what will you do? burn? lock-up? or sale in the future?

We will lock the token for more than a year. We also extended the lock-up of our token (1B) to another year.

Q8. Are QKC tokens stored in qPocket from April swapped automatically to mainnet token? And can I send them to Upbit directly? or should I go through other exchanges like Bithumb or Binance?

If you store your token as ERC20 in qPocket, you need to swap them to mainnet token by yourself. You could always use gate.io or piexgo to swap the tokens by depositing ERC20 and withdrawing mainnent token. Currently, Upbit has completed the mainnet token swap and doesn’t support ERC20 token, so don’t send the ERC20 QKC to Upbit.

Q9. Do you have any plans to issue new coins for airdrops like Eos or Tron?

As we plan to add new shard in the future, the new shard may also has new native token such as Q-ZEC as the privacy token using zkSNARK. The existing QKC holder may receive an airdrop of the new token so that holder can enjoy the new feature freely. In addition, the community members that joins our events such as community voting on adding which shards or locking QKC may receive more new tokens. Note that the new tokens will have direct utitlity value rather than a simple ERC20 tokens.

Q10. You have already developed your mainnet with a lot of innovative features like flexibility and more. It is not known well yet in the industry. How do you plan to let more people learn about it?

Thanks for the question.

We are working on broadcasting our technologies to more people. We will release our technical white paper soon and will discuss it at Stanford University later this month. In the future, we will give more talks and presentations about our technologies around the world.

In addition, for the event of adding a new shard, we will invite our community members to create a new proposal of new shards and if the proposal is accepted and implemented, generous tokens will be offered for development. More information will be disclosed soon!

Part 3. Free Questions from the Community

Q1. Can we expect good news soon that can raise token prices?

I am sorry I cannot talk about any events for token price publically. But as I could tell, we have a lot of things in our roadmap such as new implementation in Go and the new shard plan. In addition, PoSW event is more accepted by our community and a lot of miners are actively working in the events. So I will consider all this are good news that I could tell.

Q2. Which exchange are you looking at for QKC’s next listing?

I cannot tell exactly which one, but we are working with the exchanges that will benefit our members in the market. To name a few, some major exchanges that are we working with including Coinbase, Huobi, Bitrrex, etc

Q3. Price of every single commodity is determined by supply and demand from the market. Regardless of this, what do you think is the proper price of QKC and if it is now undervalued, then how will you enhance the market value?

I think with our technologies being stable and available, our next major task is to broadcast and educate people to use our network. For example, nobody has a very clear understanding of PoSW is, but after we start the PoSW free-trial events for just 2 weeks, a lot of miners are aware of its powerful, and they are very actively seeking for stakers.

And the stakers are also aware of the opportunities here and a lot of ERC20 tokens are swapped to mainnet, where I personally swapped more than 200M QKCs from ERC20 to mainnet for stakers. This is just for 2 weeks after PoSW free-trial, and we have a very small group of advertising, but the results exceed our expectations. We have collected a lot of feedbacks and will continue to refine our PoSW user experience.

This is just a very early step. As I mentioned that once we open the smart contract, more opportunities/events will come, and I am very optimistic on the outcomes of our future developments

Q4. QuarkChain is has enough scalability and even more benefits. But there’s no Dapps on it yet. Even though the technology is really good, it won’t have value if there aren’t many users. Can you share how many DApps are now in talk or preparation to be on QuarkChain?

The top priority of the project right now is stabilization and security as we won’t lose people’s tokens and even for ETH, its mainnet took months before the full function of ETH is open to use.

We just opened our transaction for 3 weeks and we will open our smart contract support next month. After that we are able to support dApp (such as stake rental contracts). Meanwhile, we have received a lot of interest from Dapps since QuarkChain can offer smaller fees, higher throughput, and more features than ETH now.

We are also actively looking forward to more Dapps soon!

Q5. Do you have any plans to do buy-back on exchanges that completed mainnet token swap? I feel that price management is insufficient.

We just announced the buy-back program, and the first 1M USD back-buy is already put into our code wallet. And currently, both mainnet and ERC20 can be freely exchanged by the exchange that supports both two tokens (gate.io/Piexgo), so if there is a price difference, the tokens will be moved from one to another by the market.

As long as the tokens can be freely exchanged (ERC20 <=> Mainnet), buying back any tokens is essentially the same at any exchange because if there is a price difference, the token will move from one place to another thanks to the blockchain technologies.

Q6. QuarkChain raised 20mil USD on ICO, but this buyback size is 25mil. Where is this fund coming from?

QuarkChain raised funds in Crypto and managed the funds in Crypto.

Since the Crypto price varies a lot especially Bitcoin, the value of the assets also changes a lot. Actually, depending on the market conditions, the buyback maybe even more or less

Thanks everybody for the questions and many thanks for your support for QuarkChain!










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