QuarkChain Monthly AMA Summary-04/25/2020
QuarkChain holds a monthly AMA (Ask Me Anything) on Telegram/Wechat groups on Saturday at 7–8 PM PST. This is the summary for April AMA. We welcome any questions, comments, and suggestions.
Q1: What actions have you taken in response to the outbreak? What’s your priority in the event of this crisis? (e.g., Ensuring stability? Identifying new business opportunities? Completing on-going projects? Focusing on tech upgrades?)
The top priority is to utilize new technologies to mitigate the issues. Especially, we believe blockchain technologies can play a key role in the dynamic world!
Consortium blockchain and public chains can complement each other. In the future, enterprise-level applications would require a comprehensive infrastructure solution to connect consortium blockchain and public chains to satisfy all the requirements.
The development of the whole blockchain industry has been gradually moving to use more flexible heterogeneous multi-chain network structure, such as the heterogeneous sharding used by QuarkChain and Polkadot and cross-chain infra by cosmos. Relying on the flexibility of this kind of network, it can provide a greater imagination space for the future development of the industry.
Q2: What new use cases, products, or strategies emerged directly or indirectly from the crisis?
All crises can turn into an opportunity. So does this time. There are many urgent and important needs born during and after the crisis. I can introduce two scenarios that QuarkCain’s cutting-edge blockchain technology can be used in newborn cases.
One is to provide Open & Trustable Information Sources (OTIS). The source of COVID19 is currently being debated all over the world, and various research reports and earlier information are emerging. QuarkChain can apply its own underlying technology to such an information tracking system. We all know that tracking the path of the virus is the most significant task in the outbreaking. QuarkChain’s OTIS can not only help scientists to study the origin of the virus, but more importantly, it can effectively block the spread of the virus by providing an individual’s traveling history, contact history, and health status. We want to maximize the advantages of our technology like security, decentralization, high throughput, and scalability into such an information sourcing tool to provide a safe, accurate and reliable information traceability system.
China, which has passed the worst period of the epidemic, speeds up its “new infrastructure” now, which is another application we can combine our blockchain technology with traditional solutions. After the outbreak, countries like China begin to rethink how to build up more advanced infrastructure construction to better respond to other accidents like public health events in the future. Blockchain has technical advantages such as trusted collaboration and privacy protection, which can be deeply integrated with the Industrial Internet, especially in the fields of industrial Internet data validation, accountability, and transactions. Through the cutting-edge technologies of QuarkChain, there will be broader application prospects for the construction of national industrial Internet data resources. We are providing the government with multiple project solutions for the public health system, such as blockchain solutions, resource management, and trading platforms. In addition to the projects that have been contracted, there are currently 5–7 projects in progress.
Q3: QPool was launched last week! Can you give us a brief introduction?
We build the QPool to have existing miners to mine QuarkChain much easier.
Before QPool is available, the miners have to 1, set up their nodes; and 2, run the mining program that we provide. However, most miners these days are using general purpose mining software (such as Claymore) to mine using standard stratum protocol.
QPool fully support stratum protocol, and allow miners to join the network with existing software (and avoid potential issues of running our miners tools, such as OS incompatibility). We also notice that some shard chains (chain 3–5) have much less hash power and yield more return than ETH these days. We hope that with QPool, more miners could join can could easily harvest the return in these shard chains.
We will also host further events to encourage miners and stakers to secure the network. We are planning the details and will announce shortly.
Q4: As regards your cross-chain, which consensus will be supported, and what features give uniqueness and advantages to your cross-chain when compared to others?
The benefits of our cross-shard are a lot: 1, all cross-chain tx will be secured by our share security, both in terms of double-spending attack and token limit protection.
This means a double-spending attack must not only attack a single shard, but also need to attack the whole network, which is much more difficult.
Further, we also ensure that for the token transfer cross-shards, the limit of the tokens will be invariant — even a double-spending attack will not increase or decrease the number of tokens in the network, which is very important.
Note that Cosmos cannot ensure the property, and Polkadot is working on it — but I haven’t seen the concrete method to avoid it.
2, our cross-shard is very efficient — the cost is almost the same as in-shard tx, and the throughput of cross-shard txs are very high.
This means we are able to accept a large applications in our network no matter such it is cross-shard or in-shard
3, The user experience is almost the same as in-shard, i.e., the end user can hardly find the user difference between cross-shard or in-shard.
I think with these features, we could achieve several important feature such as cross-shard DeFi composability, which is planned for ETH2.0
With our multi-native token feature ready, we believe more applications can enjoy our cross-chain capabilities.
Q5: Is there any Security Protocol or Technological advancement incorporated into QPocket Wallet in this regard to be considered as a Crypto Wallet with a top notch security?
QPocket now supports cold wallet mode — which is a unique feature allowing user utilize their old phone as a cold wallet without buying a new one. Actually, I am using the feature to secure my wallets, and it greatly increases the security since the old phone with a cold wallet should never access the Internet.
Q6: As Solana Project claims scalability without sharding, so the sharding tech. will fail in future?
I heard several projects such as Algorand and Solana are claiming high TPS without sharding. However, sharding is a scalability called horizontal scalability while they can be classified as vertical scalability. In fact, both scalability methods are complementing each other, but sharding is more promising as I know that vertical scalability will require considerable cost on your single node.
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