QuarkChain Monthly AMA Summary-06/26/2020

QuarkChain held the LIVE AMA for the second time on June 26, 2020. Dr. Zhou, CEO of QuarkChain and Anthurine Xiang, CMO of QuarkChain attend the live AMA. More than 400 community members participated in the interaction; those who won top 3 on our sticker bounty and members who were active in the AMA won QKC rewards. More than 2.1k viewers joined the live broadcast online at the same time.

Agenda

  • Sticker campaign result
  • Milestone sharing: 1 million TPS achievement and Staking1.0
  • Next half-year plan elaboration
  • Q&A

The following is an excerpt from the exciting content of this AMA. You can watch the full video on twitter: https://twitter.com/Quark_Chain/status/1276694261803569153

Milestone

  • 1 million TPS achievement

One of QKC community members used our open source to achieve one million transactions per second in QKC network. It’s a significant milestone for us. The best result in the TPS competition QuarkChain hosted last year was 300,000 TPS. We are so proud to see that in the continuous competition, we achieved such an exciting result. Congratulations to the community member! We will update detailed information including video and the member’s GitHub later with you.

We feel very proud to say that we already solve the scalability issue and focus on other more challenging tasks like DeFi and native token, etc. And there will be the third TPS competition at the end of this year. We look forward to seeing some more exciting results in the near future.

  • Staking1.0:A DeFi Product Helps Miners and Holders Achieve Cooperation

After sharing the good news about the scalability and flexibility, let’s take a look at the new DeFi product, Staking 1.0, which is a product that offers a way for miners to find the staked QKC tokens and the QKC holders to get an extra income.

QuarkChain’s unique consensus algorithm, PoSW (Proof of Staked Work), becomes the basis to realize a cutting-edge DeFi system, which enables a division-and-cooperation mechanism that miners and token holders can work together on mining efficiently and share the profit afterward.

Read the details of Staking 1.0

Enterprise use case

It was meant to share with you the significant progress made in enterprise solutions in this AMA. However, since the media wants to release it exclusively, we need to coordinate with the media and release it in early July. We know that you are particularly concerned about the progress of enterprise solutions because you have always felt that the QuarkChain technology is very good, but would like to see more scenarios where it can be used. And it is better to use examples to answer why we need multiple blockchains and why we need to combine consortium blockchains with public blockchains? So, we’ll share some of the progress made in enterprise solutions in the future.

Next half-year plan elaboration

We’ve just released our plan for the second half of the year, and I’d like to tell you a little bit about it, especially about what we’ll be doing in July.

Firstly, we’ll attend Blockchain Week in San Francisco next week to talk about how to build the next generation of DeFi network. To give you a taste of what a better DeFi network is, we hope to encourage you to use some of our DeFi products and tools above through a series of activities on our network (all with QKC rewards). Besides, we will start gradually in July and I hope you will pay attention to our news. We will gradually announce some details of the activities and how to get rewards.

Q&A

Q1: What is the most special feature of QuarkChain that is distinguished from all other projects?

Some of our main features are as follows. Firstly, our technology is very advanced in terms of capacity expansion.Whether it’s our mainnet online or our TPS competition, it is expected to achieve a very large throughput, as the milestone of 1 million TPS has just been mentioned. In addition to our strong capacity expansion, great flexibility can also be achieved. We can incorporate other items, such as consensus algorithms for single chain projects, or virtual machines or models, which is actually very difficult to implement on many projects.Meanwhile, we call it the ability of heterogeneous sharding. Except for being used in a public blockchain environment like ours, it is also easy to be used in consortium blockchains and the hybrid network of consortium blockchain and public blockchain. As far as I know, it is difficult to achieve in many blockchain technologies.

Q2: When can we join the stake at the exchange?

I think maybe you confuse us with ordinary PoS. Our staking is actually a way of mining by staking coins, which combines some advantages of PoS and PoW. It basically means that when a miner needs to use its hash power effectively, he has to also stake a relative proportion of QKC.For many exchanges, it requires not only coins but also hash power. We haven’t seen any miners working with exchanges yet, but maybe in the future when exchanges find that they can work with miners and open the staking channels, corresponding products can be produced. But at least for now, we’re basically trying to match miners with our users, and we want to make its user experience better and better. So our staking1.0 can mainly provide a tool, similar to the proxy pool for mining, as long as you stake your token into the pool and there are corresponding miners to provide such a contract, and specific cooperation, you can enjoy a so-called benefit of staking coins for mining. There have already been some miners testing on our network so far, and the results look pretty good. Next we will improve all aspects of our mining pool and functions to make the user experience better and better.

Q3: Because of the multi-native token, the complexity and loss of many DeFi can be simplified.Can you explain it in detail? For example, do you omit the steps such as generating WBTC and RBTC?

First, releasing an ERC20 requires an ERC20 contract which defines some basic interfaces. But the ERC20 contract is a contract-based token, unlike Ethereum itself. For example, I’m involved in all DeFi products. If I use Ethereum, I just need to directly send the ETH to the target contract, but it is complicated for all ERC20.First of all, I need the other’s contract approval to enable him to shift some ERC20 token in my own account, such as USDT, USDC or WBDC. After that, I can invoke his contract. The key problem here is that if the other’s contract is malicious during the approval process, he actually has the right to transfer all of your tokens to one of his accounts, which has happened before. For example, there was a famous project named Bancur. When Bancur was processing an ERC20, there was a loophole in it that allowed the transferred users’ money to be transferred to any address designated by the hacker, causing a loss of more than 100,000 dollars. Fortunately, the loophole was discovered early. But there are nearly 1 billion dollars on the compound right now.If such a problem arises, it wll be a serious problem for the entire Ethereum ecosystem.Meanwhile, similar problems also exist because in the asset of IMBDC they use, there are extra functions that cause them to be designed without considering these functions and be attacked.So there are many problems with DeFi because the design of ERC20 itself is not reasonable.But in fact, there are fewer attacks on native tokens, because native tokens, such as ETH itself, have many rights brought by first-class citizens.Hence, in order to solve this problem, our idea is to allow the release of native tokens on the QuarkChain, namely first-class citizens, so that they can enjoy the same convenience, and they can also pay fees.We think the next generation of DeFi products should have a function that can allow all released tokens can enjoy the same functions as native tokens, such as QKC and ETH.

That’s why we say that native tokens and DeFi are not separable. I’ve been asked what are the differences between our DeFi and others. I think our DeFi can provide high throughput and low fees and improve the interoperability of DeFi. The most important is that we can provide the possibility of multi-native assets.

Q4: When we talk about DeFi, the applications that people like are about lending, dividends, stable coins and some asset management based on smart contracts. Does QKC have any plans for DeFi’s products in the future?Are you going to get all involved or start with some? Because it is said that QuarkChain is suitable for the next generation DeFi network, are there any products especially suitable for QuarkChain network?

I can say that according to our plan,almost all the design of these products, as long as they are open-source, can be relatively easy to develop on QuarkChain, and their development workload will not be heavy. At that time, we will establish some basic platforms at the early stage, such as compound or uniswap which are very popular recently, and we hope that it will be very clear for us to know the safety features and functions of these platforms, so that we can control the corresponding risk within our control very well. In fact, our internal team has taken a very deep look at several DeFi projects, doing a very thorough investigation of their operating mechanism, code audits, and potential problems.So we’re going to deploy these contracts in the upcoming campaigns and activities of testing DeFi, so you can experience what the difference is between our DeFi and Ethereum.

As we mentioned before, it is not simply to listen to a PPT or a lecture, or read an article to understand our products, but let you play through some real use campaigns of DeFi. In the process of play, you can compare different products and find whether it is simpler and more convenient. When the user experience gets better, there won’t be so many potential risks.

Learn more about QuarkChain

Website
https://www.quarkchain.io

Telegram
https://t.me/quarkchainio

Twitter
https://twitter.com/Quark_Chain

Medium
https://medium.com/quarkchain-official

Reddit
https://www.reddit.com/r/quarkchainio/

Community
https://community.quarkchain.io/

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