QuarkChain Monthly AMA Summary-07/31/2020
QuarkChain held the monthly AMAs in Telegram/Wechat groups on 7/31/2020 at 14:00 PST/CST. Dr. Zhou, CEO of QuarkChain, Anthurine Xiang, CMO of QuarkChain, and more than 22,400 community members attended the online AMA; 300+ community members left their questions through Twitter, Telegram, and WeChat; the community members whose questions were selected and those who have answered the AMA quiz correctly will receive the QKC rewards.
- Milestones in July and expectations for August
- Answer the community’s questions
Milestones in July and expectations for August
We have made a lot of achievements in July.
First, we announced official cooperation with an ecological department under a provincial government in China. Both parties will work together on developing an Environmental Governance Platform on Blockchain (hereinafter referred to as “EGPB”), which will be firstly used for a province in China for construction resource management and trading.
Second, We have established in-depth technical cooperation with Amazon Web Services (AWS) and launched an Enterprise “Blockchain as a Service” (BaaS) one-stop application platform on AWS.
Note that although AWS has worked with other blockchain projects, we have several uniqueness:
- We are one of the two blockchain projects invited to attend AWS global conference last year
- We will attend the AWS summit this year and share our blockchain case
- We have launched our Enterprise platform rather than a simple announcement.
Lastly, we have made a lot of progress in DeFi
We attend Unitize in SF and OnChain in Seoul and reveal the details of our next-generation DeFi platform.
Our engineering team is working hard on our DeFi product, and we will release the demo and campaign on our network soon!
Q1: What are the main differences between QuarkChain and other blockchain platforms? What are the key features that only we have?
First, QuarkChain is a next-generation heterogeneous sharding platform. Heterogeneous means each shard could have its consensus, ledger model, and even token economics.
Compared to ETH2.0, all shards must follow the same consensus, ledger model, and token eco. And Polkadot allows different ledger models and token eco, but the consensus is still the same.
It makes us much more flexible in different scenarios in public or consortium or even hybrid public-consortium cases.
Second, we allow our users to issue native tokens with different names and use the native token as a transaction fee.
Further, with user-defined native tokens, we could provide much safer, more user-friendly, and scalable DeFi solutions compared to ERC20's.
Our DeFi product will be built based on the native token feature, and we will host the campaign to encourage everybody to have a try.
Q2: The Environmental Governance Platform on Blockchain is a significant use case for QuarkChain. Can you share more details? Are you developing on it right now? Why do they choose QuarkChain, but not other blockchain platforms?
It is an application on our blockchain-based asset management system that we have been developing for a while. The Environmental Governance Platform on Blockchain is a perfect fit for the system.
Especially the clients need multi-granularity multi-layer management of blockchain as the system involves different parties in different layers.
E.g., it is hard for a single chain to offer different governance rights for a nation-wise government and local government.
With QuarkChain’s unique sharding technology, we could meet their needs by providing different governance rights on root chain and shard chains. It also provides different levels of efficiency on different chains.
And this is also the key that they choose QuarkChain rather than others.
Q3: What does QKC think about DeFi’s current trend? Does QKC follow trends or make a difference? Can QKC share with users about future development plans?
I think DeFi is still in the early stage, but we firmly believe that it is a direction that blockchain will evolve.
First, blockchain addresses 3rd-party trust and is good at high-value transactions, which lies in the scope of DeFi.
Second, with the COVID pandemic, more people realize fiat currency and are more interested in blockchain and crypto. As a result, the application around these will be more and more.
However, we still observe several issues that limit the further growth of DeFi.
The first issue is the platform. A lot of shortage of DeFi is rooted from the limitation of the DeFi platform, including scalability, user friendly, and security. And one of our long-term goals is to solve all these problems fundamentally. If you are interested in achieving that, please watch our video in Unitize and Onchain conferences.
Video: Dr. Qi Zhou: Building Next Generation of DeFi Platform | Unitize BlockShow
Second, we have set up our DApp team with a focus on DeFi. Based on our platform, we will build some DeFi products that demonstrate how to solve these problems and encourage more applications.
These will be our major milestones in the next half year.
At the same time, we encourage more members from the community to build on top QuarkChain (and even join us), and I believe there will be a lot of fun in the DeFi adventure!
Q4: ETH has a very high gas fee because of DeFi on fire, how does QuarkChain guarantee low gas fee? What is the fee percentage for each transaction?
QuarkChain aims to offer 10,000+ TPS, which is about 1000x faster than ETH. That means the transaction fee can be cut to a few cents compared to 10 bucks in ETH these days.
This is achieved by combining both horizontal scalability (sharding) and vertical scalability (we are making several breakthroughs these days).
I hope in one day, participating in DeFi can be cheap as people use the Internet — anytime, anywhere, anyone.
Q5: Security is one of the threats to DeFi’s continuous growth. Have you guys considered that? Do you have a bug bounty program to check the vulnerability of your smart contracts?
Yes, we do observe a lot of challenges in terms of security of DeFi. In our DeFi talk in Unitize and Onchain, we summarize several critical issues, and we believe multi-native token can be a good solution to it.
Further, we already have the bounty for everyone that is able to increase our security no matter smart contract, mainnet, tools, etc.
Read more: QuarkChain Developer Bounty Program
Q6: Have You considered the introduction of something like FEE burn / $QKC burn to decrease $QKC amount in time?
Actually, in order to gain the ownership of a token, the user must pay with QKC, which will be burned.
Further, we are also considering other ways, such as the burn part of tx fee such as ETH is working on it.
Learn more about QuarkChain native-token:
Q7: Currently, nearly 90% of investors focus on short-term token prices instead of understanding the real value of the project. Can you tell us why we need QKC in the whole platform ecosystem?
Besides using QKC as a gas fee, the token holders can stake their tokens in mainnet and work with miners to get extra mining rewards.
We are continually working on simplifying the staking steps and making miners and stakers work together efficiently.
CMC has confusion about circulation tokens of ERC20 and mainnet. For the short answer, 5.3B QKC is all the circulation, where Coingecko has the correct number.
Learn more: QuarkChain (QKC) price, marketcap, chart, and info on CoinGecko.
That is why we propose a standardized, more powerful native token to eliminate the security issues.
Please check our talk on Unitize and On-chain for more details :)
To Wrap Up
Today we share lots of information, especially our Plan on DeFi. Hopefully, you got all the answers you want, and remember, there will be the 3rd bounty program with millions of QKC and the 1st round of the DeFi campaign in August. Let’s look forward to it!
Question 1. What is the biggest difference between the multi-native tokens issued on QuarkChain and ERC20 tokens?
- Better security
- Higher scalability
- Easier token-generation
- Having the functions such as initiating contracts and paying program fees
Question 2: How do you issue new multi-native tokens on QuarkChain?
Question 3. What is the main reason why DeFi on QuarkChain is more secure, more convenient, and more efficient?
- Conduct heterogeneous sharding technology
- Conduct state sharding technology
- Not like ERC20, multi-native tokens is the first class citizen and enjoy the same benefit of QKC
- Adopting PoSW and Boson consensus
All community members who participated in the quiz answer, did you get the correct answer?
Those whose questions were selected and who have answered the quiz correctly: your QKC reward is on the way! Please follow our official Twitter and pay attention to the recent tweets!
Learn more about QuarkChain