QuarkChain Monthly AMA Summary — October 2020

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QuarkChain Official

6 min readNov 3, 2020

QuarkChain holds a monthly AMA on Telegram/Wechat groups. This is the summary for October AMA. We welcome any questions, comments, and suggestions.

Anthurine (QuarkChain CMO): Hello everyone! Time for Monthly AMA. Thank you for your support as always. We will try to answer questions from community members. There will be 3 sections for today’s AMA:
- Frist, Dr Zhou will introduce what’s going on with QuarkChain for the past month.
- Second, we will answer some questions collected from the community before.
- Third, free Q&A in the last part.
OK, let’s start then.

Qi (QuarkChain founder & CEO): Hello, everyone. Let me first update our latest progress!

First, we participated in the Los Angeles Blockchain Summit and discussed the topic “Decoding DeFi in China”. We have introduced our QuarkChain’s unique DeFi features in the panel and highlight our ecosystem partner project Equalizer, which will be eventually launched at QuarkChain.

Second, we attended the 2020 International Blockchain Academic Conference, hosted by BUPT (Beijing University of Posts and Telecommunications), held from October 10 to October 11, 2020. This conference aims to provide in-depth communications and discussions on blockchain technology fields such as blockchain applications and services, blockchain scalabilities, blockchain securities, and crypto algorithms. I was invited to the conference remotely and gave a live talk about “Optimizing High-Performance Blockchain Database”, which received well receptions at the conf.

Third, we attended the 2020 Crypto and Beyond on the Bund in Shanghai Bund hosted by Cointelegraph. The event gathered technology developers, investors, and researchers in the blockchain industry to discuss the adoption of cryptocurrencies. The participants focused on this year’s hot topic “DeFi”, the next focus “NFT”, and the future of Web3.0. Professor Yaodong Yang, chief scientist of QuarkChain, participated in a roundtable discussion on the topic of “DeFi is hot on Ethereum, how do other public chains can defeat it?” Professor Yang said that the real innovation of DeFi has not yet begun. DeFi’s biggest original intention is to let people enjoy bank services without bank accounts. The encryption industry is big, and it won’t be an oligopoly. DEX requires a lot of innovation such as addressing the impermanence loss issue.

That is pretty much all our major updates :)

Anthurine: Yeah lots of things going on, though that’s not everything for QuarkChain! We will cover more in the next part. Question 1, What can we expect except for DeFi for the rest of this year?

Qi: Good question! First of all, we believe DeFi is a very important application on the blockchain, and that is why we put a lot of effort into building DeFi infra and ecosystem. In the rest of this year, we will continue our efforts in DeFi such as rollout QuarkChain 2.0 and expanding more ecosystem partners such as more applications and assets on-chain. We believe current is the early stage of DeFi, and there are a lot of opportunities in the area. We hope that we could closely work with our community and build the future of DeFi! Further, besides DeFi, we are also exploring the enterprise blockchain solutions such as in China. We are in the progress of several projects, negotiating the details, and scoping the work. We hope that once some jobs are settled, we could share the details with our community soon!

Anthurine: Great. The 2nd question is about Bigbang, which people care the most. When will BigBang mainnet be live? Any new features coming?

Qi: Sure. We are approaching the mature of launching QuarkChain 2.0 with features such as multi-native token — token bidding, issuance, transfer, etc. We will also open the pay tx fee using multi-native feature, new PoSW staking contract, etc. Actually, a lot of these features are demonstrated in our DeFi campaign. We recently added several infrastructures to the network so that we could quickly monitor the safety of the network before we launch everyone — these infrastructure look running very well these days!

Anthurine: Many people ask the launch date of Bigbang, finally it is coming soon. The 3rd question is about the technology side. People want to know what are teams working on recently on the technology side, are we working on something secretly since not that many codes commits in Github. Something I want to clarify here is, you can only see the code commit when it is open-sourced.

Qi: We are committed to the next-generation blockchain technology, and one major goal is to achieve 1000 TPS on single-chain with more than 100M accounts (likely 1B). The issue we observed is that although a lot of projects claim to reach 1000+ TPS on a single chain (a shard), their claims are based on 1000–10000 accounts — a very small database. However, when the number of accounts increases, we found that the performance also drops dramatically.

To address the issue, we propose a new way to optimize the database, which is also the talk we presented at BUPT International Blockchain Academic Conference.

Further, we also share our results with the Ethereum community, which I believe it could help ETH2.0 to become better. The details can be found here: https://ethresear.ch/t/eip-alternative-eth2-0-a-non-sharding-approach/8170

Anthurine: Like I shared before, QuarkChain will continue to work hard in the technology side as always. Ok, the next question, DeFi is not as popular as before, do you think the features designed for DeFi on QuarkChain mainnet will still be useful?

Qi: First of all, my understanding of “hot” of DeFi in the previous few months is based on unreasonable prosperity, and the current cooldown is more a stage towards reasonable prosperity. E.g., we can observe that the total value locked (TVL) in DeFi is still growing and will keep growing from our perspective. So I am not worried about the future of DeFi, and I believe our work is to make the DeFi better, including multi-native token, high-performance blockchain database, etc.

Anthurine: The 5th question is about the circulation supply. Why does the circulation supply increase to 9b in CMC, is it correct?

Answer: Actually it is not correct. The most correct number you can observe is from Coingecko.

There are both Erc20 and mainnet token available for QKC, the circulating number in CMC only covers the Erc20 part initially. That’s why we have been communicating with them for several months trying to correct it. Now it increased a lot suddenly, still with the wrong number. Only the reported circulation supply is provided by us which is correct.

We will continue trying to communicate with CMC to get the correct number, but it might take several months again according to my previous experience. Hopefully, this corrects all the fud and confusion.

Anthurine: OK, time for open Q&A. Feel free to ask any question if we did not cover it in the previous AMA. Of course you will get rewards if your questions are answered.

Q1: Will QKC have a coin burn program in the future? Because I think the supply is too high. Thank you!

Answer: I am not sure what kind of burn program you mean, but the QKC itself does not have any auto burn mechanism.

Q2: If you share QKC results with ETH2.0, won’t they become a competitive chain compared with the high market cap they have?

Answer: Good question. I share the results for a single-chain version of ETH2.0, while QuarkChain is sharded, so the area is different. But if ETH2.0 adopts our technology, then definitely it will be great news for QKC.

Q3: What about the Binance swap, why it’s not completely for 1.5 years. A lot of customers ask this and will QKC have in Binance other buy pair to buy QKC like USDT?

Answer: Actually, it is going well, and we will update the progress once the details are settled.

Q4: Can you give us more details about staking 2.0 (new staking contract)?

Answer: A new contract that can support infinite stakers, and it can be used for root chain mining.