QuarkChain Participated In The Scientists Forum Cloud Summit And Introduced A New Ledger Model That Can Greatly Improve Network Performance
On December 7th, 2020, the Valued Public Chain Storage Sharing and Ecosystem Configuration Cloud Summit of the 17th China Scientists Forum was held. QuarkChain was invited to participate in the summit again. The summit was hosted and supported by Chinese Scientists Forum Organizing Committee, Business School of Chinese Management Science Academy, and Discovery Magazine, IPFS Drop, and Beijing Matou.org. Gui Chen, Dean of Business School of Chinese Management Science Academy, President of Discovery Magazine, and Chairman of the Chinese Scientists Forum, had a keynote speech. QuarkChain founder & CEO Dr. Qi Zhou attended the forum and gave a speech.
As the first sharing guest of the summit, Dr. Zhou gave a speech entitled “The Future of Public Chain”. Last time, QuarkChain scientist Professor Yaodong Yang provided a macro introduction of the blockchain industry. This time, Dr. Zhou started from the real practices of the blockchain system, taking QuarkChain as an example, and specifically explained the current mainstream blockchain application fields such as assets, DeFi, etc. He also introduced several important reasons that block the further development of the blockchain, such as network throughput, the composability of DeFi applications, etc. Therefore, the future public chain must have features such as: high throughput, low-cost asset issuance and operation, and high composability of applications. The current solutions mainly include: cross-chain/sharding/L2, solved some of the problems but generated new ones such as reduced composability caused by improved performance. Thus, high-performance single-chain technology is the only way for public chains in the future.
QuarkChain proposed a new high-performance single-chain technology. Under the condition that the system has 1 billion accounts, the goal is to provide a 1,000 TPS single-chain capability, with 500GB — 1TB storage requirement. Relying on sharding technology, the performance of the entire network will increase linearly as the number of chains increases. This is related to a new ledger model we proposed. QuarkChain can support multiple ledger mechanisms, consensus, virtual machines, and token economies in the same network, thus QuarkChain can use general KT storage instead of The Merkle Patricia Tree (MPT) of Ethereum, which can provide better support for the large-scale application of blockchain technology.
After Dr. Zhou’s sharing, two guests from the Currency Research Institute and Peer-to-Peer Technology shared layer2 technical analysis and the latest research results of Eth2.0, respectively. In the roundtable panel, all the guests discussed ETH2.0 and the public chain current status, sharing and communicating from the security of sharding technology, public chain applications, and the development of ETH2.0. They also illustrated their opinions about the national digital currency and the implementation of business models of blockchain scenarios.
The Chinese Scientists Forum was named by the famous scientist Guangzhao Zhou, Vice Chairman of National People’s Congress Committee and Chairman of Chinese Science and Technology Association. Since its establishment in 2002, the Chinese Scientists Forum has received strong support from the Ministry of Science and Technology, the Chinese Academy of Sciences, the Chinese Academy of Engineering, the Chinese Science and Technology Association, the National Natural Science Foundation, etc. It has become the most influential platform in China’s science and technology community. With the expandation of the forum’s scale, level, quality, and influence year by year, it has become a national technology brand activity with high participation, wide coverage, and great social influence by government, industry, academia and research. It has become a driving force for the development of China’s science and technology industry.