QuarkChain Scientist Yaodong Yang Attended Binance Meetup Manila

Binance Meetup was held in Manila, the Philippines on August 26 where QuarkChain scientist Professor Yaodong Yang shared his ideas of present development of the blockchain industry.

Binance Meetup was held in Manila, the Philippines on August 26 where QuarkChain scientist Professor Yaodong Yang shared his ideas of present development of the blockchain industry.

It is well known that the Philippines is one of the first countries to introduce official guidelines for cryptocurrency trading. Different from the cautious attitude held by the USA, the UK, and Russia, the government of the Philippines carries a positive and open attitude towards cryptocurrency and blockchain. In contrast to central banks of the countries all over the world, the central bank of the Philippines(BSP) intends to establish favorable and encouraging policies related to cryptocurrencies like Bitcoin.

Professor Yang first raised a question, “ are you satisfied with the present public chains?” He then analyzed the four challenges that public chains are facing. Professor Yang pointed out that while blockchain has made considerable achievements over the last decade and even attracted the tech giants to enter the space, the technology is still facing a tremendous amount of challenges.

In Professor Yang’s opinion, there are four main challenges: the first is the split of communities (the split of BCH form BTC). The second is that with the splitting of communities, the hash power is diluted, insufficient to protect the PoW public chain. The third is the lack of foresight in early design, which leads to difficulties in subsequent upgrades. The last challenge is the lack of functionality. For example, the exchange of and the use of ERC20 coins are relatively troublesome.

How to solve these problems? Professor Yang pointed out that flexibility is the key.

“In order to solve these problems, we need to design a better blockchain underlying architecture with a broader perspective. Such framework needs to integrate security, decentralization, and efficiency.” Professor Yang added, “QuarkChain, a flexible, highly scalable, and easy-to-use blockchain underlying architecture is moving towards such a goal. By matching different consensus mechanisms, virtual machines, ledgers, and token economics, QuarkChain will be able to meet the needs of a plethora of application scenarios.”

Lastly, Professor Yang introduced the latest development of QuarkChain, including its mainnet launch in April, its token swap in July, and the listing of QKC on Bithumb exchange this August.

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