QuarkChain Weekly AMA Summary-03/23/2019
QuarkChain has been holding its bi-weekly AMA (Ask Me Anything) on Telegram/Wechat groups on Saturday, from 7–8 PM PST. This is the summary for AMA from last week. We are always happy to take questions/comments/suggestions.
Part 1: Marketing Questions
Q: After mainnet starts we will have 2 kinds of QKC: ERC-tokens already traded on exchanges and mainnet mined tokens. What will be the connection between them? Will mainnet coins be listed after mainnet or not?
A: There will be token swap event, where all ERC20 tokens will be converted to mainnet token. For those who are interested in conversion soon, we could arrange token swap early when mainnet is launched. Exchange will trade ERC20 until token swap is done where mainnet token will be traded in the exchange.
Q: What’s guardian plan?
A: Guardian Plan was launched to protect all community members’ interest and guarantee the security of Mainnet with enough hash power. Elf guardians will be voted by the community after application. We encourage all community members to participate in this voting process for Elf guardians, which are the most beneficial to QuarkChain’s ecosystem development.
Please read more detail here: https://www.reddit.com/r/quarkchainio/comments/b2dt8l/quarkchain_guardian_plan_official_release/#TELEGRAM
Q: What are the functions/roles of QKC after mainnet launch on April 30?
A: On one hand, QKC can be used as the payment of GAS fee. On the other hand, blocks on the newly added shards on every epoch will need staked QKC. Thus, a growing number of using cases of QKC will generate in the future.
Q: What is your marketing strategy? What is your expectation of the project in the crypto world?
A: Currently, marketing promotion is focusing on the mainnet launch. QuarkChain will attend some important blockchain technology conferences. We have co-hosted with Google ABC where Dr. Qi Zhou presented the PoSW consensus algorithm and irregular-program-based hash power algorithm. QuarkChain will hold a blockchain conference with IEEE in early April, the world’s largest technical professional organization. A training lesson will be given about how to apply QuarkChain’s underlying architecture. At the same time, the media worldwide will deliver a variety of interpretations of QuarkChain. For events, Guardian Plan has been our main focus recently. We encourage all community members to participate in either Elf Guardians campaign or voting process for Elf Guardians.
QuarkChain’s role in the cryptocurrency world is similar to what Amazon is to the whole world. A lot of public chains emerged after ETH. They developed different consensuses and each of them is able to solve some problems and serve several industries and companies. However, there still exist many limitations among them. While QuarkChain’s underlying architecture is designed to be flexible enough. The basic idea is that each shard can have its own consensus, VMs, and token economics as needed. If a new consensus algorithm is developed in the future, we will add another shard to be fully compatible with the new consensus, which enables us to keep up with the new updates.
Part 2: Technical Questions
Q: About your newest article :”Fixed-Supply Token Model With Dynamically-Added Shards/Chains”. Can you explain more about it? Did QuarkChain accomplish it？Or QuarkChain is working on it?
A: Basically, QuarkChain setups total supply limit as 10B. Given the limit, we derive that with one shard being added to QuarkChain each epoch (e.g., one year), and then the block producing rewards will be generated accordingly. This article gives comprehensive math derivations on how this model can be achieved.
Q: QuarkChain’s PoSW combines the main features of PoW and PoS, what’s the benefits about PoSW? what’s the difference between PoSW and PoS/PoW?
A: The basic idea is that 1) PoW needs external resource cost, but a miner could move the hashpower instantly (low loyalty); 2) PoS doesn’t need external resources, but creates a lot of security concerns while the stake of PoS is harder to liquidize. PoSW harvests the benefits of PoS and PoW so that 1) it requires external resource cost; and 2) a miner needs to stake before mining; 3) the stake will be locked to prevent a miner attacking the network.
Q: Why can’t other public chain develop multi-native token?
A: The main reason is other blockchains support single consensus algorithm, ledger/tx and a single native token is good enough to drive all theses (like ETH, EOS, TRON). However, for us, we could support different consensuses, VMs/TXs and thus we need multiple native tokens to describe their token economics. Existing blockchains are not well motivated for multi-native token since other native tokens will compete with their main native token. For us, the story is completely different because we encourage more people to join our eco-system.
Q: Why testnet 2.5 is so unstable?) up to 2.4 inclusive everything was fine.
A: This is because of the network attack performed by a security company we hired. We (together with the company) find an issue of Ethereum p2p protocol, which Ethereum p2p network could attack the nodes of other networks. A repair solution is already pushed in our github. You may try the repair solution, but we will quickly upgrade the network to be immune to the attack. Once the fixes are verified, we will setup new patch (2.5.4) soon!
Q: How do you see the mainnet 2.0, in the long term.
A: Mainnet 2.0 will be Big Bang, which we will support new consensus algorithms at that moment. This may take another year, but a lot of surprises.
Q: It is safe for investors to stake 100% of their QKC now? Is there a refund for qkc investors if qkc own network gets hacked while doing staking?
A: Staked token is in Ethereum smart contract. It is not owned by QuarkChain.
Q: Currently the total qkc being staked is <1% circulating supply. If after mainnet launch on 30th April, staked amount still <5–10%, are investors still safe to do staking now?
A: Assume 1% is 10M. According to our security model, 10M stake that is already very strong — that means an attacker needs also 10M to attack root chain efficiently, which is about 0.3M USD. For Bitcoin, 1 hour attack cost is about 0.3M.
Q: What’s the difference between QuarkChain and other public chains in terms of developer-friendly feature of the network?
A: We apply the Ethereum VM. Although there are dozens of limitations, most developers are more familiar with Solidity language and developing in a new language will be more costly. Currently, Ethereum VM is the dominance and others are gradually established. Different shards can easily adopt different innovations of VMs to satisfy users’ needs. However, it will be more difficult for other public chains to deploy new VMs and consensuses due to their underlying design. But QuarkChain’s flexibility enables it to easily embrace innovations in consensus, VMs, and token economics. Therefore, it is much easier for us to keep up with the times.
Thanks for reading this summary. QuarkChain always appreciates your support and company.