QuarkChain Weekly AMA Summary-08/24/2019
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
Q1: If a business can give investors high returns, it must be able to make money. If it can make money, it must be because it meets the needs of customers and is more efficient than competitors, either with higher production efficiency or with higher transaction efficiency. Does the QuarkChain fit this logic now?
A1: First of all, this logic is generally correct. Currently, the blockchain industry is exploring a direction, just like the early Internet. Meeting customer needs, and more efficient than competitors is a very good summary of QuarkChain’s characteristics: scalability and flexibility. Now we can meet the needs of the whole industry, and we can adjust dynamically and expand constantly when the future needs to keep up. Flexibility, as we have always said, other platforms tend to have only one consensus, one token economics, a ledger, a transaction model (virtual machine). But as blockchains are accepted by more and more industries, there must be different choices for each industry. For example, this industry likes Dpos which offers a faster confirmation time, and that industry likes PoW which is more decentralized.
Q2: How QuarkChain is going to plan next to win customers and investors regarding its adoption across the globe?
A2: Good questions. Remember the 2 big features of QKC: scalability and flexibility
For scalability, our TPS can already meet all requirement in current blockchain area, and we can easily increase TPS by adding more shard ( same shards) in the near future. I know most sharding project can do that as well. But the 2nd feature, it is the only the US that can do it. Unlike all other platforms that have to stick to one consensus, one ledger, one transaction mode ( Virtual machine), one token economic, we can customize requirement on each shard. That is to say, each shard can be totally different. We are the only one sharding project that can do that right now. I believe this is the world-changing feature because 1) we can meet the requirement by different industry 2) we will follow all the trends of blockchain tech. Currently, most of the platform is trying to create something new in one dimension: a new consensus, or a new virtual machine, or new token economics. No matter what, we can easily implement it into our infra easily. So we will not be left behind.
Q3. When will QuarkChain complete the 100% buyback program?
A3: We will buy back according to the plan we released last time. 100% buyback seems to be good for the market, but in fact, it is neither necessary nor affecting the ecosystem development. If all the tokens were in our hands, no one would be involved in the ecosystem. For example, now everyone is crazy about mining. At present, they already staked 3–4 million qkc. Next week, One-button QuarkChain ethmine will be opened, and more people will be able to participate (many miners are looking for cooperation. Welcome to contact us if you have more than 1M token.). It is expected that we will allow miners mine on the main chain after the end of September, which will add up to about 1 billion qkc. If we finished the buyback, PoSW mining event will be affected. This is certainly not conducive to the development of the whole project.
Part 2: Technical Questions
Q1: I hope you had a great time in Web3! I knew you hold some Pop up talk on Boson Consensus, PoSW, and attended block party, can you share some unforgettable experiences or interesting questions you received?
A1: It was a great experience. We have a talk about Boson consensus and panel with ChainLink. I think a lot of people enjoyed our Boson especially our technical white paper. Some interesting questions such as how we could achieve cross-shard transactions with security (atomicity). And I demonstrate that with Boson consensus, both in-shard and cross-shard transactions can be done in a secure and efficient way. It is also my first time to visit Web3 and know a lot of people there and meet friends in Berlin. Some friends in Berlin are asking to discuss the opportunities in QuarkChain.
Q2: Can you introduce Boson consensus really quick?
A2: It is the consensus behind the magic of QuarkChain, which allows us running multiple consensuses, ledger/tx model, and token eco in a safe, decentralized, and scalable way. We recently released the first draft of the technical paper about Boson consensus. Feel free to check https://github.com/QuarkChain/pyquarkchain/blob/master/papers/boson.pdf
Q3: How Quarkchain will resolve the blockchain trilemma with sharding technology?
A3: The blockchain trilemma is that a blockchian network can hardly achieve scalability, decentralization, and security at the same time. And again, the core tech of the solution is our Boson consensus, which we could scale the network to tens of thousands of TPS (55000+ TPS obtained by our community members). All transactions are protected by the root chain, which is highly secure. And smaller miner could easily join the network. If you are interested in more, please checkout out technical white paper of Boson consensus and articles series about sharding. https://medium.com/quarkchain-official/quarkchain-explained-part-2-sharding-brief-introduction-and-challenges-in-blockchain-fd5b2dc09d1b
Q4: I am quite interested in PoSW mining event, so far I joined in mining group. Can you give us some guide to tell us what we should do next?
A4: About PoSW mining, first of all, you need to have a decent amount of mining machine. In addition, you need to have some QKC (either by renting or buying). The exact amount of QKC based on your hashpower can be found in calculator http://calc.quarkchain.io/, where if you have sufficient stake, your current return is about 3x than ETH. Then you could setup a mining node following our wiki here https://github.com/QuarkChain/pyquarkchain/wiki/Start-Clusters-on-the-QuarkChain. Make sure you setup the correct coinbase address so that you will get PoSW gain. Meanwhile, we are preparing the tools and servers to shorten the trial steps. Please watch the mining group closely.
Q5: QuarkChain’s current mining is easily occupied by high hashpower holders, resulting in a situation where ordinary miners have no benifits. Will there be an equal opportunity per chain in the future? A chain that everyone can participate in, high hash power algorithms do not significantly increase returns.
A5: The reason for the high hashpower is that the person with the hashpower holds QKC and stakes token for mining. Ordinary players only need token (through purchase or rent) to participate. So I think every chain has equal opportunities and everyone can participate. The core idea of PoSW is that high hash power does not necessarily yield high returns, and that a sufficient amount of token must be staked. This balances the interests of money holders and miners and their ability to contribute to the network. In addition, if you do not want to stake token, we also provide Chain 0, which can be mined without staking token.
Q6: How many tokens we should stake in one address?
A6: It’s up to you. You can calculate the amount here: calc.quarkchain.io
Q7: Can you tell us the diff between QuarkChain and harmony?
A7: There are a lot of differences there. First, we allow running multiple consensus, ledger/tx model, and token eco thanks to Boson consensus, while Harmony only allows running some specific PoS consensus. Second, I believe harmony enables transactional sharding, while every node still has to store all data of the network, while we enable state sharding and a node could just process and persist a portion data of the network.
If you have more questions, please join in the official channel, and ask.