QuarkChain Will Change the Industry Atmosphere from Competitive to Cooperative
QuarkChain aims to realize scalability and flexibility through its sharding technology. How can the company survive in the red sea of public chains? QuarkChain CEO Qi Zhou expressed that it needs to achieve that by cooperation instead of competition.
“QuarkChain has implemented a TPS of 50,000 and currently users are in the early stage. In the future we will focus on getting more users,” he said.
This is a time during which public chains have become saturated. Public chains have not been applied or used massively. Without DApp and users, it is possible that homogenized public chains will exit the market.
On September 19, when QuarkChain CEO Qi Zhou was interviewed by Decenter in Seoul, he expressed that QuarkChain would use its sharding technology and the flexibility and scalability that the technology carries as weapons to survive in the red sea of public chains.
Sharding technology can change the industry atmosphere from competitive to cooperative
Qi has realized that the supply of public chains far outstrips the demand whereby there are many overlaps in concepts and business models for different blockchain projects.. He said, “for many public chains, the goal is to exceed Ethereum. Some projects are still working on their mainnets and some projects have launched their mainnets. However, the market did not respond very well on it. ” Nowadays, the market scale of blockchain industry is still small, instead of competition, Qi believed that each project can realize mutual benefits by collaboration. He explained, “ limited by technologies and markets, projects lack communication among themselves. The mining and community are segregated by different blockchain projects and there is no communication.” In order to develop the market, mutual communication is necessary. Qi mentioned that his goal is to solve the problem through QuarkChain’s technology.
QuarkChain’s main technology is sharding. Sharding is a technology created to solve the blockchain performance issue. With the increasing scale of users , the current blockchain processing speed will become slower. Under the root chain, the shard will create a block and each shard can verify the transazations. Qi compared the shards as “local governments”. He said, “ The system that local governments are divided as administrative districts handle most of the work in the corresponding district, and the central government focuses on the most important work. It is similar to shards, it can lower the storage capacity and accelerate the processing speed.”
QuarkChain tries to solve the lack of communication in the blockchain industry through sharding. Each shard can have different elements, such as consensus algorithms and token economies. Each shard is a shard of QuarkChain, but one shard can be similar to Ethereum’s shard and the other similar to Bitcoin’s shard. In addition, there is a transaction function between shards when it was initially designed. Qi predicted that the transaction function will evolve into a decentralized exchange (DEX) in the future. “The model that enables shard ecosystems to communicate with each other is the biggest goal of QuarkChain,” he said.
The blockchain ecosystem of QuarkChain enables the implementation of services in various fields such as mining, finance, DApp, and games through its sharding technology.
DApp and active users are more important than high TPS, QuarkChain is looking forward to entering the Korean market
QuarkChain held a TPS competition last June to see how many developers could improve the TPS of QuarkChain. At that time, the highest through reached 55,000 TPS. which is much faster than EOS’ future target of 10,000 TPS. In fact, Kakao’s Clayton achieved 4000 TPS which already exceeds the target that EOS set out. Some wonder whether 50,000 TPS is actually achievable. Qi said, “It was a public competition and the results cannot be fabricated.” The TPS achieved by QuarkChain was real.
Qi stressed that not only the speed but also the users and the use of DApss are also extremely important. The next goal of QuarkChain is to implement 500,000 TPS. Getting users is a challenge for QuarkChain, which is the most strenuous part in recent months. However, as large companies such as Facebook and JP Morgan have entered the blockchain and cryptocurrency fields and break the barriers for users to enter the industry, the number of blockchain service users will increase. “Facebook already has more than 2 billion users around the world,” he said, “If they can transfer existing users to blockchain services, they will lower the barrier to entry greatly.”
QuarkChain has established a branch in Korea and has its Korean team members. When asked why QuarkChain entered the Korean market, Qi explained, “Kakao in Korea is developing some great blockchain businesses. I think Korea’s blockchain business is active. Most members of the team think that QuarkChain will have a promising development in Korea.”