2020 is coming, and this is a new year for us! QuarkChain holds a bi-weekly AMA (Ask Me Anything) on Telegram/Wechat groups on Saturday at 7–8 PM PST. This is the summary for AMA from last week. We welcome any questions, comments, and suggestions.
Q1: What is your outlook for 2020? What will happen to the blockchain industry?
For us, we are looking forward to 2020. With the landing of our application on shards and the development of new shards, we believe that there are different ways to play for the whole blockchain world. Our unique practices will bring new changes and contributions to the whole blockchain field.
For the blockchain industry, 2020 will be an extremely unstable year, with many new changes. The pace of innovation will be faster, and the competition of different voices and dimensions in the industry will be more and more exciting. However, we can also expect that 2020 will produce large application opportunities, the industry regulation will basically converge, the traffic entrance at the head will slowly open, and there will be a new trend in the customer application, the scale of users will continue to expand, and the challenge of public chain will continue to increase.
Q2: Can you give a brief introduction about different playing methods, such as cooperation with Defi?
Public chain area is very difficult, and it will become more and more difficult. Due to some domestic policy, even many public chain teams have given up self-development, which is very short-sighted. The public chain has a long way to go. The more we go along the road, the more we need to see clearly the future development direction. In combination with the question you just asked, the trading volume of bitcoin in the world has surpassed that of gold this year, and Defi has also developed rapidly in this context. We can see the advantages of Defi in the global financial settlement layer so Defi has also spawned a market of billions of dollars. However, we also see that the underlying technology of Defi lags behind. It relies heavily on the ecology of Ethereum, and is becoming more and more fixed. As a global financial settlement, it is not enough. The improvement of the combination of encryption assets will bring great benefits to the flow of new encryption assets in the future. Based on this requirement, we can see that the composable defi protocol based on sharding technology is the general trend in the future, and high TPS also brings the possibility to the integration of different financial scenarios (the traditional financial scenario itself requires high TPS).
Q3: Talking about collaboration, will team focus on finding partners / opportunities in 2020?
First, I need to correct this problem, for the public chain project, we always focus on finding partners and good cooperation opportunities, but the strategic objectives of different stages are different. In 2020, we will focus on two directions. One is based on our multi shards that different shards have different consensus algorithms, ledger models, transaction models and token economics. how can we make our partition performance greatly increase? We are very welcome to have relatively rich ecology. The second is how to use QuarkChain’s characters to help other projects solve problems.
Q4: What stage of development do you expect the public chain industry to reach in 2020? Will PoS become mainstream? Or you think PoSW will be the mainstream?
A4: Good question! First, I would expect the last batch of “hot” projects will launch their network in 2020 such as Polkadot and Eth2.0 Beacon chain. However, I would still expect some difficulties for launching multi-chain/sharding features such as shard chain of Eth2.0, IBC of Cosmos, and parachain of Polkadot.
The main reason is that the cross-chain interoperability is still an immature stage.
E.g., Vitalik is discussing how to move ETH in different shard chains https://ethresear.ch/t/moving-eth-between-shards-the-problem-statement/6597
And I think this a good space for us to demonstrate our solution, where the cross-shard interoperability is already enabled in our mainnet and have been running for more than half years
The second think I would expect is more DeFi application will show up since current DeFi products are pretty simple.
In such direction, we are working with https://nuts.finance/ on this area, together with a lot of improvements we made for DeFi such as multi-native token and cross-shard DeFi composability
Lastly, I will project that traditional organization projects will enter the market such as Facebook Libra and Central Bank Digital Currency
But to our knowledge, their solutions are still suffering from low scalability and flexibility, which we are planning to help improve them since once they are ready and in production, scalability will become critical issues.
PoS will become more in production, but it takes time to test — where I think PoSW will be a good candidate to address some potential issues of PoS!
So I think 2020 is a year of full possibility, and we are looking forward to it!
Q5: How successfully was the system structure of root chain-shards implemented using Boson consensus? and Which projects will be segmented?
QuarkChain is the first implementation of Boson consensus with root-chain and shard-chain structure, but definitively, it is not the last one.
Recently, I am trying to convine Eth that adopting Boson consensus in Eth2.0 can help migrating Eth1.0 by putting Eth1.0 as Eth2.0 shard chain 0. https://ethresear.ch/t/the-eth1-eth2-transition/6265/27?u=qizhou
And looks like Eth2.0 is running a similar direction to that https://ethresear.ch/t/alternative-proposal-for-early-eth1-eth2-merge/6666. And I think Polkadot will highly likely become another variant of Boson consensus for their parachain, which we are checking the details
And for Facebook Libra and a lot of central bank digital currency projects, Boson consensus could definitely help!
Q6:Talk about ETH, What do you think about “Ethereum co-founder reportedly sells 90k ETH to U.S Cryptocurrency exchange”
I think it is not a good time to do such as major action — it is understandable if the owner sells part of it to cover the cost of living cost or early ventures, but selling more than 10M USD of toknes gives the signal that the owner lose his belief in the ETH project which is bad to the market considering ETH is the second largest project in the market
Q7: Back to QKC technology. Now you are almost at the final stage of the Roadmap! Could you share further development of the system? Or is this information confidential?
For further development, we are exploring more development plan such as new shard chain with privacy feature or new consensus or a chain with DeFi friendly (possibility working with nuts). In addition, besides QuarkChain, extending the use of Boson consensus to more areas (as I mentioned before) will be anther major work!