QuarkChain LIVE AMA Summary (MAY)

QuarkChain held the LIVE AMA for the first time on Thursday. Dr. Zhou and Anthurine introduced the latest updates of QuarkChain, and answered questions. More than 50 community members participated in the interaction and won awards. More than 300 viewers joined the live broadcast online at the same time. There are some key questions we would like to share with you.

Will you please give us a brief update about what the team has been doing for the past month?

The first and biggest thing I want to mention is the QuarkChain mainnet was updated on April 30. One major function is multi-native tokens. On the QuarkChain mainnet, multi-native tokens have the same status as that of QKC within the QuarkChain system; it can deploy contracts, cross chains, and pay for transaction fees if certain criteria are satisfied. Other than not being able to participate in governing the QKC network, native tokens can realize all functions of QKC, including the cross-chain transfer of fees; it will also overcome the problem of inconvenience encountered by most of the DeFi.

The second one is we launched the QPool. QPool aims to provide an easy-to-use experience for miners with transparent mining information and comprehensive technical support. During the period of public testing, we will impose no transaction fees. ETH miners can switch to mining QKC with just one click and we support Claymore mining. On top of that, we provide hash power calculation, real-time hash power display, hash power ranking, and so on in order to make the mining process more convenient and transparent. In the future, we will support more functions and provide smart contracts that help token holders and miners collaborate.

What are the strengths of QuarkChain, and what’s the difference from other projects?

Two words to explain: multi-chain and heterogeneous. In the network, there are many chains that run parallelly, people can join in great capacity. Many projects use single chains such as ETH 1.0, EOS, NEO, hyperledger. Heterogenous means each shard can configure the four components. Such design allows new technologies to be incorporated into a chain and such chains can be embedded into the overall system design easily. So different chains can host different consensus mechanisms, token economics, and ledger models.

QuarkChain PoSW mining is ongoing, and many people interested in staking progress, Can you tell us what are the benefits of mining from the QuarkChain Network?

QuarkChain came up with its own consensus PoSW, a combination of PoW and PoS. PoSW allows miners to enjoy the benefits of lower mining difficulty by staking original tokens (currently it’s 20 times lower). On one hand, it has a competition of computing power like PoW. At the same time, if miners stake QKC when mining, they can enjoy the benefits of lower mining difficulty. In this way, more holdings are allowed to gain more rights to verify the transaction like PoS.

Our first stage goal is to help miners and token holders work together. The miners and holders have a cooperative partnership in PoSW just like the startups and VCs . The miners can create value by themselves, moreover, they can improve the mining efficiency and win the competition of hash power. It is more decentralized and has a higher security level which makes it resistant to a 51% attack and infinite forking attacks. Proof of Staked Work makes a cooperation model just like the social mechanism in reality, which is more humanity.

Our second stage goal is to allow people with small amounts of tokens to join in the mining event. We launched QPool, a mining pool that supports the QuarkChain official mainnet. One can join the pool using any ETH mining machines. After joining the mining pool, normal miners do not need to build and maintain a full cluster; they also can save the extra cost of running the full cluster. Indeed, joining QuarkChain mainnet for mining will present to miners as a more convenient alternative with more stable income. QPool supports miners to change ETH mining and QKC mining with one simple click.

In the future, we would like to invite more general miners to join the QPool.

What do you think about the Polkadot?

Polkadot provides a hub that allows users to release a new chain easily. Among the released chains, one can cross the chains for communications. At this stage, each chain can pick its consensus mechanism out of the three options that Polkadot provides. For protection, Polkadot’s hub will provide hashing power to protect the chains launched under the hub. Polkadot is a good project, but it does not mean we cannot do anything. QuarkChain mainnet is running smoothly for one year. Through the root chain of QuarkChain, one can add shard chains as added. For each shard chain, one can configure each of the four components flexibly.

Why do we need to combine both public chains and alliance chains? What solutions does the team offer? How do you guys achieve that?

There is a trend in the blockchain space: consortium blockchain and public chains complement each other. In the future, enterprise-level applications would require a comprehensive infrastructure solution to connect consortium blockchain and public chains to satisfy all the requirements. At the same time, the traditional playbook of launching mainnet and dApps is no longer viable and the industry is now in search of new possibilities.

The future blockchain system would require the ability to keep up with these two trends and to solve pressing problems in the industry. Otherwise, one will be eliminated from the intensified competition of the industry. QuarkChain is redefining the problem from the infrastructure perspective and has invented its proprietary Boson consensus framework which can be applied onto both consortium blockchain and public chains. As such, this framework fits in squarely as a comprehensive solution for both consortium blockchain and public chains.

What’s the plan for the next half year?

  1. We will have a better PoSW. QPool can support PoSW consensus directly, and we will release some PoSW Dapp,
  2. Working on completing a multi native token ecosystem.
  3. We are also exploring other consensus technologies such as BFT consensus. We hope we can find more space, and bring benefit from these consensuses and add to our mainnet.
  4. More partnerships and enterprises to use our solution.

Explain the creation of multi-native token, and will it affect the value of the platform? Will this function affect the use case of QKC?

How to Launch Native Tokens

  • At the beginning phase of project development, we will host regular auctions on the chain. Participants will need to bid using QKC and only one winning bidder will obtain the rights to mint tokens from this round of auction
  • Once a token name has been taken by a winning bidder, it cannot be auctioned again. The only way to get the token name is to have its ownership transferred from the existing token owner.
  • The time for multinative token auctions would be weekly or monthly, please pay attention to our official channels for latest announcements.

The tokens living on QuarkChain’s ecosystem have the same rights as those enjoyed by native tokens QKC and can take up more functional values such as contract deployment and payment of transaction fees than merely as an financial instrument. Developers and users no longer need to face the quagmire of two-tokens-with-different-rights and forsake developing and using smart contract tokens. QuarkChain’s multi-native token will lower the cost of development and learning, enabling more industry applications to appear.

It will not affect the value of QKC. Since token holders can use QKC as gas fee, and miners still can do mining.