QuarkChain Weekly AMA Summary-07/13/2019
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: Trump said BTC/cryptocurrency has no value, will this affect the marketing? what’s your opinion about it？
I think this is a very good public introduction to BTC. In addition, I believe BTC’s value is well defined — it has much better property than a lot of existing assets or currency including max supply, easy to transport and divide.
Q2: QuarkChain announced a partnership with REBIT AI, how do you work together? since REBIT AI is a 15-year solution partner to Samsung, does this mean QuarkChain will sign a partnership with Samsung in the future?
REBIT AI has worked with Samsung for 15 years, but have stopped the cooperation to do their stand-alone business as a big data-based Keyboard Dapp, that will provide crypto rewards to the users who use it as their main keyboard software on the mobile.
We are discussing not only about putting their Dapp on QuarkChain, but other potential businesses that we may create together. For any news on Samsung, we will update you timely.
Q3: The value of cryptocurrency is based on value consensus. At present, QuarkChain’s value consensus is not very high. What actions can the project side take to strengthen the confidence of the holders and support the value consensus?
Last week, we talked about what kind of chains the future needs. Everyone said that the existing public chain will be eliminated because there will be new chains out to meet everyone’s needs. But what’s the definition of “New Chain”? Next year, a new consensus may out, which is better than PoS and PoW. All the new public chains will use that new consensus. The year after next year, a new virtual machine may come out and new public chains will use that new VM. Everyone feels that the previous chains had been eliminated. Do we need to rebuild chains every year? This is an unsustainable situation and we could not construct a better ecosystem. Our idea is that the whole architecture is very flexible. Like building blocks, any new technology (consensus, virtual machine, ledger or token economics, whatever) can be used in new shards. As time goes on, you will find a flexible public chain is still there, and the ecosystem can also be sustainable.
Part 2: Technical Questions
Q1: What will be the max shards on QuarkChain in the future？
We plan to support 64K shards at the beginning.
Is the number of shards dictates flexibility? say 64 k shards can put 64k consensus, etc…
Theoretically, that is possible.
Q2: Do u encourage miners to apply for the early token swap?
Of course. You will get a huge hash power benefit with it. For how to apply, please check details here: https://medium.com/@quarkchainio/quarkchain-announced-early-token-swap-for-miners-who-wish-to-join-posw-mining-6b508c6ce4cf
Q3: There are a lot of newcomers in sharding race. what are the plans for QuarkChain to be ahead of the race…QuarkChain started way earlier than the newcomers.
I think one major difference is that we allow supporting different consensuses on shards while most of the existing solutions such as ETH2.0, Zilliqa have to stick to one consensus. This gives great flexibility. We will have an article to do a comparison between us and different sharding project. For all other sharding projects, they can only add exact same shard ( support same consensus, same virtual machine, same ledger, and same token economics), the purpose is to increase scalability. But for QKC, we can actually add the same or different shards ( means shards support different consensus, different, different ledger, and different token economics ). So that’s why we do not need to argue whether pos is better than pow, just use all of them in QuarkChain ( different shards use different ones), we can even add more consensuses later.
Is QuarkChain the only one with flexibility like this?
To my best knowledge, this is the one that is running (not just claim)
Q4: For PoSW VM, one requirement is there is a qualified number of QKCs in the mining address, do we need any other operations?
You just need to have QKC in the account. The so-called stake is that the token will be locked in the next 256 blocks.
Q5: Is the PoSW mechanism effective for the mining pool?
Yes, as long as the account on the mainnet has token.
Q6: What is the daily output of mining?
Before this year’s decrease, it was about 700,000 a day (including the main chain).
Q7: What are the significant breakthroughs in QuarkChain’s technology?
1. Throughput can now reach 50k+ TPS.
2. Each shard can support a different consensus.
3. Very efficient cross-shard transaction capabilities.
Q8: Is it better to stake more tokens or just stake a specified amount of token?
If the specified amount of tokens is met, it will be invalid if it exceeds. If it exceeds, you can change another shard that needs more tokens. Check the picture for more details.
Q9: Are the shards changed manually or automatically?
You need to prove when swap ERC-20 to the mainnet token. After that, you can transfer tokens in different shards issuing a cross-shard transaction.
Q10: If we already have the mainnet token, do we need to do the token swap in the future?
No, you do not need to do the token swap.
Q11: Was PoSW designed in the beginning?
It was designed at the beginning, but we did not do the token swap before so there is not staked tokens on the mainnet (unless you do mining and staking).
Q12: When will the root chain open?
We plan to open the root chain in a year. We are more cautious because the root chain is very important for security.
Q13: Do we must stake before mining?
PoSW means PoW+PoS. You can do mining without staking. But the attack will be more difficult since you not only need 51% of the hash power, but also need to achieve a certain amount of token to attack.