What is Quarkchain and How to Buy QuarkChain

Quarkchain promises to offer scalability, decentralization and ease-of-use to their DApp platform

QuarkChain is a proposed blockchain infrastructure that is designed to be flexible, scalable and easy to use. It does this by leveraging a technology called blockchain sharding.

This article elaborates on what makes QuarkChain unique and covers how closely the project is adhering to its project roadmap. This article will also cover how to buy QuarkChain coin.

How Does QuarkChain Work?

Before getting into the process of how to buy QuarkChain coin, let’s understand what makes QuarkChain different and what generates value in the token.

QuarkChain supports multiple means of consensus (multi-consensus), multiple ledgers (multi-ledgers), multiple native tokens and tokens economies, and multiple VMs. As for scalability, sharding (also known as horizontal scalability) and two-layer blockchain delivery will allow Quarkchain to scale favorably as the project expands. Finally, EVM (Ethereum Virtual Machine) compatibility, cross-sharding transactions and simple account management give the QuarkChain infrastructure a high degree of usability.

In order to understand scalability, let’s first cover the concepts of vertical scalability and horizontal scalability. Vertical scalability involves adding more resources – memory, CPU, more or faster storage devices. The capability to do this makes it easy to manage.

But vertical scalability has its limitations. To add storage beyond the physical dimensions of a chassis or physical server beyond that which the motherboard supports requires an external storage system. This is quite expensive even with the most basic feature set. Since motherboards only support particular CPUs and a limited amount of physical RAM, new motherboards must be installed when the limits are broached—unless you buy an entirely new system.

Scaling up is the type of scaling most people are familiar with. When dealing with exponential growth, it is very hard to keep up by using this type of scaling. This is where horizontal scalability, or “scaling out”, is a much better solution. This type of scaling has many advantages:

  1. Since you can build on commodity hardware, you can start small and scale out as the need arises.
  2. With the complexities of vertical scaling, the cost often increases exponentially. Since the nodes used in horizontal scaling are simply commodity hardware, scaling out linearly only increases cost linearly.

Many Google products rely on this horizontal scaling. These include MapReduce, BigTable and Google File System.

Bitcoin (and Forks) vs. QuarkChain

Bitcoin was the first cryptocurrency and led the way in terms of bringing the blockchain to the public. But people in the Bitcoin community soon discovered problems. Bitcoin did not scale very well. The solution to this problem and the effects on miners were a powder keg whose explosion created much of the cryptocurrency landscape today.

Litecoin (LTC), for example, reduced the block interval that it inherited from Bitcoin from 600s to 150s. Bitcoin Cash (BCH) took Bitcoin’s block size of 1 MB and increased it to 8 MB. These improvements increase performance on a secure blockchain. But reducing the block interval or increasing block size any further will likely result in poor performance.

In an attempt to increase capacity even further, new consensus mechanisms have been developed such as proof of stake (POS) and Distributed Proof of Stake (DPOS). But QuarkChain believes that vertical scalability is approaching a hard limit as a result of the physical limitations of the P2P model. QuarkChain holds that horizontal scalability and sharding are the answers to these problems.

QuarkChain expands upon the existing blockchain model with designs like state-to-partition, atomicity, spread load, size and ledger. It gets rather complicated here, but essentially these models spread a system state into partitions. All smart contracts are given a shard key and all partition operations performed on smart contracts with that shard key are atomic, that is, they cannot be split into any smaller units. Any attempt to access a smart contract with a different shard ID is blocked because this is prohibited. Balancing of load and size across different shards ensures that the shard keys are evenly distributed. Reshard takes place to create more shards without the need for data migration.

Consensus

With all the sharding and crosschain communication happening, how do all the different substates keep track of what is going on? Some of the problems that a consensus algorithm must solve include: Who can produce a block? How to share changes with all the other nodes? How to validate that these blocks have been transferred correctly and are validated? How to handle when nodes have differing values? QuarkChain seeks to answer these questions with its consensus algorithm called Boson, named after the Boson particle.

Boson consensus is actually a whole suite of consensus algorithms that verify the security, decentralization and scalability of the network. All transactions on the network are validated with strong guarantees. Decentralization is insured because of the lower bandwidth required to produce blocks as opposed to what would be required on a single blockchain with a larger block size. Scalability is guaranteed by the fact that bandwidth increases linearly as the number of shards increases.

QuarkChain is composed of two layers: a sharding blockchain and a root blockchain. These two blockchains work together to maintain the system state. They collaborate to process the transactions taking place on each shard.

Sharding combines the system state of all the nodes into substates and constructs a cluster that executes each of these substates in parallel. The sharded blockchain is what processes your transactions while the root blockchain includes the block headers from the sharded blockchain into the body of a root block.

So, the QuarkChain ledger contains the ledger of the rootchain and the ledger of the sharded blockchain. In the event that there is a discrepancy between nodes, this is resolved by what QuarkChain calls rootchain-first consensus. In this scheme, the rootchain ledgers are compared first, and then the sharded blockchain. This algorithm is fairly complex, but our focus is on getting you up to speed on how to buy QuarkChain coin and having a solid background on what QuarkChain is and what it proposes to do.

Progress of Project

The roadmap for QuarkChain is behind schedule, but is progressing. Mainnet 1.0 was launched in April of 2019, two quarters behind schedule.

The QPocket mobile wallet was released in January 2019, only a month behind schedule. The QuarkChain mainnet version 1.0 Singularity was released in April, a month behind schedule. After mainnet ran stable for three months, the plan was to initiate a token swap after a month of running stable. This took place as planned. This swap gave users the option of converting their QuarkChain token into mainnet tokens. Users who do not need the functionality of the mainnet were not forced to swap. KuCoin was part of the first wave of exchanges that supported the QKC token swap.

QuarkChain supports POS and POW and has proposed a hybrid that it calls proof of staked work (POSW). This model allows miners to maximize their hash power. Miners can contribute by incentivizing them to obtain a stake proportionate to the hash power that they use on the network. The hybrid combines the security of proof of work with the efficiency of proof of stake. However, when all miners stake to the maximum possible, the consensus is effectively proof of work.

Supported Wallets

Ledger wallets support the ERC20 QuarkChain token, but there is no sign that support for the newer mainnet token will be available any time soon. QuarkChain’s official wallet, qPocket, is the preferred way to store and manage mainnet QuarkChain token. The Cobo and Math wallets are working to get the new mainnet token supported for their products. QuarkChain has a DApp platform and a full suite of enterprise solutions. The team expects these solutions to have an impact on the supply chain, logistics and big data areas.

NOTE: Please use these instructions only for the pre-swap ERC20 QuarkChain tokens. Attempting to use them for mainnet tokens can result in lost coins.

How to Manage your ERC20 QuarkChain Tokens with a Ledger Wallet

  1. Update Ledger Live to the latest version.
  2. Install the latest version of the Ethereum app on your wallet.
  3. On the blue banner at the top of the page, click the “Update Now” button. A box pops up displaying the accounts to be updated. After checking this list, click the “Start Update” button.
  4. Then, on your Ledger device, open the Ethereum app and click “Continue”. If the private keys for any of the accounts in the list are not on the device, you will be prompted to provide them.
  5. When the updates are complete you can view your tokens in Ledger Live by accessing the accounts page and clicking “See Tokens”.

You are now ready to receive QuarkChain coins.

  1. In Ledger Live, click on “Receive” on the left-hand side.
  2. Select the account that you want to receive the funds and click “Continue”.
  3. Connect and unlock your ledger hardware wallet. Open the Ethereum app and click “Continue”. 
  4. When you click Verify you will see an address on your screen. Make sure that the on-screen address matches what is displaying in Ledger Live. If these addresses do not match then reject the address on your device. If the addresses do match, then approve it.

You can now share this address with the sender or use it to send funds from another account. Once the transfer has taken place you can view your tokens on Ledger Live by clicking “Accounts” and clicking on “See Tokens” under the account that holds the tokens.

How to Buy QuarkChain Coin

It can be challenging to figure out how to buy QuarkChain coin when you are a U.S. citizen, because many cryptocurrency exchanges do not allow U.S. customers. Kucoin is a reliable exchange that allows trading by U.S. customers. Sign up for an account or log in if you already have an account.

On Kucoin’s Overview page you will see your Main account and your trading account. If you already have funds in your trading account, you are ready to go.

If you don’t have funds in your trading account, but do you have funds in your main account, you can transfer it easily and quickly by clicking the “Transfer In” button on your trading account. The “Transfer In” button will not be visible on the Trading Account if you don’t already have funds in your Main account.

If you have no funds in either account, then you will need to transfer funds from another account. It is also possible to buy cryptocurrency with a VISA or Mastercard. Bitcoin, Ether, Litecoin, Ripple and Bitcoin Cash ABC are the cryptocurrencies available. To deposit funds from another exchange, click the “Deposit” button. Then select the cryptocurrency that you will be sending. You will then be shown the address to use for the deposit on the site where you will be sending the funds from.

Once the deposit shows up in your main account, you will need to transfer some of the funds to your trading account as mentioned above by clicking the “Transfer In” button on your trading account. So once you have sufficient funds in your trading account, hover over “Spot” in the menu at the top of the page. Then you want to select “Spot” from the dropdown. This will take you to the trading interface.

In the Search box, enter “QKC”. Choose the pair you want to buy. You may be prompted for your trading password. Of course, you will have to sell a pair with cryptocurrency you hold (i.e., you can’t buy QKC/ETH without first purchasing ETH.) Specify the price you are willing to buy for the QKC and the amount of you want to buy. Or you can make a market order and then specify the amount and settle for the best market price.

You can view your open orders by clicking Orders at the upper right of the page and select “Open Orders”. Once your order is complete, you can see your assets by clicking “Assets” on the upper right of the page and clicking “View” in the trading account area.

Now that you know how to buy QuarkChain coin (QKC), you can invest your funds toward the vision of horizontal scalability, decentralization and user-friendliness that QuarkChain promises for the future.

Author: staff