QuarkChain (QKC) is attracting some attention. For example, CoinMarketCap listed QuarkChain as the ninth most trending cryptocurrency on 8 October 2021.
In contrast, CoinMarketCap ranked QuarkChain as the 269th most valuable cryptocurrency on 11 October 2021. Comparatively, CoinMarketCap gave QuarkChain a 32.229₵ Coin Price, a Market Cap of $206.659 million, a Fully Diluted Market Cap of $322.929 million, and a 24-Hour Market Volume of $55.835 billion. They based those numbers on a circulating supply of 6.4 billion QKC, a Maximum Supply of 10 billion QKC, and a Total Supply of 10 billion QKC.
So what is QuarkChain and is it worth the supposed value? QuarkChain is a blockchain that uses sharding technology to make solutions more versatile and scalable. In sharding, developers spread functions across a blockchain network.
Sharding and Scalability
Hence, sharding decentralizes functions and makes them less vulnerable to hacking, cracking, sabotage, and malfunctions. For example, they could keep payment processing and storage in different parts of the network. Thus, storage will not be affected if processing goes down.
Yet the shard shares information with the rest of the network to keep everything functioning. One of the main uses for Sharding is to increase scalability is the size and volume of the network.
The sharding allows for horizontal scaling that could allow many apps to run on QuarkChain at once. Hence, several virtual machines could operate on QuarkChain at once. In addition, QuarkChain could support two-layered blockchains.
Most blockchains can only process a few transactions per second (TPS) because all the encryption limits the blockchain’s processing capability For instance, Bitcoin (BTC) can only process 3.3 to seven TPS and Ethereum (ETH) can only process 12 to 30 TPS.
Is QuarkChain a Scalable Blockchain?
Hence, QuarkChain could be a scalable blockchain. QuarkChain uses Heterogeneous Sharding which adds capacity to the blockchain. QuarkChain claims Heterogeneous Sharding makes it easy to customize QuarkChain for specialized purposes.
They claim QuarkChain’s Heterogeneous Sharding allows Quarkchain to run several blockchains at once. They divide QuarkChain into four shards or partitions. Each shard supports a different blockchain component.
The components are the virtual machines, a consensus mechanism, a ledger, and token economics. For instance, they claim QuarkChain can support the Ethereum, NEO, EOS, Cardano, and QuarkChain virtual machines.
Moreover, the consensus mechanism can support proof-of-work, proof-of-stake, and other consensus mechanisms. They also claim QuarkChain can support both proof of work and proof of stake consensus mechanisms.
In addition, the developers claim you can customize QuarkChain to support the Token Economics of popular cryptocurrencies, including Ethereum (ETH), EOS (EOS), NEO (NEO), and Cardano (ADA). The Token Economics allows QuarkChain to support Ethereum mining, Etherum fees, NEO gas, EOS (EOS) block rewards, and Cardano mining.
Thus, the QuarkChain could support an exchange that could process Ethereum, EOS, NEO, and Cardano transactions at once if these claims are too. In addition, a QuarkChain app could process transactions in all those cryptocurrencies.
Theoretically, this means you could process transactions in several cryptocurrencies at once on the QuarkChain. QuarkChain can process different cryptocurrencies because different shards allow different mechanisms to process different cryptocurrencies at once on the same blockchain.
QuarkChain Functions
One of the ultimate purposes of QuarkChain is to support nonfungible token (NFT) and decentralized finance (DeFi) applications.
They have launched the first NFT & DeFi app, the mainnet BigBang function. They claim the BigBang will allow the mainnet to deploy smart contracts and cross chains and process transactions. There will be a Devnet that will have the same functions as the QuarkChain Mainnet. Users can access the Devnet through a Developer Portal.
QuarkChain is a comprehensive ecosystem they designed to support solutions in several field data & information systems, industrial services, gaming, entertainment, trading, lending, DApps, and platforms. They claim developers are building over 70 projects for QuarkChain.
The Quark Universe projects include: SegmentFault a Q&A website designed to solve IT problems, TokenInsight a blockchain data analytics solution, Singularity Financial Limited a global fintech news service, GEC Academy which will offer classes and courses over the blockchain, the blockchain security solution Beosin, the blockchain-platform-as-a-service company Morpheus Labs, AI Zen which offers financial artificial intelligence solutions in Asia, the MyToken investment decision-making platform, Sentinel Protocol is a crowdsourced threat intelligence database, the smart contract company Haechi Labs, and the Know Your Customer (KYC) and Anti-Money-Laundering (AML) company Argos Solutions.
There’s also the peer-to-peer options platform Sparrow, the Bixin Bitcoin (BTC) platform, the Ellipal crypto hardware wallet with mobile app support, and Koi Trading, which builds liquidity pools. Other projects including ArcBlock which is supposed to be the world’s first blockchain ecosystem for building decentralized applications, Bodhi a Chinese market, the Certik verification platform for Smart Contracts, the Celer Network which allows off chain scaling of trading networks.
Plus the DxChain allows decentralized big data and machine on its network. The Ankr Network offers distributed cloud computing on trusted hardware, the Machine Xchange Coin measures and monetizes data, Yotta Chain is a distributed storage provider, and Perlin is a decentralized supercomputer. Finally, NH Investment & Securities claims to manage assets of $220 billion.
This only a sampling of the QuarkChain Universe projects.
What Value does the QuarkChain (QKC) Have?
I think the QuarkChain (QKC) could offer some real value because it hosts some projects that make money in the real world.
In addition, QuarkChain claims to have a global community with over 100,000 members. Hence, they claim to have over 100,000 people familiar with QuarkChain.
Mr. Market gives QuarkChain some value. CoinBase gave QuarkChain a 3.22₵ Coin Price, a $206.2 million Market Cap, and a 24-Hour Market Volume of $55.8 billion on 11 October 2021. They based those numbers on a circulating supply of 6.4 billion QKC.
If you are seeking a cryptocurrency, that could have some versatility and real-world value. I think QuarkChain is worth examining.
Originally published at https://marketmadhouse.com on October 11, 2021.
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