Introducing one of the most promising crypto blockchains, Quarkchain. The Quarkchain blockchain is hailed to be a non-authoritative blockchain structure that focuses on meeting world commercial standards. QKC crypto is developed to provide a functional, scalable, secure, and decentralized blockchain network with the capability of 100 thousand on-chain transactions per second. Let’s learn in detail what is QKC and how to swap QKC at the best rate.
What is Quarkchain?
Quarkchain is a permissionless blockchain with multiple layers that offer P2P transactions. QKC aims at rectifying the key issues regarding scalability that plague Ethereum’s initial release. It does so by making use of sharding to provide access to side-chain interoperability giving over 10 thousand transactions per second. Currently, Quarkchain’s native cryptocurrency (QKC Coin) runs on the Ethereum-based testnet as an ERC-20 token standard.
On December 31, 2018, the QKC’ testnet 2.0 was launched on the Ethereum blockchain, and later Quarkchain made it an own mainnet. However, the QKC crypto’s mainnet is still in early development. When completed, it could see many features introduced. Who knows, users might even get a Quarkchain exchange.
The founder of the Quarkchain crypto “Qi Zhou ” made a promise of reaching a million transactions per second. How he intends to do that is not yet clear. Although, the protocol is yet to reach that target. Nevertheless, the current testnet has shown a promising potential in high hopes for the mainnet launch and finalization. The QKC crypto project is often compared to Zilliqa because of their similar technique of sharding.
What is QKC token?
QKC is the token currently based on the ETH blockchain as an ERC-20 compatible token. The development team has made provision of a pre-mine function that is accessible upon the launch of the Quarkchain mainnet. This function enables ERC-20 QKC tokens to be converted to native QKC coins and in turn, allowing future miners to produce QKC tokens.
In June 2018, Quarkchain launched its ICO at the rate of $0.0197 per token, raising a total of $20 million. Out of the total 10 billion tokens that were created, about 20% were assigned for the ICO sale, 15% for the DEV team, 5% for the project advisors, and 15% for the Quarkchain foundation.
The last 45% were assigned for mining activities, the community, and marketing. There’s a very high chance for the mining of Quarkchain tokens to create some inflation in the near future, as stated by the QKC team.
Key features of QKC
Now that we know what is QKC, let’s delve on its key features:
Reshardable two-layered blockchain.
The multilayer QKC blockchain is made of two layers, one is the sharding blockchain and the other is the root blockchain. Blocks produced in the first layers are confirmed by the root blockchain while the second layer is reshardable and it will not affect the root layer.
Market-driven collaborative mining.
This feature of the QKC token is well developed utilizing the game theory incentives to secure all transactions. This means 50% of the hash power is assigned to the root chain to prevent double-spending transactions.
Anti-centralized horizontal scalability
It is common knowledge that blockchains with high TPS usually result in inflated super-full nodes. This kind of structure promotes the centralization of the mining process. This is why Quarkchain crypto tackles such an issue by encouraging multiple cheap nodes to combine to create a super-full node.
Efficient cross-shard transactions
QKC crypto enables swift cross-shard transactions confirmations that occur in minutes, which can be issued at any moment. Essentially, the number of shards per network determines the cross-shard transaction speed.
Turing-complete smart contracts
Another intriguing feature of the QKC network is the support of Turing-complete smart contracts and EVMs to enable the smooth transition between the EVM decentralized applications and the Quarkchain network. This means dApps created on solidity with greater throughput can easily transit to the QKC platform.
How does Quarkchain work?
The Quarkchain individual blocks have two basic functions. The first function is the responsibility of performing and recording transactions on the ledger and this requires huge data.
Meanwhile, the second function is the responsibility of confirming the results of the transactions from the ledger and mining the block, which is required to offer the essential difficulty to render an attack fruitless economically.
Furthermore, each function is separated into two layers, and a series of minor blockchains “shards” are responsible for processing a subset of all transactions. This brings us to the root blockchain that confirms each transaction without the need to process them.
The reverting of transactions on the root blockchain is also rendered economically inefficient to provide essential security and protection. Also, additional shards can be included swiftly and effortlessly to process additional transactions and that provides scalability.
Apart from scalability and security, the Quarkchain crypto attains decentralization via collaborative mining. Collaborative mining provides miners with options to either mine in shards or the root chain. Miners can carry out the process effectively without joining mining pools. The goal is to create difficult algorithms and incentive mechanisms that make sure of the even distribution of hash powers between shards on the network.
Future of QKC
The QKC token has seen serious growth between last year January and now. A token worth $0.00285 on January 1, 2020, is now worth $0.02219 as of August 29, 2021. This is coming after years of hard work and perseverance from the QKC team. Now the token is catching attention gradually in the crypto community. New features and upgrades are due in the second and third quarter of 2021 with staking 2.0 with the DeFi product coming up.
This major upgrade could further push the value of QKC up. Possible future growth will continue to depend on several factors like innovation from the QKC project, major announcements, the state of the crypto market in general, etc.
How to exchange QKC on Swapzone?
You can trade QKC tokens on the Swapzone website with any crypto that is acceptable. Here is the step-by-step guide on doing it.
- Visit Swapzone and select the suitable QKC exchange for you in terms of token rate, transaction fees, etc. First, ensure you know the exact amount of crypto you want to buy.
- Select any Quarkchain pairing from the list of tokens. Swapzone will pull up all the Quarkchain exchanges regarding that selected token pairing for you.
- Input the number of coins or tokens you want to exchange for QKC and select the Quarkchain exchange that suits you by clicking on the “exchange” button.
- Input the address where you want to receive the crypto.
- There is also an option for a refund address, which is the address where the asset you are swapping for the cryptocurrency will be refunded in case of any issues.
- Click on the “proceed the exchange” button to carry out the exchange.
- Please, rate your experience and write a review for the selected exchange partner.