What is QuarkChain and how to exchange QKC
QuarkChain

QuarkChain

 QKC

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.

QuarkChain Exchange Rate

QKC by TradingView

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.

Collaborative Mining

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.

Popular pairs to convert QuarkChain

Frequently asked questions

What is the QuarkChain exchange rate?

arrow

An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.

There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.

Where to find the lowest transaction fees?

arrow

Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.

If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.

What is average transaction time?

arrow

Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.

The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.

The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.

How to choose a cryptocurrency wallet to store QuarkChain?

arrow

To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.

There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.

If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.

What is the best cryptocurrency exchange for beginners?

arrow

There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.

To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.

What is Swapzone?

arrow

Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.

FlokiFi Locker is an innovative digital asset locker
protocol that allows you to securely lock
Liquidity Pool (LP) tokens, fungible tokens, and NFTs
LOCK SECURELY WITH FLOKIFI LOCKER

Recent articles

Browse all

Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.