QuarkChain announced official cooperation with an ecological department under a Chinese province government. Both parties will work together on developing an Environmental Governance Platform on Blockchain (hereinafter referred to as “EGPB”), which will be firstly used for a northwest province in China for construction resource management and trading.
The partner is an official department of a provincial government. Further information will be disclosed later.
The ecological department issued the demand to QuarkChain months ago: The limited resources for construction are mainly concentrated in a specific area but distributed in many different places. In the process, there is an urgent need for an overall management system that can efficiently supervise the development.
The Environmental Governance Platform on Blockchain launched by QuarkChain provides a well-planned system that uses heterogeneous sharding to avoid the need to relaunch a new chain for each expansion as it allows customized configuration of four basic components of blockchain, which are consensus, transaction model, ledger model, and token economics, and thus different shards can be added when facing different needs. Through such advanced and unique sharding technology, QuarkChain’s EGPB solution can effectively ensure the traceability of the resource mining data and establish effective market supervision from core participants as chain nodes.
After several rounds of comparing the solutions from multiple blockchain companies, the local government finally chose QuarkChain to jointly develop and launch the EGPB as an official solution. The government hoped such a blockchain platform can be expanded to more areas and resources to accelerate industry development and management.
EGPB adopts the consortium chain design, and the core participants in the sand mining, transport, trade, etc. will become the nodes of blockchain. Different government departments will share the information and supervise the exploitation and transportation of resources. By linking the data of the industrial process, the industrial data can be traced.
When these unchangeable data are stored on the blockchain, the resource orders/contracts that cannot be used for financing in traditional industries can be used as financing tools to reduce the financing cost for these companies. This kind of financial send mining orders can also be traded on the exchange.
“Currently, QuarkChain’s EGPB solution has already been officially put into some pilot areas. Next step, it will be expanded to more cities and more types of resources,” quoted from the government side.
QuarkChain is the first blockchain infra that successfully applied state-sharding to the blockchain. Since our first mainnet launch in 2019, it has been running seamlessly over a year, and we are expecting a new mainnet ‘Big Bang’ this year which has multi-native token function. With multi-native token function, any project winning our regular auction can issue their own native token on our network without developing their own mainnet. It means they can now call smart contracts, or pay a gas fee with their own native token while enjoying our network. We also plan to introduce a staking DeFi product in months.
QuarkChain is exploring the use of heterogeneous sharding technology to achieve the most innovative ways enterprises are incorporating blockchain to revolutionize their industry. In 2020, QuarkChain plans to expand the enterprise solution into the smart city and large-scale resource management system, bringing high storage capacity, high processing efficiency, safe and reliable enterprise blockchain solutions.
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