QuarkChain Monthly AMA Summary-08/28/2020

QuarkChain held the monthly AMA in Telegram Community on 8/28/2020 at 13:00 PST. Dr. Zhou, CEO of QuarkChain, Anthurine Xiang, CMO of QuarkChain attended the online AMA and answered the community members’ questions.

The community members whose questions were selected will receive the QKC rewards.

Agenda

  • Dr. Zhou introduced the latest milestones of QuarkChain
  • Q&A
  • Live Q&A

Milestones in August

QuarkChain is using its unique heterogeneous sharding + multi-native toke technologies to solve the current DeFi problems. Recently, we launched 5 DeFi related products to let users experience the next-generation of the DeFi network. Dr. Zhou will introduce the Game of DeFi and products newly launched for the community.

Dr. Zhou:

Instead of typing, we would love to demonstrate the features and collect more feedback from you!

To let everyone experience the security and the ease-of-use of the next generation of DeFi, with multi-native tokens + sharding, we started an event called Game of Defi.

We also offer a 5M QKC bonus pool to invite everyone to have a taste of future DeFi!

We have three phases:

1, Bounty program; 2, Multi-native token game; 3; Liquidity mining game!

Now you can still attend the QuarkChain 3rd Bounty Program, which already started on Aug 14th. You can join the bounty and share the 5 million $QKC reward pool!

The details of Game of DeFi can be found here

Bounty Program here:

And here I want to introduce the five products we have recently launched.

1. Multi-native token bidding system

Users can create their multi-native tokens in the form of bidding. The QKC used for bidding will be permanently burned. The multi-native tokens created by users enjoy the same rights as ETH and QKC, and they are more secure than ERC20.

2. Gas liquidity pool

After multi-native tokens are created successfully, they can be used to pay for the gas fee directly, while ERC20 has to rely on ETH for gas fee payment only. Miners can provide liquidity for the multi-native tokens.

3. Lockdrop (Cross-chain assets mapping tool)

By staking mainnet QKC with smart contract, one can obtain the same amount of devnet QKC, which can be used on multi-native token bidding and QSwap. This also achieves assets transferring among different blockchains.

Yesterday, we launched the latest 2 products. One is the multi-native token Uniswap -QSwap and another one is an interesting mining and trading game- Element Miner!

4. QSwap: Multi-native token version Uniswap

Unlike Uniswap, which can only support ERC20 tokens, QSwap supports multi-native tokens. Thus, no extra pre-authorized approval is required in the process, and any multi-native token can be used to pay gas fee ( not only QKC ). Users will get better experience and maintain more security by avoiding granting unlimited authorization. Moreover, there will be much lower gas fee due to sharding technology provided by QuarkChain infrastructure.

5. Element Miner: A liquidity mining DApp game

The player’s goal is to collect 5 elements to join the reward pool. However, since these elements are reinforcing to each other (just like the mining throughputs from different projects are different), using QSwap will be the most efficient approach.

You can download Qpocket at https://qpocket.io/ and play the Element Miner game and win the QKC reward.

Remember that the ios users need to download the testflight version.

Learn more about the Element Miner game here:

Image for post

Open the wallet, follow the instructions to enter the game, click on the Element Miner game banner, and then click the 5 mines below. Then you start mining the 5 elements! After you get up to level 5, you can start offline mining without frequent clicking (you can also mine while sleeping).

In “Discover” of the Qpocket, you can find the link to QSwap. There you can buy the elements you need, especially the 5 elements for synthesizing (such as water, wood, metal, etc. )

Players can increase the efficiency of mining elements by using their mutually promoting elements. Then, you can enjoy double mining income!

The lucky draw happens every 8 hours, you can mint coins to participate in the lucky draw, or you can also save it until the next round of the draw.

You may find that mining 5 elements by yourself are not as efficient as mining one, so you can play with friends and make mutual transfers.

Now, I am playing the game, too! Let’s have fun! Enjoy the game and good luck, everyone!

Q&A

Q1: You mentioned sharding in the introduction. I guess everyone is familiar with this word. ETH2.0 has been talking about sharding. Last year, the two IEO projects Elrond and Harmony on our Binance platform also did sharding. Polkadot, which will be launched this year, is doing sharding. Even the old project Zil is too. So what is the difference between QuarkChain’s sharding and theirs? Where is the advantage?

Dr. Zhou:

Let me give a picture of comparisons.

Here is a comparison table, which can clearly compare our differences with other projects in terms of heterogeneous sharding.

At the same time, we have also prepared a short video to introduce the differences between heterogeneous sharding and others.

Here I would like to highlight 2 things: 1, one is heterogenous sharding; 2, second is that we have launched the network for more than 2 years.

Again, for heterogeneous sharding, we have a graph for better illustration:

Imagine a single chain network like EOS, Tezos, Cardano is like a one-way highway (BTC may be a muddy road ….)

Sharding is like a highway with multiple ways — all the ways are the same (each chain must have the same consensus/tx-ledger model/token eco). But it must be cars/trucks running on it, not bicycles.

Heterogeneous sharding is more like our traffic system — people with cars such as Lambo can enjoy highways or local ways, while people with bicycles can use local ways (and of course, people can also walk)

This allows us to harvest all kinds of latest blockchain technologies, PoS/PoW/UTXO/ZK-SNARK, etc.

Further, one cool thing we built is that as long as the shard chains follow our cross-shard protocol, they could talk to each other easily — Imagine a privacy shard chain transfers some tokens to another EVM-like chain and vice versa.

One even interesting network we build is to run public/consortium shard chains in the single network — the consortium shard chain can be permissioned (but can be used following regulation easier), while the public shard chain is permissionless.

Heterogeneous sharding opens a lot of opportunities, and we sincerely invite our community to join and explore together with us!

Q2: Polkadot is very popular these days. In its white paper, it mentions that it supports heterogeneous sharding, too. What is the difference between QuarkChain and Polkadot’s heterogeneous sharding? Can you tell me the difference between QuarkChain and other similar projects like Polkadot and Cosmos, etc.?

Dr.Zhou:

There are several similarities between us and Polkadot.

First of all, both our focus on shared security — a very important feature in the blockchain.

As we saw that a lot of projects (ETC/BTG) were attacked because they have to maintain their security only.

Shared security means that all sub-chains (shards) can be protected by the main chain (root chain in QuarkChain or relay chain in Polkadot).

So that the sub-chain can focus on their specialties — security, high performance, DeFi, bridge, smart contract, etc.

However, the major difference is that in QuarkChain, all shard chains can have their consensus (PoW/PoA/PoS), while Polkadot still enforces all parachains using their consensus.

This means that QuarkChain can have better flexibility here.

Another is the cross-shard protocol, which we have been running for more than one year (and Near is using part of the protocol), while Polkadot’s ICMP seems to just start.

Here is the summary.

If you are interested in what are the parameters of shard chains and test our cross-shard transactions, please visit our mainnet http://mainnet.quarkchain.io/ and have a try!

Q3: The 3rd question is related to the 5 DeFi products launched recently. What is the biggest flaw facing DeFi today? How does QuarkChain try to solve the problem in DeFi?

In other words, how does DeFi on QuarkChain is different from other public chains including ETH?

Dr. Zhou:

We believe DeFi is a very important application of blockchain and it has a lot of unique values.

We are very optimistic about DeFi and have been working on DeFi for a while.

However, when we are observing DeFi and experimenting with our DeFi ideas, we found a couple of challenges:

1, Security issues; 2, Low scalability; 3, Bad user experiences

  1. For security issues, we found several issues rooted from the nature that the platform (ETH) uses ERC20 to represent assets, where ERC20 can cause a lot of problems.

First of all, the security problems caused by non-standard ERC20 (for example, 25M USD stolen from lendf.me is because of such vulnerability.)

Second, because of the constraints of ERC20, before using the asset to join DeFi, everyone needs to approve some amounts of user assets (likely infinite) to the DeFi contract so that the DEFI contract can transfer user’s token on THE BEHAVE OF USERS!

Here is the diagram.

This means that if a DeFI contract is hacked, the attacker can steal not only the DeFi contract’s assets, but also the assets under the users’ names.

Earlier this year, Bancor had a similar problem, and through a white hat attack,it attacked itself and recovered nearly 0.5M losses.

  1. Scalability — Gas fee is exploding these days, and I believe everybody is suffering from it. However, being able to move ERC20 between shards is still an open question in most sharding projects.

  2. User experience. Users have to pay the tx fees using ETH, but not a token issued by the DeFi. This raises the bar of users.

Further, approve the issue of ERC20 causes extra transactions — more steps and more tx fee.

QuarkChain is designed from scratch targeting to solve all these problems! Together with our heterogeneous sharding + multi-native tokens, we could achieve:

  • Very low gas with high TPS: 1/10 or 1/100 lower gas compared to ETH

  • Much safer: No ERCO20 approval means that the user’s assets will never be able to be transferred by a malicious contract!

  • Pay any native token as gas: Users can use the native token to pay the gas fee (Imagine using a USD-backed asset to pay fee :slight_smile: )

I firmly believe with all the features, we could bring a lot of values to DeFi applications and enable further DeFi prosperity!

Q4: All the products launched are in testnet right now, why you guys did not launch on mainnet directly? When will we see them on mainnet?

Dr. Zhou:

We would like to invite our community members to participate in the events early and help us to test.

At the time being, the result of the event is very good.

After we have finished all the events, we will release them in our mainnet shortly :slight_smile:

Anthurine:

Like Qi mentioned before, it is safer to begin with testnet, actually, we found a bug this morning at our lottery script for element miner, which wrongly shows the round 2–4 results. We’re happy to announce that the bug was successfully fixed already, the only thing is that the current round number shows as 6, all the other things are correct and going on well. Mining and minting are not affected by this bug.

Q5: We know that the majority of the assets stay on the Ethereum blockchain today, and all public chains are facing such a problem: even solving the problems faced by DeFi, how can the public chain solve the problem that there are no assets on these public chains? What is the relationship between the public chain and Ethereum in the future? Competition or cooperation?

Dr. Zhou:

It is indeed a problem we have to or a lot of public chain projects face.

QuarkChain’s solution in the 2nd half of the year is to build an asset bridge to allow Ethereum assets transferred to our chain.

In this way, every user can use ERC20 assets directly linked to QuarkChain multi-native tokens, and use the multi-native tokens to participate in our DApp.

we can directly swap ERC20 into our multi-native tokens, and the multi-native tokens can be directly used to pay for gas fees in transactions.

E.g., swapping USDT ERC20 on us with QUSDT name (actually our community member bid this name in our DeFi event)

Now, users on us can use QUSDT to transfer cross-shard and pay tx fee using QUSDT :slight_smile:

Q6: Besides these exciting DeFi products, tell us the most significant focuses for QuarkChain in the coming half year?

Dr. Zhou:

We plan to launch an open-source DApp with the functions of staking and mining in Q3, which will allow more users to join the staking feature of us.

If you are interested in staking, you could first take a look at our Staking 1.0 doc:

The 2nd is the mainnet of BigBang with the multi-native token function will be officially launched in Q3

In addition to the multi-chain heterogeneous blockchain structure from the heterogeneous sharding technology, the mainnet BigBang will also have the unique function of the multi-native token, which means that except for QKC, the tokens published on the QuarkChain mainnet can have the same functions as QKC, including invoking contracts, paying transaction fees, and realizing the release of multi-native tokens with one click.

For information for the 2nd half of 2020 is here:

The 3rd is the enterprise solutions.

We have finished several enterprise corporations in the H1 of 2020: the Environmental Governance Platform on Blockchain and the in-depth technical cooperation with Amazon Web Service (AWS).

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.

You can learn more about the Environmental Governance Platform on Blockchain here:

QuarkChain reached in-depth technical cooperation with Amazon Web Services (AWS) and launched an Enterprise of the high-performance and highly flexible “Blockchain as a Service” (BaaS) one-stop application platform on AWS. The clients can build applications with higher availability and more customized applications on the platform.

In the next half year, we have planned more Enterprise opportunities and will be happy to share once we have more!

Q7: New members may not be familiar with the team, so here comes the question regarding QuarkChain Team. Having a good work team is important to achieve the success of any project, which expert professionals make up the QuarkChain team?

Dr. Zhou:

We started our team in Silicon Valley and our early team members come from Facebook, Google, Uber, Wish, etc.

Now we have more team members and have offices in China and Korea with engineers from Microsoft, Adobe, Momo, etc

The team members are extremely talented and have very diversified expertise in multiple areas.

We are also looking forward to new members that could work with us closely and rock the market!

Live AMA

@goudotmobi:

From helicopter view, what about the level of confidence you have on the security offered by the main chain (root chain in QuarkChain/relay chain in Polkadot) considering they play an extremely crucial role in protecting all sub-chains?

Dr.Zhou:

Currently, the hash power without staking on the root chain is about 12TH/s. This number is about 4 times greater than ETC (3.26 TH/s). That means a miner without stake will spend more efforts (costs) to attack the network compared to ETC :slight_smile:

@goudotmobi:

In your talk, you mention QuarkChain support 1M TPS. Since it is said “experimental”, how confident are you in the real-world scenario/use case?

Dr.Zhou:

The 1M TPS is reported from our community member in his experiment, and we have done a lot of work to examine the result. Note that this is achieved by 3rd, not us. That said, I am pretty confident that we could achieve the numbers in a real-world scenario.

@uamos:

What game was QuarkChain inspired by for Element Miner? What do you expect from him in 5 years?

Dr.Zhou:

The motivation is to mimic the nature of trading — as long as there is comparative advantage overproduction, then trading will happen. That is why we design 5 elements and forcing everyone must have different expertise on minings. Actually, I am playing the game, and using QSwap to trade the tokens I want :slight_smile:

@Idee01:

Explain QKC Gas Liquidity Pool and how does it provide liquidity for the multi-native token?

Dr.Zhou:

The basic idea is like AMM — a user can supply any token as gas fee, and the system will automatically swap the token to QKC so that miners collect QKC as a reward. This is also a perfect example of DeFi.

@tolgaozek:

As you just shared a presentation that you have many advantageous and technological capabilities against other systems, why do you have considerably lower marketcap than them?

Anthurine:

From the other side, QKC is undervalued a lot right? As a tech-heavy team, I know many people do not know we are doing the same tech with Polkadot ( actually they do not know what Polkadot is doing as well), that’s why we need a community like you to understand what we are doing and promote it to a bigger audience. By that time, all good tech/achievement will be appreciated by marketcap.

You will get QKC as a reward! Each reward will have a lottery (based on how much you have), and will be rewarded for every 8 hours!

@Bekoey21

What do we get in this mining? Is this available for Indonesian countries

Dr.Zhou:

You will get QKC as a reward! Each reward will have a lottery (based on how much you have), and will be rewarded for every 8 hours!

Anthurine:

There are some questions misunderstanding us. I think it comes from new members as well. It asks us why we build QuarkChain on ETH since ETH is so slow. Like Qi explained before, we are a public chain, using sharding tech (like ETH 2.0). We are not built on ETH.

OK guys, do not forget to join the element miner game which will last 5 days. Enjoy playing and we are happy to take suggestions.

That’s everything about AMA for this month. Lots of update and thanks for being with us

See you next month!

Congratulations to the community members whose questions were selected!

@goudotmobi
@uamos
@Idee01
@tolgaozek
@Bekoey21

You will receive the QKC rewards!

Learn more about QuarkChain

Website https://www.quarkchain.io

Telegram https://t.me/quarkchainio

Twitter https://twitter.com/Quark_Chain

Medium https://medium.com/quarkchain-official

Reddit https://www.reddit.com/r/quarkchainio/

Community https://community.quarkchain.io/

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