Transacting quickly and securely is essential for businesses. QuarkChain is a unique, two-layer blockchain solution that can deliver over 100,000 on-chain transactions per second. QuarkChain’s innovative framework also prevents double-spending attacks, and its market-driven mining increases system throughput.
QuarkChain’s ICO took place in 2018, and raised an impressive $20,000,000, reaching 100% of its fundraising goal. QuarkChain enlisted the assistance of Benn Godenzi to ensure its ICO was successful. Benn’s list of successful ICOs includes EdenChain, WanChain, CryptoCurve, and Origo Network.
QuarkChain utilized a private-sale model for its ICO, releasing 20% of its total supply to private investors. Benn Godenzi’s numerous connections within the cryptocurrency space likely helped it achieve its private ICO fundraising goals.
What is QuarkChain?
QuarkChain aims to meet the global-commercial standard with high throughput, security, and its innovative sharding-based blockchain. Sharding essentially splits a blockchain’s network into smaller divisions, enabling more transactions-per-second. When transacting from one shard to another, transaction speeds increase even further.
Sharding typically raises security concerns since shards are often more susceptible to attack than non-sharded blockchains. However, QuarkChain addresses most security concerns commonly attributed to sharding by allocating 50% of its hash power to its root chain. With QuarkChain’s enhanced security and lightning-fast transactions, it’s poised to enhance commercial blockchain transactions in a significant way.
Because QuarkChain is a Turing-complete smart contract platform, it’s compatible with Ethereum Virtual Machine decentralized apps (dApps). Ethereum Virtual Machine dApps are deterministic applications capable of running in isolated virtual environments, making them ideal for businesses interested in using smart contracts.
QuarkChain So Far
QuarkChain released its official whitepaper in February 2018. The detailed whitepaper is 47-pages long and covers QuarkChain’s technology, use cases, and roadmap. In late 2018, QuarkChain released its first MainNet smart wallet. In Q2 of 2019, QuarkChain released QuarkChain Core 2.0, adding more shards and enabling faster transactions. In late 2019, QuarkChain began its community governance efforts, allowing users to vote on new shard development.
QuarkChain began integrating Matic Network solutions into the QuarkChain platform in early 2021. The Matic Network is an off-chain solution that should allow QuarkChain to utilize sidechains, which run parallel to the existing blockchain. With QuarkChain’s two-layer blockchain and Matic’s sidechain features, QuarkChain may be one of the safest, fastest blockchain solutions on the market.
It is unknown what QuarkChain’s private ICO price was during their initial price offering with Benn Godenzi. When QuarkChain first released their public sale, they traded around $0.23 per token. QuarkChain’s price is significantly lower today than when they first began trading, although this may be because they sold 20% of their supply before trading on public exchanges. Today, a single QuarkChain token trades for a little over $0.02.