QuarkChain Monthly AMA Summary — December 2020
Tags: Quarkchain, Ama Summary, Ama, Blockchain, Sharding

1. The first question is about QuarkChain current progress. At the moment, what’s QuarkChain focusing on? Building and developing products, getting customers and users, or partnerships?

QuarkChain aims to become the next-generation DeFi platform, and the one key feature we are going to release is mainnet 2.0!

Together with multi-native feature, we hope to address current major issues on DeFi including security, cross-chain composability, and of couse scalability.

Besides building the infra, we are building DeFi ecosystem including applications on top of QuarkChain. For example, in our QuarkChain 2.0 testnet campaign, we launched QSwap and 5-element mining game!

More applications and ecosystem will come soon!

2. That’s great! The next question is about the new mainnet. How well is QuarkChain mainnet 2.0 “BigBang” doing after the initial launch on Dec 17th? Did any projects adopt the multi native token?

Since “BigBang” is a major upgrade of QuarkChain, we have done a lot of preparation work on the network with our partners such as exchanges. Currently, the feature is upgraded in mainnet, and we are inviting our partners to use the feature to make sure the smooth transition.

Once the process goes well, we will open the feature to everyone. Many thanks for everyone’s support in the feature!

3. The next question, QuarkChain has developed its own PoSW consensus. What benefits do miners and $QKC token holders get from working together? Does QPool directly support PoSW consensus?

Yes, QPool fully supports PoSW and everyone can benefit from PoSW by mining their addresses with QKC.

The major benefits of PoSW is that it could greatly increase the security of the network, where we have observed that double-spending attack becomes more and more frequent in the world, e.g., recent AE is attacked and reverts huge amount of tokens

While PoS is becoming popular, but people have concerns that PoS-based token is more like security, especially the recent XRP incident where SEC charges XPR.

We hope that PoSW provides an easy and secure solution to run a blockchain and avoid the concerns. We will continue to improve our PoSW and users can easily join the pool including staking contracts and mining pools.

4. Excessive Volatility, Security, Scalability and Interoperability are four main issues prevalent in the blockchain, How does QuarkChain plan to overcome these issues?

We address scalability by using sharding — a common solution used in the centralized world such as Google and FB.

And as we discussed just now, the security is achieved by PoSW consensus, and the interoperability between shards will be enhanced by our multi-native token feature of QuarkChain 2.0.

We know that all these problems are persisted in the blockchain and are hard to solve all in once. But thanks to sharding, PoSW, and multi-native token features, we are also to address them simultaneously!

5. What is the next goal after BigBang you are working on or how do you think you can improve QuarkChain? The speed is already impressive.

There are a lot of things to work on such as introducing major stablecoin on QuarkChain, better staking infra, and bridge assets from other blockchains to us.

We believe all these will greatly increase the utility value of QuarkChain!

Also do not forget DeFi!

6. Talking about DeFi, we have questions about it: Which area does QuarkChain focus on at the moment? (DeFi, Dapps,Stake, Yield Farming, NFTs..) And how does QuarkChain plan to dominate the DeFi market? Is there a plan to further explore new use cases for the platform?

There are a couple of focuses — bridging the asset so that we have native assets on QuarkChain such as USDT/USDC/DAI etc.

Further applications such as swapping, algo. stablecoin, and lending, which are infras for DeFi.

With all these building blocks, our community members can easily build more blocks on top of these and form the lego land on QuarkChain!

7. We have the next question about marketing. What are QuarkChain marketing plans moving forward?

That is really a big question.

We had lots of great events and interactions in the marketing side during the year. And because of that I got a reward from Flip , thanks for everyone’s support and participation

We are going to host our last marketing community campaign for this year, it will be announced in 31th with big reward, anyone no matter where are you in the world are more than welcome to be part of it.

For 2021, as Qi mentioned in the previous questions, lots of milestones for QuarkChain, continue deployment for mainnet 2.0, staking 2.0 to provide better staking experience, applications to build up ecosystem etc, everything would involve marketing efforts to make it bigger

So the marketing plan will def align with our roadmap and we will continuously to attract more ambassadors to make the community more globalized

Again, please pay close attention to the last market events for this year!

Free Q&A Part:

Q: Can you list 1–3 of QuarkChain Features , that make it better than other competitors?

A: PoSW, multi-native token, and our customized sharding.

Q: A few days ago, 500 million QKCs were transferred from one wallet to another. that’s almost 1 in 13. Is this for business purpose first to be listed on a new exchange.

A: If you check the address, the to address is the burn address, which means we are burning ERC20 tokens since they are transferred to mainnet. So there is no worry about that.

Q: QuarkChain has assisted with the building and marketing of Equalizer. Will there be continued efforts to drive this platform? What are the plans if any?

A: Equalizer is a community project, and all of us will be part of community.

Q: Being that you are US based, is there any plan to try listing on Coinbase and or add a USDT pair on Binance?

A: Binance does not support adding USDT pair now, instead they would do BUSD. Yeah, that will be our plan for 2021.