QKCBTCthere is a few reasons for this bullish moment..
.....
30 September 2020 (or earlier)
Mainnet Upgrade
The mainnet of BigBang with multi-native token function will be officially launched in Q3
......
31 December 2020 (or earlier)
Staking 2.0 with DeFi
"It is expected that the online platform of DeFi will be launched in Q4, where miners can freely publish staking contracts..."
.......
Building The Next Generation of DeFi Network
QuarkChain
5 min read
With the continuous development of blockchain technologies, the financial landscape on top of blockchain, especially that of decentralized finance (DeFi), has been expanding and explored in depth. Its market size is growing substantially and yields a certain degree of influence. In February 2020, there are about 1 trillion USD of financial assets that are participating in the blockchain systems. Large companies such as Facebook are also eyeing the bright prospect of the industry and started launching the Libra blockchain system to attract more people to join the ranks of DeFi. They are even willing to provide the 1 trillion unbanked internet users low-cost, secure financial services.
The Current Situation of DeFi network and Its Challenges
In the area of DeFi, as Ethereum has the natural first-comer advantage, most financial contracts were issued on the Ethereum blockchain, which includes issuance of assets (ERC20), exchange of asset (Uniswap, Kyber), making of stable assets (MakerDAO), borrowing (Compound, dy/dx), and so on. Even though there is a remarkable level of DeFi activities on Ethereum, there are some major, foreseeable deficiencies in the future when Ethereum needs to service large-scale DeFi applications.
Low usability of services: the low throughput of Ethereum (approximately 15 transactions per second) cannot satisfy the usability of large-scale DeFi applications, especially the congested network traffic that is brought by the emergence of popular applications. When this scenario happens, it will halt all the other DeFi applications and significantly lower the usability. In the history of Ethereum, such network congestion took place frequently, such as the popular reception of CryptoKitties and Fomo3D; within a short window of time, Etherum was not able to make any responses due to a sudden surge in traffic.
High transaction fees: The low throughput of Ethereum led to another problem, which is high transaction fees. While there is an increasing number of network transactions, in order to process user transactions in time, users will be forced to pay higher transaction fees. When a user participates in a complicated DeFi transaction, the problem of transaction fees will worsen where each transaction may cost $1–2. When the transaction fees approach the expected return of using DeFi, the level of activity of DeFi will be lowered.
Inconvenience of using non-native assets: there are two types of assets on Ethereum, native assets ETH and non-native assets, ERC20 and NFT. On Ethereum, native assets can be used to pay for transaction fees and carry out transfer-then-call whilst non-native assets cannot be used to pay transaction fees and are required to go through multi-step transactions to participate in DeFi activity, which brings much inconvenience to users and developers. For example, when a user participates in non-native asset DeFi-related activity, he or she needs to get hold of both ETH and the corresponding non-native asset, which heightens the hurdle of user participation.
Even though ETH2.0 strives to solve the problems of low usability and high transaction fees through sharding, yet there are no confirmed dates of its official launch.
Building The Next Generation of DeFi Network Through QuarkChain
Since its inception, QuarkChain aims to design the next generation of DeFi network with these goals: higher security, lower transactions, high usability, and more convenience. The QuarkChain network leverages its proprietary Boson consensus technology and solves all the existing problems faced by Ethereum, while providing the following advantages:
High usability of its services: through multi-chain/shard design, the entire network can horizontally expand based on the demand of users’ throughput. The maximum of throughput capacity of the entire network, after third-party verification, can reach million TPS or above. Moreover, when there appears popular applications, the application will only affect the shard chain that the application is located with no effects on the other shards, which greatly enhances the usability of the network.
Low transaction fees: The high throughput of QuarkChain also brings about another great advantage which is to significantly lower users’ transaction fees. We expect to lower the fees by tenfold, if not more. The advantages of low transaction fees can help realize more DeFi scenarios that were previously impossible on the Ethereum platform due to fee concerns.
Multinative assets: QuarkChain allows developers and users to issue native assets to directly pay for transaction fees and participate in DeFi activities with no needs to purchase QKC. In addition, from the developers’ standpoint, they only need to maintain one set of code to support many DeFi contracts that support different multinative assets, which makes the development process more efficient.
Composability of cross-chain DeFi: While there are multiple shards running, there will be challenges as to how to use cross-chain protocol to realize users’ participation of DeFi activities across different chains. This is also known as the problem of composability. In fact, the founder of Ethereum Vitalik penned a post where he delineates how the future ETH2.0 will realize the composability of cross-chain DeFi: ethresear.ch In fact, QuarkChain already implemented Vitalik’s vision, through multinative assets, users can seamlessly participate on the DeFi activities of all shards anytime.
QuarkChain + NUTS Platform, Building The Next Generation of DeFi Ecosystem Hand-in-hand
With years of careful development, QuarkChain is poised to support the next generation of large-scale DeFi platform. NUTS Finance has world-class financial talents and many years of development and experiences in the blockchain DeFi area. The partnership between QuarkChain and NUTS Finance can reshape the existing DeFi ecosystem and help build an even more flourishing ecosystem.
Significantly lower the hurdles of DeFi: through NUTS Platform, we would allow any users to issue standardized financial products more easily. Using QuarkChain’s high throughput and low transaction feeds, we will attract more users to participate in DeFi.
Improve user experience: through issuing QNUT native token, users only need QNUT to enjoy all services on NUTS Platform, including creating contracts for financial products, provision of liquidity, and so on.
The first project that supports the composability of cross-chain Defi: NUTS Platform will be the first blockchain project that supports the composability of cross-chain DeFi. Even though the user sets up multiple DeFi contracts on multiple shards, all users can enjoy the services that are provided by the contracts on different shards.
Build a high-performance DeFi platform: QuarkChain will provide full support for the NUTS platform, including seamless support of QuarkChain wallet for QNUT, support of advanced transactions on the upgraded DeFi platform, and other special businesses.
With the full collaboration between QuarkChain and NUTS Finance, we believe a new chapter of the next generation of Defi is about to begin!
