What is Quark Coin?
The Quark Coin is a peer-to-peer cryptocurrency that advertises the latest and most advanced algorithms. This should make them even safer and more efficient than Bitcoin and other Altcoins.
The Quark Coin in numbers – as of 06.12.2017
The company’s market capital amounts to $ 3,635,897, with a daily trading volume of $ 14,615. There are currently 253,083,379 Quark Coins in circulation. By mining are 1 million new coins are generated each year with inflation of about 0.5% per year. In the ranking of the coinable coin coins of coinmarketcap.com Quark reached place 417.
Who is behind the project?
Quark Software is an open source project used primarily as crypto currency and for transactions. The Quark Coin was launched in July 2013 by developer Max Guevera. The name of the currency is derived from the English term for elementary particles. Guevera was inspired by Nakamoto and his ideas for Bitcoin . He was fascinated by the idea of a decentralized currency and the resulting opportunities for the general public.
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What are the special features of the Quark Coin?
The Quark Coin differs significantly from other cryptocurrencies in some respects . In terms of security, for example, Quark uses a different hashing algorithm. There will be 9 rounds of hashing with 6 different hashing functions. In comparison, Bitcoin and all based on it use crypto currencies a SHA256 hash. In order to generate a valid block here, miners must calculate a function that begins with fifteen hexadecimal zeros. This requires an average of 260 attempts. Block creation is deliberately made more difficult in order to protect the network from invalid blocks and thus fraudulent transactions.
The Proof of Work algorithm in Quark is a bit more complicated than Bitcoin. Quark multiple hashing algorithms are designed to protect the blockchain from brute force attacks and prevent specialized mining hardware from having an advantage over CPU miners. This is the second difference to Bitcoin and other Altcoins. Bitcoin Mining is currently majority-owned by dedicated mining companies. This undermines the basic idea of Nakamoto one vote per CPU.
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Quark’s multi-hash mechanism provides resistance to mining pools. However, the combined hash function created by assembling BLAKE, groestl and the other functions has no particular function. The hash function occupies only nine times as many lines of code. This means more effort to produce the hardware and makes it for a pool mining uninteresting. However, critics point out that this can only be a temporary solution, as the technology evolves and eventually a solution can be found for this problem.
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Finally, another advantage of Quark over Bitcoin is the speed. With an average of less than 40 seconds to confirm a block, it is one of the fastest cryptocurrencies on the market. Bitcoin requires an average of 7 to 10 minutes.
Although the Quark Project has been criticized and questioned over the last few years, the project has remained stable and has recently experienced a second upswing. Guevara has identified the weaknesses that have arisen with the advancement of cryptocurrencies around Bitcoin, and offers a good solution that is appropriate and obviously working for today.