What is Qwark?
Qwark is a decentralized and peer2peer crypto token based on the Ubique blockchain. It is an ERC-20 token designed to provide a powerful and shared global infrastructure that can easily move value across the globe. Qwark is designed to help developers create markets, store registries of debts and move funds in a decentralized way.
Initially, Qwark was launched as Sarcoin (SAR) by a developer known as Luke William. Unlike other coins such as Bitcoin or Ethereum, all the Qwark coins are pre-mined and distributed via pool miners. This makes it less tasking for more people to own and use the coins. However, it resembles Bitcoin in that it uses SHA-256 hashing algorithm.
- The performance of Qwark coin
The price of Qwark can be traced back to April 2016 when it ran under the name Sarcoin. On April 21st, 2016, the value of the coin was $0.078 before climbing marginally in one week to hit $0.10 on 27th of the same month. Then, the value took a downtrend sinking to $0.04 by early June 2016.
The price of Qwark remained within the range of $0.01 and $0.04 between July 2016 and May 2017. In early June 2017, the price shot to $0.16 before falling again to $0.08 in mid-July 2017. Again, it shot up to $0.5 in mid-August 2017 before sinking again to $0.1 in early November.
Between November and January 9th, the price rose to $0.55. This was the highest mark in the Qwark’s history. But this positive show did not last.
In a day after hitting the peak, the Qwark price took a downtrend that continued until early December 2018 when it started showing some signs of recovery. By the close of December 2018, the value of Qwark was $0.016.
What is the problem that Qwark solves?
When Qwark developers shifted from Sarcoin, they wanted an outfit that would help to effectively address the existing and emerging challenges in the crypto and financial niche. Here are some of the problems that Qwark solves.
- Centralization of mining in the crypto niche
When Bitcoin was launched in 2009, the most notable thing was its proof of work (PoW) consensus. This protocol also became the main algorithm for most pioneering cryptos such as Litecoin and Ethereum. However, POW comes with a major problem of centralization of mining.
Because proof of work protocol relies on computing power, miners are required to have very advanced computers/ mining devices. To make mining more viable, the industry started producing ASIC mining equipment that generates very high computing power to make mining proof of work based coins viable. Though this might look like the perfect solution, it came with a myriad of issues such as high cost.
The high cost of ASICs implies that only a limited number of people can afford it. This implies that mining and ownership of proof of work coins is likely to go to only a few wealthy individuals. Qwark solves the issue by adopting a different consensus protocol.
- High cost of sending value
If you want to send funds across the globe through traditional methods such as wire transfers, the process is very expensive. Most of the traditional organizations operate as profit-based enterprises which imply they use every available method to optimize returns on investment. But it is not just the focus on profits that drives financial organizations to charge high cost.
To reach more people and weather the high competition in the sector, traditional financial services providers have to position their operations in major cities which are very expensive. This means they have to pay the high cost of rent, wages to staff, and marketing related expenses. All of these costs have to be met by raising the cost of services such sending value.
- Poor adoption of cryptocurrencies in the society
If you take a closer look at the nature of transactions run via decentralized networks such as Qwark or Bitcoin, the operations are easy and direct because they are completed on a peer2peer basis. However, this simplicity does not appear to translate to more adoption at the grassroots level.
If you have some coins such as ETH and want to buy an item in the neighborhood, the chances are that few or none supports payment with digital coins. When you hear of the large number of digital coins hitting the market today, those who rush to buy are investors seeking to make profits. Qwark addresses the problem by making it easy for more people to access and use the coins.
How does Qwark solve the problem?
To address the above problems, Qwark development team opted for a multi-dimensional approach that would also help the coin to compete with others in the market. The following are the top methods used by Qwark to address issues in the crypto niche and outdo competitors:
- Employs proof of stake consensus algorithm
Proof of stake (PoS) is a consensus protocol that was first proposed by Sunny King and Scott Nadal in 2012. They were concerned that proof of work that was common with the early cryptocurrencies was becoming a stumbling block to success in the crypto niche because of the ever rising mining difficulty.
Proof of stake protocol requires users to have some stake in the network they want to mine. This implies three key things. One, the platform does not rely on computing power. Therefore, users can qualify to mine the network by simply staking its native coins.
Two, proof of stake protocol is environmentally friendly. Because miners do not need to work harder to solve complex puzzles to mine Qwark, their machines power requirement is minimal. This is one of the reasons PoS has become so popular with top cryptos such as Ethereum indicating they will shift to it.
Three, by allowing more people to mine and own the native coins, PoS helps to facilitate even distribution of the native coins. This has been very crucial in preventing more coins from falling into the hands of a few people and causing 51% attack.
- Qwark operates as a fully decentralized crypto network
Decentralization is one of the main methods used by Qwark to help address the high cost of sending value and promote the adoption of its coins in the market. Qwark operates as a network of nodes that help to store data, run transactions, and most tasks on its system. Take the case of a standard transaction.
When you initiate a transaction, it is picked by miners who have staked the native Qwark coins. The miners follow the public address of the sender to ensure that he has ample coins to send and there is no double spending. If everything is okay, the transaction is confirmed and added to the next block that becomes part of the Ubique blockchain.
By operating as a completely decentralized system, Qwark transactions do not go through centralized and profit-seeking organizations such as banks. Instead, users are able to enjoy direct liaison with recipients. Transactions are, therefore, cheaper and instant. Note that for such transactions to be effected, both the sender and recipient need to be in the Qwark network.
To make it simple even for novices to join and use Qwark, the development team ensured that all the native coins are pre-mined and distributed from mining pools platforms. This is very helpful in lowering bar for new entrants. It is perhaps
- An innovative distribution model
In many cases, people targeting to join cryptocurrencies are faced by the problem of understanding where to start because of the involved complexity. For example, people who want to join Bitcoin to start mining have to download the entire blockchain and maintain advanced mining equipment. But Qwark is different. It is this unique distribution model that has helped to make Qwark attractive and to grow the community rapidly.
What makes Qwark better than it’s competitors?
When Qwark development team decided to change Sarcoin and base it on Ubique system, one thing that was clear to them is intense competition. Therefore, they had to look for unique ways to beat the high competition in the market.
Note that the competition is not just against other cryptos. It also includes financial organizations that have held the community captive for many years. Here are some of the things that make Qwark better than competitors:
- Sending value using Qwark is cheap
If you want to send value using the Qwark system, it is cheaper compared to the conventional systems because transactions are completed without going through third parties. Even the small fee charged for sending value on the network is meant for developing the network as opposed to optimizing profits.
- Qwark operates a decentralized system
Unlike the centralized financial systems such as banks, Qwark is a completely decentralized model. This implies that it does not have a single point of failure.
Data is stored by nodes spread in the system such that users are always assured of accessing their details n o matter the time of the day or night. This means that your details will always be available even if one of them falls off or is unavailable.
- Users on the Qwark system enjoy sending value anonymously
When you use the standard financial systems such as credit cards or online wallets such as PayPal, your details are retained by the respective company. Because they operate under local regulations, the info can easily be revealed through a court order.
However, Qwark operates as a completely anonymous system. When you send value, nobody can know about you because the account, transaction history, and personal info are encrypted.
- The Qwark system makes mining simple and easy for all
By employing proof of stake algorithm and using a pre-mined model, Qwark makes it simple even for new crypto enthusiasts to easily acquire new coins. No matter whether you have a laptop or standard GPU, it is possible to mine Qwark.
How can Qwark be categorized?
Qwark can be categorized as a completely decentralized and ambitious crypto that seeks to redefine the crypto niche. Its development team’s commitment to addressing the problems facing the crypto niche has seen new features such as support for decentralized applications and smart contracts being supported in its system.
Though the commitment of the team and progressive improvements has not deterred the price from plummeting in 2018, the effects are expected to become evident in the coming years. Many crypto experts argue that Qwark could become the next big crypto because of the fast-growing community.
What is Qwark’s vision on security?
The Qwark’s vision on security is to become the most secure crypto network in the crypto niche. When the Qwark system unveiled in 2016, the team was cognizant of the looming dangers, especially from hackers. To keep the Qwark system free from attacks, here are the main strategies used by its development team:
- The system uses advanced encryption that helps to keep user info away from third parties.
- By adopting proof of stake consensus algorithm, Qwark has managed to evenly distribute its native coins and avoid the danger of 51% attack.
- The Qwark development team reviews the network regularly to identify gaps and seal them before they become serious security issues.
Examples of Qwark’ use cases/ applications
To make the Qwark’s mission a reality, the development team wanted to ensure that the coin had as many use cases as possible. Here are some of the main applications that you need to know:
- You can use the Qwark coin to send value both locally and internationally. Note that both the sender and recipient must be on the Qwark system.
- Qwark coins can be traded in the markets. You can pair Qwark with other coins such as Bitcoin and ETH, and trade them in exchanges that list them.
- Qwark can be used to pay for goods and services from stores that accept it. Note that even if only a different coin is supported, you can still use Qwark by changing it to the supported crypto.
- You can use the Qwark coins to pay taxes in jurisdictions such As Arizona or other government services in a country such as Singapore.
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