Quark is an open-source software used mainly as a peer-to-peer digital currency and just like every other of the kind it allows online money transacti
Quark is an open-source software used mainly as a peer-to-peer digital currency and just like every other of the kind it allows online money transactions with low or zero fees. It was first introduced on July 21th 2013 by the developer Max Guevara. Inspired by Bitcoin, and sharing some of its technical features, as of December 19th 2013 the Quark is the forth largest digital currency placed by market capitalization.
But if we all agree that Bitcoin paved the way for cryptocurrencies to enter the market, the question that follows is:
Whether and how other new digital currencies are different or even any better?
In terms of security, Quark (unlike Bitcoin that uses a single Hash function or SHA-2) has a different hashing algorithm with 9 rounds of hashing from 6 unique hashing functions (blake, groestl, blue midnight wish, jh, SHA-3, skein). By using different multiple hash for its proof-of-work Quark claims that in case one of these mentioned above is cracked, the system would still be resilient. This gives a further layer of security against unknowns that might enter the market in the future.
And when it comes to block generation time and mining, Quark generates a block every 30 seconds. With the inflation of 0.5% created to keep the mining going and at the same time to make the block chain resistant to nearly 51% of the attacks to which Bitcoin for example is vulnerable. Bottom line, Quark is secure against crypto attacks while simultaneously enables CPU mining.
Which leads us to its speed, or in other words, how fast transactions are confirmed. And speed is a feature where Quark truly shines. Its average confirmation time is less than 40 seconds. We may easily call Quark’s confirmation time the fastest among all cryptocurrencies. And in this capitalist world, time is indeed money.
The first 6 months 247 million coins were mined, and as from then 1 million are mined every year. It is estimated that with the majority of Quarkcoins mined their price would remain more stable in the near term. This leads to a more stable inflationary currency model and makes it more preferable for everyday money transfers.
So answer to question above, Quark is a decentralized digital currency based on an open-source peer-to-peer Internet protocol. It allows instant, irreversible, pseudo-anonymous transactions relying on a public ledger system secured by a one of a kind proof-of-work. As a new user it is easy to get started with installing a Quark wallet on your computer or mobile phone, which will generate your first Quark address. Every confirmed transaction is included in the block chain.
Quark is different and it is better.