An important start-up from Singapore known as DREP Foundation (DREP) has announced on May the 31st, that has signed a Memorandum of Understanding (MoU) with QuarkChain. The main intention for these companies is to work together so as to develop different solutions around important concerns in the blockchain industry, scalability and interoperability.
Sometimes, when companies want to commercially implement blockchain technology, the main issue with it is that it has slow transaction processing times. This creates an unavailable solution for enterprises and a very poor competitor with other services providers.
Just to mention an example, VISA is able to handle over 1700 transactions per second, while Ethereum and Bitcoin cannot handle more than 15 and 7 transactions respectively. Both of these networks have proposed different solutions to easily scale, but until now it was not possible to apply them.
QuarckChain proposes a dual-layered blockchain architecture that includes sharding. This enables the network to handle hundreds of thousand transactions per second.
Qi Zhou, Founder and CEO of QuarkChain Foundation commented about this solution:
“Many projects are claiming to solve blockchain scalability concerns without adequately addressing the three points of consideration in any blockchain development project – decentralization scalability and security. It is difficult to achieve all three at the same time. QuarkChain has openly admitted this pyramid of challenges and is one of the very few to do so.”
DREP Foundation, is also looking to connect blockchain using silos so as to smoothen the information flow. Additionally, it wants to help online platforms to tackle fake news and other malicious content.
This collaboration between DREP Foundation and QUarkChain will be able to promote the development of blockchain and allow applications to address real-life problems. Moreover, both projects will be sharing their protocol architecture with each other. Something that will promote inter-connectivity between blockchain networks and online platforms.
Of course a Memorandum of Understanding must be reinforced with other agreements, but this is one of the first steps in a potentially fructiferous relationship between DREP Foundation and QuarkChain.