About Qitmeer Network
Qitmeer is the next generation public chain based on BlockDAG which is dedicated to serving the ecosystem of Islamic Finance, ethical finance, and socially responsible investment, thereby enhancing financial inclusion and creating social impact.
In contrast to the competition model, BlockDAG’s collaboration model in the mining achieves a desirable balance of typical blockchain metrics among the security, openness, fairness and scalability.
Qitmeer adopts a classic POW consensus and UTXO data model and designs a unique asset issuing mechanism which requires the reserve of native currency, which is in line with core ethical financial values.
The Technical Structure of Qitmeer
Qitmeer Network fuses multiple protocols to create the MeerDAG protocol. Qitmeer network structure is divided into four layers from the bottom to top: Network Layer, Data Layer, Token Layer, Payment Layer.
DAG（Directed Acyclic Graph) is a data structure, which is designed to retain the advantages and improve the disadvantages of Blockchain. What is different from the chain data structure of traditional Blockchain is that DAG does not pack all data into blocks, and link blocks with other blocks.
Qitmeer technology is based on Block DAG not DAG. In fact, it emphasizes that the nodes of Block DAG are completely decentralized to join the network and get rewards. At present, only POW can do this. Therefore, Qitmeer acknowledged that the Block DAG protocols are generally based on Proof of Work (POW).
Qitmeer’s MeerDAG protocol inherits the advantages of classic Bitcoin decentralization, security and stability while solving the problem of limited scalability of Bitcoin. It meets the needs of public financial chains with high transaction volumes and high stability requirements. Compared to BTC’s TPS speed of 7 strokes per second and ETH’s 20 strokes per second, the total network TPS in Qitmeer can reach 3000 strokes per second.
Qitmeer’s self-developed MeerDAG protocol combines the advantages of various BlockDAG technologies such as Inclusive, Spectre, GhostDAG, etc. It adds a lot of engineering-level optimization and industrial-grade public chain improvements on top of that. Qitmeer public chain is a blockchain infrastructure to serve global financial inclusion assets and ethical financial assets on the chain, which has huge transaction volume and needs to meet the value of financial inclusion.
Currently, Qitmeer Network has been authorized globally by six national regulators, this includes the Bank of Bahrain and The Central Bank of Nigeria. Qitmeer passed to be officially launched and is expected to lay-out a new track in the field of blockchains. Recently Qitmeers official twitter account gives a hint about the launching of Qitmeers Public Chain in the month of July year 2021, it will be a testnet and users will be able to test a variety of functions of the Public Chain. To be able to utilize and use the network , users must use the native token of Qitmeer Network called $MEER. The testnet can support SWARM cloud server node conversions, CHIA and another physical mining machine that links to the mining pool for POW mining.
Qitmeer talk https://www.qitmeertalk.org/
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.