Exploring the Partnership with WikiBit: What is Qitmeer

Qitmeer Network is a PoW public chain built on the MeerDAG protocol. The MeerDAG protocol is a generalization of Bitcoin consensus. Since it has no additional assumptions, it is theoretically as secure as Bitcoin. Unlike Bitcoin, MeerDAG does not use a single chain structure, but a criss-crossing DirecAcyclic Graph (DAG) structure, in which a block can point to multiple blocks. Simply put, while ensuring security, Qitmeer Network has the characteristics of fast speed, high throughput and decentralization at the same time.

1. Technical features

1.1. Fast transaction speed and high throughput

Bitcoin's block generation speed is slow, one block is issued every 10 minutes, and each block can accommodate 4,000 transactions, which means that the TPS is about 7, which is far from meeting the needs of high concurrency applications. Qitmeer eliminates security as a bottleneck for high throughput through MeerDAG, and optimizes bandwidth costs and network infrastructure for high throughput. At the same time, the innovative MeerDAG protocol greatly improves transmission performance and achieves system throughput far exceeding Bitcoin. Under the ideal state of bandwidth and propagation delay, the TPS can reach 4000 +, which is a new type of public chain with the ability to undertake hundreds of millions of users in the industry.

1.2. Mining decentralization

For miners, after multiple halving, it is very difficult to mine Bitcoin with only their own hashrate. It is a better choice to join a large mining pool to obtain the corresponding income of hashrate. Benefiting from the scale effect, consensus power is concentrated in the hands of a few large mining pools. Qitmeer has a super high block production speed, and has been optimized in memory pool, block template, and GBT, which enhances stability and efficiency, reduces the difficulty of mining for miners, and helps mining to achieve decentralization.

2. Multi-chain layout

With the development of blockchain, the ecology of blockchain has shown a blowout development. Projects such as Defi, GameFi, and Metaverse have emerged in an endless stream. These different Dapps have different requirements for the performance, speed, etc. of a chain. All applications are integrated into one network, which will increase the load on the network, forming congestion and excessive Gas fees. Can application transactions with different needs be dispersed to networks with different needs？ To solve this problem.

In August 2022, the QNG network of Qitmeer Network was officially activated and launched. The QNG network is fully compatible with EVM, innovatively realizing the 1:1 equal quality exchange between the QNG network and the main chain at any time, so that the application scenarios of the native token MEER are no longer limited to A public chain, but can bring main chain assets into more networks through cross-chain, participate in the ecology in other networks, and feed more ecology back to itself.

In Qitmeer's planning, the transactions of DeFi applications that do not require high speed and effectiveness are completed on the QNG network, while applications that require fast transactions and instant transaction performance are higher, and will be placed in a new subnet that is already being planned Amana network.

Amana Network is the core component of Qitmeer Network Layer2 and has been successfully launched on the testnet. The network is a high-speed subnet based on the PoA algorithm. Although PoW is recognized as the safest consensus mechanism and the reason for the adoption of the Qitmeer Network main chain, it does not have the characteristics of scalability and cannot meet the ecological diversity that blooms on the chain.

Compared with the traditional consensus mechanism, the PoA mechanism of Amana network is based on the reputation consensus mechanism, and its node properties are specified, which can minimize the possibility of the verification node doing evil and save energy. A new block can be created in an average of 5 seconds. The transaction speed is extremely fast and the fee is extremely low. It is suitable for scenarios that require fast processing of a large number of transactions, such as logistics, GameFi, etc., which lays a solid foundation for the subsequent high-demand application development of Qitmeer Network. solid foundation.

3. Development Route: Extended Layer Ecology with Full Network Coverage

In addition to the Amana network, the Flana network based on the Rollup protocol and the Mizana network based on zero-knowledge proofs are all being planned. Compared with other traditional public chains, Qitmeer will provide multiple Layer 2 expansion solutions to build a universal and flexible expansion framework. They will comprehensively improve the network ecology of Qitmeer Network in terms of transaction throughput, scalability, privacy protection, etc. Qitmeer will integrate multiple networks, and different operations in the same project can be executed in corresponding subnets according to different needs, making it more efficient and cheaper.

Qitmeer will achieve a true full network ecology. After full coverage, Qitmeer will become the underlying infrastructure of Web3.0, and the corresponding functions will also include high-frequency and efficient requirements such as encrypted asset payment and decentralized application construction. The next cycle of the encrypted world will be a critical moment for the landing of the encrypted industry. An infrastructure that can undertake hundreds of millions of business conduct on the chain will open the door from Web2.0 to Web3.0, minimizing user learning costs. And Qitmeer is preparing in advance for the arrival of hundreds of millions of Web3.0 users and enterprises in the future.

Under the new framework, we will also do our best. At the same time, we will also strive to put forward our own thinking and optimal solutions for the current blockchain problems. Please witness with us in the encrypted world.

If you want to know more about Qitmeer Network, you can click the link below:

Website: https://www.qitmeer.io/

Twitter: https://twitter.com/QitmeerNetwork

Medium: https://qitmeer.medium.com/

Telegram: https://t.me/qitmeernetwork