AMA Recap: How does Qitmeer building a new financial order?
Presenter：
Hello, I’m today’s host. Welcome the to Qitmeer community and thank you all for joining us. Today, we have Abdullah Han， co-founder of Qitmeer, sharing his great insight with us. If you like today’s topic, please help us share it on Twitter and follow our account @qitmeernetwork, which will help you and these listeners know about our qitmeer public chain. Also, we will spread the word on Twitter telegram in any active crypto communities. qitmeer network is a public chain for the whole world and has been building the industry infrastructure, which will bring a series of decentralized national applications into life, including dex and nft. Liquidity mining, gamefi, etc, with better performance and lower gas. Recently qitmeer updated its network and officially entered the QNG network stage. We will have a series of new actions in technology, operation, and ecology.
Now, let’s just get into today’s topic and welcome, Abdullah.
Abdullah Han：
Hello, guys, It’s great to have this opportunity to speak to everyone on the Twitter space about the recent qitmeer development. And I’m happy to speak with everyone. Thanks for the hoster miss shmily. Apart from the questions we prepare in advance, I highly appreciate it if we can have a lot of challenges and arguments from the community. So where do we start? Miss shmily? Hello. Can you guys hear me?
Presenter： We can hear you.
Abdullah Han：
Today’s topic is a little bit different. Let me say what is going on crypto space. Today, we discussed energy, we discussed Islamic finance adoption. We discussed qitmeer and blockchain. And also, people might be very curious about how we combine energy, bitcoin,qitmeer, and also Islamic finance adoption together.
So basically because today in our industry, qitmeer sticks to the original vision of satoshi. We just try to create a scalable, faster, and cost-efficient digital infrastructure to support financial inclusion. That is our very initial vision to support sticking to the original vision of bitcoin. And also actually the trend is going to pos in our industry. So people might have two questions. Firstly, a lot of arguments concerning the energy consumption of pow proof of work. Secondly, is that why we speak to proof of work instead of pos or another consensus? Let me just try to explain what is our foundational thinking and thoughts about proof of work. Firstly, because we are also a mining company, not only doing bitcoin mining, but also qitmeer mining in the united states in the Middle East, like Dubai. And also we have distributors and miners from Europe and Africa.
So firstly, I wanna say that when you are into proof of work, you have much more law regulation concerns, because we are not raising money. We don’t raise public funds, don’t raise money from any of us citizens. So this means like a proof of work by the regulation, by law, you are much more decentralized, much more secure. And the whole mechanism is incentive by the hash power, provided by miners to support the operation of the network. So you don’t have too many regulation concerns. And today, pos has existed for centuries. And most regulators have the tendency to define proof of stake as security. As long as we define pos and security, we have a lot of legal responsibilities and a lot of legal compliance challenges in all jurisdictions.
So proof of work has much more compliance challenges compared to proof of stake. Certainly is much more decentralized and secure, are to engage all the miners. No matter if you’re from Nigeria you’re from Argentina, China, or Russia. Your location It doesn’t matter. As long as you have the miner, you have the possibility to access to join the network. It is much more inclusive. Third, and another concern today is about things like, proof of work is consumer energy, which is why I don’t agree, because nothing on this planet consumes energy directly or indirectly, such as commercial banks, which hire 500,000 people, deliver anything that is concrete.
So you see that anything as a payment infrastructure, of course, everything consumes energy, but we deem that proof of work is not energy consumption, and is an instrument for energy conversion. We just monetize this wasted energy. So recently, one of our mining efforts, including bitcoin and qitmeer as we are trying to use flare gas in the middle east, two or mining. So we actually will submit a very good proposal to a government from middle east, such as Iraq and also Nigeria. We discussed with oil and gas producers the use of flare gas for mining. This is something very interesting because if you adopt proof of work, it is much easier to gain support from the traditional investors and oil and gas players, and the government supports most companies and oil and gas products nowadays.
And also there are government-assigned which to support a green economy ,and reduce gas flaring in the oil production field. Most of the oil and gas producers are in the middle east, because flaring gas is a by-product of oil production. So it is naturally flaring into the air, which generates a lot of pollution, which is absolutely not friendly to environmental and climate change. We proposed using flare gas to build data centers for my bitcoin and qitmeer . Why do we present Qitmeer and bitcoin at the same time because bitcoin can consume much more energy in a remote location.
And because bitcoin and qitmeer do not need transportation, we have electricity that is from flare gas, we use flare gas to mine bitcoin and meer at the same time. So the data center, is a combination of data in the cycle. Qitmeer will be government-assigned to generate the local community, and also have financial inclusion.
let me say this is like one stone that is going to capture three birds. First, we are in line with the government initiatives. we’re in line with initiatives for environmental protection. We are responsive to climate change. And green initiatives are globally from Paris. as oil and gas producers, they have in common spending money to solve the flare gas problem, to solve the flare gas pollution problem.
But right now, we use flare gas in the bitcoin network. We reduce the liability of an oil and gas company. We reduce the carbon footprint. This is also in lines and oil and gas companies. Apart from that, in addition, Qitmeer is a high-performance blockchain. It has EVM and smart-contract. At the top of layer one, we can build a use case such as cross-border payment system.
So this will make the government very happy because we consume the energy from flair gas. We solve the environmental problem. After we solve the environmental problem, we also deliver a use case that is supported by the data center from its own country. At the same time, we can achieve three things in line with a reduced reduction of the carbon footprint in line with initiatives from climate change.
Secondly, we achieve their social justice. Third, we will achieve financial inclusion. So environmentally, socially, and financially, we achieve one solution which is by building a data center to my bitcoin and qitmeer a high-performance blockchain from that will build a use case, so that the combination of this is first and unique globally. Because I was traveling around the world and I was promoted bitcoin, qitmeer, and web3. I see that people are trying to have tribalism in our industry. I represent qitmeer and bitcoin.
So this is absolute, let me say, have never mind. What we believe that is. Let us create tribalism in our industry. The Crypto world is very small, from this market capitalization to its use case, it’s still at its intensive stage. We do not have good endorsement and acceptance from the regulator and institutional fund. From the use case, we did not even give anything that is concrete to solve a specific use case to solve an actual problem.
And on the one hand, because of the qitmeer adopt proof of work, we can have the opportunity to engage wall street. The traditional, let me say investment because it is proof of work. People can build a data center. Apart from that, we can also engage an energy company, which is an oil and gas company to solve an environmental problem. After that, we need to build a use case that is concrete to solve the real problem. I know many in terms of socialfi, in terms of like nft,all these concepts are still, let me say it’s very new. It’s very in the value. But it takes a long way to accept mainstream adoption. What is mainstream adoption? Which means that we need seriously.
So, one problem of the financial system, we seriously need to deliver a concrete solution to solve a financial problem, in which the system is not functioning at all. Secondly, when it comes to cross-border payment and settlement, blockchain is naturally a digital infrastructure and a lot of digital infrastructure to solve financial problems and financial inclusion problems. So we need to link the use case of blockchain as payment originally in line with the vision of satoshi, to solve the problem of e-commerce, to solve the problem of cross-border settlement, to solve the problem of cross border paymencross-border.
Once we introduce real adoption in the real use case of blockchain, to solve a problem from financial include to financial inclusion, our industry will get prosperity, get mainstream acceptance, and get mainstream adoption.
So we need to quit tribalism in our industry.
Another question is that is about islamic finance is a kind of new concept in the industry. And we come up with two ideas. First idea that is proof of work is more sharia compliant in sport. That is more ethical than the proof of stake.. It will expose network to the potential risk and centralization. Proof of work is much more decentralized and secure and much more ethical and sharia compliant. In line with the values that is brought that is endorsed by islamic finance. Secondly, in islamic finance today, we still consider about most of the islamic banks are building their use case and financial product on top of the system. Because the field monitor system has an unlimited supply. You can print paper money as much as you want, as much as you want.
So because of the oversupply of fiat money, we have periodic inflation in our economy, Because of the inflation existence, the wheels that is created by the whole society is going to be diluted by the oversupply of fiat money. Once you build your islamic finance system on top of fiat system, it cannot be answered absolutely sharia compliance, because we are building the islamic finance product on top of your system. And most of the islamic banking practice is about data structure, which is not an equity investment, but in line with islamic finance, we should share the risk. And 95 % islamic finance practice today is against interest free. What we are trying to propose that is in order to remove interest from the global financial system, we need to decentralize the money first. So decentralization of money is the step to embrace islamic finance. This is number one. Number two, secondly, that is, we believe the driving factors of islamic finance need to be re-engineered and reconstructed, because the initial driving factors of islam finance development is because all people have good intentions to develop a financial system to serve the Muslim community around the world for the purpose, for the sake of financial inclusion.
And so most of the marketing practice or marketing acceptance is breathing or leading by the religious settlement and the religious emotions and the religious affiliations. But once that religious affiliation is exhausted, we need to deliver something that is much more attractive than concrete. That is absolutely in line with islamic finance values, which is what we are trying to say that the driving force for the block chain adoption in the islamic finance space from qitmeer is going to be a powerful instrument to inspire islamic finance 4 .0, we have two means to significant points.
The first point is about decentralized money. We build a decentralization hash power to engage the miners fro the world to support the network. Secondly, we need to build a strong use case in islamic finance space that is like in terms of highlights to stability to serve the millions of people to coming to saudi arabia, and in terms of remedies, in terms of cross-border settlement. So We need all these special use case and deliver to engage a scalable adoption for the muslim population around the world.
So today i’m going to say here that it’s about, we have come up with a very unique proposition. Number one, we consume flare gas. And secondly, we build a data center. And from the data center, we build different cases to serve the emerging market, all the way from indonesia to nigeria, and all the way to engage all this good population, use case from brazil and south america. So that is the latest development about qitmeer and what we are going to do in the future. If there’s any questions from community, please come up. Do you have any questions? And so we can be able to continue this for discussion.
Presenter:
so right now, if you have questions, please audience, please raise your hand .As requested, we will get three people in the queue and answer their questions. We got our first audience request and please wait a minute. Sorry about that. We are just connected.
Abullah Han:
And but in a way, what I wonder I wanna update some latest development of the project from layer one, we are trying to build a data center in middle east with one of the big investment companies which have a government background. So this actually is going to be a very significant state for the qitmeer network, because we are in a way engaging a government sovereign fund to invest in our data center, which means we have good acceptance from a very traditional investment fund, and it’s not a crypto fund.
And also we are in discussion with several carbon-friendly found to invest in the mining business. Basically, right now, our new investors are not only from the crypto side, but also from the traditional government side, and also environmental fund,and social impact fund. So which means what? Our investor background are very diversified. As participation of qitmeer network is not only from the crypto background, but also from the government side and also environmental fund, which means we solve a lot of problems by developing blockchain .developing the academia and qitmeer network. We solve the problems of environmental problems. And in terms of use cases, we are trying to introduce different stablecoins from different countries. Likewise, uk nigeria, UAE all men, and different countries stablecoins.
So once we introduce stablecoins, we’re going to come up with, like, let me say, the second layer of qitmeer is like a settlement infrastructure, very similar to swaping system, but peer to peer system.
And so people can use a stablecoin to swap with each other directly. People can use stablecoin to do the cross border payment, to do the year to buy goods from e-commerce website.
The second layer adoption of qitmeer network is about the organization of the 5th money of each country to build a settlement infrastructure. And from primary layer is about an energy layer to store the energy, to solve the financial, to the environmental problems from the or against economies, from the east and africa. So at least the latest development of which is very significant. Now, not only from qitmeer itself, but also for global block industry. Because what we are doing something, it is very mainstream, very concrete, and and very politically and financially, environmentally wise. So we need, when we push as the block chain adoption could adoption for mainstream society, we need to be much more, let me say, wise to engage all the stakeholders and only a good concept, and a good vision. We’re not going to be automatically translated into something that is concrete and tangible to solve the world’s problems. We need to be much wiser to engage the stakeholders from industries, including regulators, the use case, including the different investment companies.
So that is the whole idea about the underlying values from the foundation to the use case of academia.
And how do we consider ourselves, how do we plan to push the implementation of qitmeer in the real world? I’m calling participation of the community, all the way from the mining to the use case and the marketing and promotion. And that’s it. If there’s any question from a certain community, I would like to answer it. Thank you.
Presenter：
Hi. Abdullah, sorry. We have some technical issues with that audience. We cannot get him connected. But I got the questions. It will be best if you can answer here. As a co-founder of qitmeer, I know you’re always searching for collaboration, commercial collaborations. Can I ask what current collaboration you have got with some traditional departments so far?
Abudllah Han：
That’s great. Thanks for the question. Because our operation team is kind of like mostly between the east and africa. We have a lot of support from malaysia. we are all firstly, we are a member of islamic financial service board. The islamic financial service board is an organization has the same half islamic banks and also 90 central banks.
So we are the only popular blockchain that is accepted by this organization. It gives us a lot of access and the opportunity to talk to the regulators to come up with something. Let me say, to convert traditional theater systems and also blockchain space, I’ll just give us a lot of good opportunities. We are officially recognized by explaining the financial service board. Number two, we’re lying in discussion with a lot of central banks from china and also from Africa, such as Nigeria. So we have proposed developing stablecoins within the smart contract of qitmeer to serve as a certain infrastructure.
Apart from that, we are engaging different stablecoin companies. We, as I just mentioned before, are working with several commercial partners from the UK and also from Dubai, UAE working, and also from Nigeria.
We are going to issue a lot of stablecoin on the qitmeer blockchain, something that is going to happen very shortly in the next 5 to 6 months.
Presenter：
Cool. Thank you for answering those questions. Another question I have is what you think of the website and also metaverse.
Abullah Han：
From my point of view, I have been participating in a lot of like events about web three and the hype. And so we were in this industry for 5 years, because every year you will participate, you will see 100 different companies. Next year you will see another 100 different companies, and all of them cannot survive for more than 6 months to 1 year. So right now, let me say the investors are not buying this idea just because you have a good concept, you have a good business model, or you have a good product.
Firstly, I ii believe in web three, but I believe that firstly, in our industry, we need to be much more concrete to solve real-world problems. Like we need a very strong use case to solve real-world problems, embrace mainstream society, to do something concrete. Another thing is that we need to have much more self-discipline in this respect, because a lot of guys are using web3.0, a lot of like, let me say sometime , I’m calling the decentralization of blackchin, but the decentralization of blockchain does not mean at the civilization of crime, commitment.
All right? Sometimes in one industry, because we are against regulation. But at the end of the day, because of the lack of regulation, we are decentralization of crime. A lot of like a secret problem from cross-chain, from an exchange, from a wallet, from web3.0. And so this will lead to a conclusion and an impression from the regulators, from the new investors that we are associated with something that is negative. When you mention something about web three or matter words, you are not. I’m proud of my industry. I’m proud to be part of this ecosystem, but we need to do something. We still have a long way, a long journey to go before the dot com, before the ministry of adoption.
And also we need to have much more self-discipline in this industry to do something that is concrete focusing on the product to solve a real problem. Not only about the second market management, because our industry focused on marketing, pr promotion branding, making a secondary market. So this is not very healthy for a project sometime. This is, I wanna say, with our industry partners. Thank you.
Presenter：
Thank you so much. Thank you so much again. Due to the time limit, we can only answer these questions. Sorry about the other people. If you have more questions, please just leave your question in any community like it. Discord or telegram, we will get your question answered.
We know that it’s definitely very helpful for the ecology entry after its launch, and it also represents a new era. We noticed that there are currently many projects in the equipment, and ecology, making attempts at the ecology. And we hope that we can see more projects, strongly qitmeer ecology in the future. That is the end of our meeting today and thank you guys for your support. Please stay toned and we will have another meeting coming. Have a good day.
