Exploring an Efficient Blockchain New World: In-Depth Analysis of the Features and Operational Mechanisms of Qitmeer Network
🪁🌐The era of blockchain technology provides us with a world of seamless transactions without the need for intermediaries. In this new world, you can fully leverage the technical features of Qitmeer Network to step into this efficient blockchain era.
This article will help you delve into the core essence and unique technical details of the Qitmeer blockchain network, providing insights into the crucial concepts that form the foundation of its structure.
Qitmeer Network peculiarity
Decentralization
Qitmeer Network is a peer-to-peer network that operates without relying on the control of a central authority (such as a government or bank). Instead, the network consists of geographically dispersed and interconnected nodes or computers.
Each node has a copy of the blockchain, jointly maintaining and verifying transactions on the Qitmeer chain. The decentralized nature ensures that no entity can fully control the network, making it more secure and transparent.
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Unalterable
Once added to the block and successfully incorporated into the Qitmeer blockchain, transactions cannot be changed or deleted. This ensures that all transactions become immutable records on the chain, providing users with a high level of trust and transparency.
This is like a digital diary that details every transaction and event on the chain, and anyone can verify it at any time.
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Interoperability
Unlike classic blockchains that use the UTXO model, such as Bitcoin, Qitmeer Network’s cross-chain container layer QNG network is compatible with both UTXO model and account model, and supports EVM technology standard.
This enables Qitmeer Network to quickly deploy smart contracts and migrate the Ethereum application ecosystem, with excellent interoperability.
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Asynchronous bookkeeping
Qitmeer Network chose to adopt BlockDAG technology because it is the only technology stack that can achieve large-scale throughput expansion and minimize latency without sacrificing security and decentralization.
In essence, while a single-chain topology can only accommodate one block at a time, DAG topology allows for the concurrent generation of multiple blocks. It’s akin to having a double-lane road compared to a single lane, enhancing performance while still ensuring the security of the blockchain network.
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Cooperative model
Compared to the classic blockchain that discards all blocks except the longest chain, MeerDAG’s cooperative model retains all blocks. When miners publish blocks, there is no need to synchronize all blocks in the network. Each node only needs to synchronize some blocks, which is equivalent to decentralizing transaction confirmation.
Each node participates in puzzle-like work, improving network efficiency and reducing orphan rate. This not only ensures high throughput at the real transaction level, but also achieves fast confirmation of transactions.
These elements work together to create a secure, transparent, and efficient system for recording transactions and storing data. By eliminating the need for central authorities and utilizing distributed ledgers and consensus mechanisms to ensure system integrity, it provides a decentralized approach to handling system transactions.
Consensus mechanism shapes Qitmeer network performance
In the blockchain field, consensus is the holy grail to ensure that transactions are validated and confirmed by the participant network, thus building a trust and transparent system that is not affected by corruption or tampering. This means that every transaction on the blockchain must be agreed upon by the majority of nodes in the network.
It can be imagined as being in a crowded room where everyone must come to an agreement on a decision for it to be made. Each person in this room is a node in the blockchain and needs to reach a consensus on the validity of the transaction.
Consensus is a crucial component of the blockchain system, typically categorized into ledger consensus and block consensus, which together shape the performance of Qitmeer.
They are used to determine the validity of transactions between nodes and to reach an agreement when adding blocks to the Qitmeer blockchain. They have a significant impact on the network’s performance, security, and scalability.
Block Consensus — Proof of Work (PoW)
Proof of Work (PoW) is considered the fairest mechanism for distributing currency. It is secure and decentralized, converting the computational power of hardware and the energy consumed into network hash power, enhancing the resilience of the network.
Qitmeer Network takes community-driven goals as its ideal and adopts Proof of Work (PoW) as the block consensus mechanism. Miners compete to solve cryptographic puzzles, and the first node to solve the puzzle will receive MEER rewards and add new blocks to the BlockDAG ledger.
Ledger Consensus — MeerDAG Consensus Protocol
MeerDAG is a schema ledger consensus protocol based on blue block subsets, which combines the advantages of SPECTRE and GHOSTDAG protocols. Through innovative cooperation models and topological principles, it achieves asynchronous accounting and establishes ledger timing.
This design not only ensures the security of the network and the ability to handle high-concurrency transactions, but also lays the foundation for the scalability of the Qitmeer Network. MeerDAG can be seen as the performance “engine” of Qitmeer Network, driving the network to operate at high speed.
How on-chain transactions work on Qitmeer
Assuming a user executes a transaction on the Qitmeer blockchain. What exactly happens on the chain? What are the steps involved from transaction creation to final confirmation?
Below we will break down the specific transaction operation process：
- Create a transaction:
A user initiates a transaction by creating a digital signature that verifies their identity and transaction details, such as the sender, receiver, and amount.
- Broadcast transaction:
Users broadcast transactions to nodes on the blockchain network, verify the transaction, and add it to the unconfirmed transaction pool.
- Creating new blocks:
In the MeerDAG consensus protocol, new blocks can be generated in parallel, unlike traditional blockchains where they must be generated one after another in a linear sequence. This means that multiple transactions or blocks can be added to the blockchain simultaneously.
- Block verification:
After creating a new block, it is sent to nodes in the network. Validation nodes in the Qitmeer network verify the block and transactions, ensuring the validity of all transactions and compliance with network consensus rules. This process prevents conflicts among concurrently generated blocks and establishes the transaction order.
- Blockchain connection:
Each new block can be linked to one or more existing blocks to form a Directed Acyclic Graph. This linking method creates a nonlinear relationship between blocks in MeerDAG, allowing for more flexible parallel processing.
- Transaction confirmation:
Ensuring the consistency and irreversibility of the DAG state among the majority of nodes is crucial. Qitmeer Network employs a weighting mechanism to determine block connectivity and uses a classification algorithm to filter the subset of blue blocks (honest blocks), confirming the validity of blocks. This ensures that malicious behavior is limited within the network.
- Network communication and propagation:
In the BlockDAG network, nodes need to effectively propagate new block information while ensuring that all nodes in the network can reach consensus. As blocks can be generated in parallel, Qitmeer Network uses the Meerlink cross-chain communication protocol to ensure timely dissemination of block information and consistency of node information.
Summary
Establishing Qitmeer Network aims to provide a blockchain solution that operates without the need for intermediary institutions, ensuring high security and scalability. It creates a trustworthy, flexible, and innovative environment for users and developers.
📚📌With continuous technological evolution and innovation, Qitmeer Network is laying a solid foundation for building the future decentralized economic system.
