In-depth analysis of Qitmeer, co-creation of technology exploration journey
In this Web3 field where technology is rapidly changing and innovative solutions are constantly emerging, BlockDAG introduces the Directed Acyclic Graph (DAG) data structure to achieve the ability to process multiple transactions and transaction consensus in parallel, which is different from the traditional chain structure. In the underlying scaling scheme, it has been attracting the attention of Web3 geeks.
Recently, with the rapid growth of BlockDAG concept projects such as Kaspa and Confulx, the concept of BlockDAG has entered the public’s field of vision. Qitmeer，as an early BlockDAG concept project, has also attracted everyone’s attention. Qitmeer Network is a high-performance public blockchain network built on the MeerDAG protocol.
Qitmeer Network aims to meet the needs of users for high-speed transactions and propose reasonable industry solutions to solve the impossible triangle problem of blockchain, achieving a perfect balance between security, decentralization, high performance and scalability. Here we will deeply analyze the technical details of Qitmeer and start a technical exploration journey with community users.
🙇♂️ How does the MeerDAG consensus protocol work ?
Qitmeer Network is built on the MeerDAG unique consensus protocol, which aims to provide a User Experience with fast confirmation time and high throughput. MeerDAG combines the hybrid consensus scheme of SPECTRE and GHOSTDAG . It retains the cooperation model of SPECTRE consensus protocol, supports asynchronous accounting, and realizes high transaction concurrency.
At the same time, the SPECTRE consensus protocol is optimized through the GHOSTDAG protocol to solve the problem of transaction ordering. By scoring the connectivity between honest blocks, the largest subset of blue blocks is found, and the blocks are linearly sorted through topology rules to establish transaction timing, so as to form a transaction consensus for the complex DAG structure.
🙇♂️ Qitmeer’s network architecture ?
Qitmeer adopts Layer1 + Layer2 multi-layer network structure to support horizontal expansion and vertical expansion of the network.
The underlying Meer network adopts the POW consensus mechanism and the nodes are distributed globally, thus reducing the risk of single point of failure of the network. It relies on powerful computing power to ensure the security of the underlying network ledger and exists as a value transmission layer.
The cross-chain Hub layer QNG network is the cross-chain center of Qitmeer Network compatible with Ethereum virtual machines. Through MeerContract, each contract transaction is synchronized and consensus on the Meer network, and the high security of the MeerDAG consensus protocol based on proof of work of the Meer network is used to ensure the security of the QNG network.
Here, transaction synchronization consensus can be regarded as a transaction connection mechanism, similar to a driver in a transportation system. Its task is to guide the transaction data from EVM to the transaction flow of the MeerDAG consensus algorithm, realizing cross-chain processing of the data flow.
At the same time, because MeerDAG is based on the UTXO model, its transaction data structure is incompatible with Ethereum’s account-based transaction data structure. In order to maintain the UTXO transaction structure, it can seamlessly connect with Ethereum and Ethereum-compatible chain ecosystems, promoting cross-chain and multi-chain interoperability.
MeerDAG cleverly uses the signature script and sequence fields entered in the transaction structure to redefine the data structure of UTXO, making MeerContract more scalable, and also solving the problem of incompatibility between the transaction of the UTXO model and the transaction of the account model. MEER Coin can be transferred from the underlying Meer network to the QNG network to realize the flow of value, empowering MEER Coin.
Layer 2 of Qitmeer Network is an ecological application expansion layer composed of multiple high-speed subnets. This layer has excellent performance, scalability and privacy protection capabilities, providing strong support for diverse application scenarios.
Among them, the first high-speed subnet of Qitmeer’s Layer 2 layer is the Amana network, which is designed based on the Proof of Authority (PoA) algorithm. The Amana network shortens the block generation time to only 1–2 seconds, standing out for its excellent performance and scalability.
Designed to handle high concurrent transactions, the Amana network can quickly process transactions and improve the user experience of ecological applications on complex chains.
In the future, Qitmeer’s Layer 2 layer will gradually develop the Flana network, a low-cost subnet based on the Rollup protocol, and the Mizana network, a privacy subnet based on zero-knowledge proof technology.
The Flana network meets the demand for high throughput and low-cost transactions by improving transaction throughput while reducing transaction fees. The Mizana network focuses on privacy protection and efficiently verifies and processes transactions while protecting user privacy.
Qitmeer’s Layer2 subnet combination meets the needs of different application scenarios. Whether it is large-scale transactions in high-performance scenarios, low-cost and high-throughput transaction environments, or scenarios with strict privacy protection, Layer2 provides practical and effective solutions.
The integration of these subnets builds a powerful application ecosystem layer of Qitmeer Network, providing users and developers with more rich application scenarios and development opportunities.
🙇♂️ Qitmeer’s network advantage ?
⚡️Fast transaction speed and high throughput
Qitmeer conforms to the classic blockchain settings (open, fair, secure, scalable). Compared with the classic blockchain, which discards all blocks except the longest chain, MeerDAG’s BlockDAG protocol cooperation model will retain all blocks, in order to ensure real transaction-level high throughput while also confirming transactions quickly. Allows parallel processing of transactions, allowing blocks to be confirmed in seconds rather than minutes.
⚡️High security
MeerDAG consensus is based on the generalized Satoshi Nakamoto consensus, which can achieve 51% security comparable to Bitcoin. MeerDAG consensus determines whether blocks are honest or malicious by analyzing the connectivity of blocks, sorts blocks according to classification, and generates a strict linear order for DAG blocks, and judges the validity of conflicting transactions through linear order.
Its voting algorithm, once a conflicting transaction is found, the block containing the conflicting transaction accepts the vote of all blocks as a candidate, with one vote for each block.
And the vote has a magnification effect. The latter blocks will follow the majority of votes that have been proven to be honest in the past, so the convergence speed is very fast, and a slight difference in the number of votes can give the winner a huge advantage. Let the honest block vote for the honest block, and the latter honest block will give the previous stack computing power, thus making the malicious attack fail and ensuring the security of the network.
⚡️Strong scalability
Qitmeer Network realizes the compatibility of the classic blockchain model UTXO and account model through MeerContract, and Qitmeer Network’s MEER Coin can be exchanged 1:1 and other currencies across chains at any time.
Layer1 and Layer2 layers are connected through cross-chain smart contracts, integrating the data of Layer2 network into the transaction flow of underlying MeerDAG consensus, giving full play to the performance of BlockDAG.
Its unique Layer 2 network design improves network scalability and privacy protection capabilities through different consensus protocols. They provide efficient and low-cost transaction and data processing solutions for different application scenarios, and are the ecological application extension layer of Qitmeer Network.
🙇♂️ Why does Qitmeer currently choose a block generation time of 30 seconds / block ?
Qitmeer chose the current block time of 30 seconds/block to find a balance between security, transaction speed and network efficiency, as well as future development, to meet the needs of practical application scenarios. Here is an in-depth explanation of this decision:
⚡️Technical difficulties in capacity expansion
The difficulty of scaling is that if the block generation time is directly reduced or the block capacity is increased, the broadcast speed will not keep up with the block generation speed, resulting in a blockchain fork, which will reduce the security of the overall network. Even under normal circumstances, forks may occur due to network delays and other reasons.
This is why Bitcoin sacrifices the efficiency of the network and selects one of the valid main chains through “longest chain consensus” to ensure cyber security.
⚡️Qitmeer how to balance the expansion problem
Qitmeer uses the self-developed MeerDAG protocol consensus to jump out of the chain structure of the classic blockchain, and adopts the schema ledger structure to make full use of the high concurrency and fast confirmation characteristics of DAG.
However, due to network delay, transaction forking affects cyber security. There are also considerations such as economic model design and ledger inflation, and the difficulty of BlockDAG structure needs to be controlled.
The MeerDAG protocol mainly adjusts the difficulty of the BlockDAG structure by controlling the block time and the independent block limit value (k value):
- let the block be produced according to the target time;
- according to the concurrency limit, let each difficulty The concurrency number is carried out according to the preset parameters, which ensures that the k value remains within the controllable range most of the time, effectively reducing the proportion of red blocks.
Qitmeer Team controls the irrelevant block limit value (k value) by setting the influencing parameters of the concurrency limit, block production rate, security level, and block propagation time.
After multiple rounds of parameter setting and model Simulation Test to judge the best block generation time and independent block limit value (k value), it is finally found that the security level adopts 1%, the block propagation time is 30 seconds, and the block generation rate is 1/30 (block/second) is the most suitable setting.
This parameter combination is based on a comprehensive trade-off of security, block propagation time, and block generation rate, and is designed to meet the comprehensive choice of long-term stability and sustained high performance of Qitmeer’s underlying BlockADAG network.
⚡️Considerations for future development
Although the outside world may notice Qitmeer’s slower block generation time of 30 seconds compared to other BlockDAG projects, in fact, this value can be optimized and adjusted according to actual network conditions such as independent block limit values (k values) and block production rates, to improve the network block generation speed.
After the ecosystem flourishes on the subsequent chain, reduce block generation time to greatly improve network performance and ensure the landing of business scenarios with high performance requirements.
If the entire Qitmeer network ecosystem is still in its early stages, the increase in block generation speed will instead bring about the expansion of ledger data, the difficulty of node data synchronization, and the equipment requirements for building full nodes will also become higher, which is not conducive to the decentralization of PoW ecology. Node distribution.
The design concept of our Layer 1 network is mainly to serve as a secure value transmission layer like the Bitcoin network. However, the Qitmeer Network Layer2 Amana network can be compatible with EVM smart contracts and integrate EVM transaction data into the transaction flow of the underlying MeerDAG consensus. Through the PoA consensus algorithm of Amana network, the block generation time can be shortened to only 1–2 seconds.
To meet the needs of high-performance business scenarios such as DeFi, NFT trading market, GameFi, etc., the Amana network has officially launched the testnet stage. The increase in the amount of transaction data and faster transaction speed of Amana network also put forward higher requirements for our technical team. We must carefully consider the impact of factors such as double-spend attack and DAG’s own jitter constant on the BlockDAG network.
Qitmeer Network ensures the secure transmission of value at Layer 1, and Layer 2 realizes the expansion of the network ecology. This process actually realizes the seamless connection of the entire transaction ecosystem, making transaction verification and confirmation gradually integrated into the consensus mechanism of the public blockchain network to ensure the security and reliability of the entire network. This technology integration provides a solid foundation for the stable operation of the network.
🙇♂️ What is the role and intrinsic value of the MEER Coin ?
Qitmeer Network, as a high-speed and decentralized blockchain network system, MEER Coin is the native currency of the network, which is produced through the PoW mechanism, with a total of 210.24 million coins.
MEER Coin plays an important role as a core asset for governance and application in Qitmeer Network, and is used as the base currency of the economic system to pay service fees and participate in network governance and other activities.
MEER Coin can be used for secure asset storage and transfer, convenient micropayment, and payment of smart contract fuel fees. The intrinsic value of MEER Coin stems from a variety of usage scenarios and its wide application in the network. With the continuous development of Qitmeer Network’s ecosystem and the increase of network application rate, the intrinsic value of MEER Coin will also increase.
🙇♂️ The Money Distribution Economic Model of Qitmeer Network ？
The total published volume of MEER Coins is about 210.24 million, of which 74% of MEER Coins are generated through fair mining, abandoning pre-mining and private placement to ensure fair distribution.
The remaining 20% is distributed to early supporters who participated in the 18-month Medina testnet phase. It is worth emphasizing that the mining mechanism of the Medina testnet is also based on real computing power, ensuring that participants participate in the construction of the testnet through real computing power, thereby improving the security and reliability of the network.
The final 4% is allocated to the development team for network development. Currently, there are around 72 million MEER Coins in circulation, accounting for only 30% of the total.
For more detailed distribution details, please refer to:
Economics of Qitmeer Umayyad Network 1.0
🙇♂️ How to get MEER Coin ?
Getting Meer Coin is similar to getting any other Cryptocurrency. You can buy MEER Coin through centralized exchanges such as Mexc, Lbank, Jubi, etc. In addition, you can also buy MEER Coin through Swap exchange through CandySwap, a decentralized exchange based on the Qitmeer network.
These channels provide you with a variety of ways to get MEER Coin. However, please note that both centralized exchanges and decentralized exchanges have certain risks. Please be careful and assess the risks yourself when trading.
🙇♂️ Is MEER Coin a token based on Binance Chain ?
MEER Coin is not a token based on Binance Chain. Qitmeer Network as a PoW public chain project based on BlockDAG technology, MEER Coin as its underlying and unique value carrier, similar to BTC, is our core asset.
To make sure everyone is clear, we have issued a clarification announcement that BSC-Meer is a fake token impersonating our brand. Although its historical price data is misleadingly confused with the real price of MEER Coin on some data platforms, the fact is that MEER Coin has never been used as an anchor asset to cross-chain to any other blockchain.
You can read our official announcement regarding the BSC-Meer token via the following link:
