Philosophy of Qitmeer Network and Islamic Finance
Introduction
In ancient Syria, on the eastern coast of the Mediterranean Sea, seven young believers from different places, fleeing from the oppression of the king, hid in a fortified cave and slept for 309 years under the revelation of the Creator. During the 309 years, a guard dog named Qitmeer faithfully guarded their safety at the entrance of the cave. When the seven sleepers woke up, three centuries had passed in the human histroy. The reign of the former kings had long ended, and they could henceforth pursue a new life of righteous faith, clean taking of wealth, and equal dealings.
In the monotheistic world of faith around the Mediterranean, there has been a financial ethic of access to money, a financial life of equality and justice that has ebbed and flowed through the ages: the prophet Musa (Peace be Upon him) redeemed the Jews with the Ten Commandments, forbidding them from bearing false witness and coveting the wealth of others. After the revealing of Quran to prophet Muhammad, with the prohibition of usury and speculative trading, this issue eventually became the cornerstone of Islamic finance.
In the past 100 years, human financial speculation has reached the acme. When the global financial crisis broke out in 2008, thousands of ordinary people unfairly undertook the liquidation of a sea of bad financial debts. It was at this historical point that Nakamoto and tech-punks who hold on to the internationalist currency stance, created Bitcoin. With the peer-to-peer e-cash system, it has revolutionarily get rid of the oppression of modern national central forces and control the exploitation of financial intermediary forces. Bitcoin’s classic Proof of Work (PoW) consensus mechanism and UXTO model, which minted coins with equal energy value, have attracted people to work hard and dig this “mountain land” where coins is buried.
The philosophy behind the term “Qitmeer”, is the expression that Qitmeer foundation’s philosophical pursuits to no centralized control, no intermediary oppression, no speculative coinage, no usury exploitation, and reconstruct financial ethics with mathematical principles after the 2008 global financial crisis.
Qitmeer network is a public chain that adopts Bitcoin settings by sticking to the classic PoW consensus and UXTO models, while creating an original eco-pass issuance system secured by the base coin, making a good institutional arrangement for squeezing out the desires of speculators.
MEER coin is the abbreviation of the native currency of Qitmeer public chain, it presents the mathematical principle’s loyalty to the equal currency value;
Kahf wallet is the English translation of the Semitic word for purse, with the implied meaning of wise and clean use of money.
These three words Qitmeer, Meer and Kahf and their meanings are household words in the European and American world.
What is Qitmeer Network?
Qitmeer Network is a new generation payment network infrastructure based on BlockDAG technology, using Layer one +Layer two (on-chain + off-chain) scaling scheme to link the entire blockchain ecosystem with cross-chain smart contracts. BlockDAG is a natural extension of the classic blockchain (BlockChain) model, which inherits most of Bitcoin’s mature features, such as PoW consensus with 50% hash power security level and refined and stable UTXO transaction model, ensuring security and decentralization; by upgrading the traditional blockchain represented by Bitcoin’s competitive block-generation to a cooperative block-generation model. Qitmeer network breaks through the scalability limitation of Bitcoin in the protocol, and truly solves the impossible triangle of blockchain.
Qitmeer originated MeerDAG protocol combines the various advantages of BlockDAG technologies such as Inclusive, Specture, GhostDAG, etc., and adds a lot of engineering-level optimization and industrial-grade public chain improvements. It is characterized by high block generation rate, fast confirmation, high security, full decentralization, and fair rewards.
Qitmeer public chain is a blockchain infrastructure to serve global financial inclusion assets and ethical financial assets on the chain, which not only has huge transaction volume but also needs to meet the value of financial inclusion. Qitmeer has redesigned its architecture to effectively address challenges which the structure design of the traditional public chain cannot. Qitmeer’s architecture is designed with following four main features:
First Feature: Qitmeer’s MeerDAG protocol inherits the advantages of classic Bitcoin setting, such as decentralization, security and stability, while solving the problem of limited scalability of Bitcoin. It meets the needs of financial public chains with high transaction volumes and high stability requirements.
Second Feature: Qitmeer public chain’s original OP_TOKEN asset issuance mechanism extends the data structure of UTXO and support the issuance of native-level assets. MEER as native coin of Qitmeer network is also a native-level asset which is issued on the chain, OP_TOKEN assets has the same characteristics as Meer. Its transactions require network-wide node verification and consensus, so it has the same degree of security and decentralization as Meer, and OP_TOKEN assets are also mined through PoW, which make them to have the same underlying value support as Meer coin.
Third Feature: The issuance of assets on the Qitmeer public chain requires a license from a centralized authority to ensure that no poor quality financial assets are created that deviate from inclusive values. Asset issuance belongs to the application layer on top of the public chain and does not affect the decentralization of the Qitmeer public chain.
Fourth Feature: Qitmeer uses a cross-chain smart contract solution to embrace the entire blockchain ecosystem, with all contracts executed off-chain for high extensibility and scalability, without compromising the security and stability of the Qitmeer public chain and the speed of transactions.
Qitmeer Network and Islamic Finance
The ecology of Islamic economy focuses on ethical finance and financial inclusion. From the beginning of research and development in early 2018, Qitmeer network has strategically and commercially targeted the world’s first public chain for ethical finance and financial inclusion, expecting to carry the huge Islamic ethical financial assets and global financial inclusion on-chain assets, by allowing blockchain technology to empower fair real finance for coin reform of the traditional economy.
Qitmeer network encourages global ethical financial assets and inclusive financial assets to enrich the blockchain financial transaction category after coin reform to promote healthy financial prosperity. Currently, Qitmeer network can penetrate Coin reform to traditional finance in areas such as: design and issuance of various stable coins, Takaful insurance products, Sukuk bond and Securitazation products, cross-border purchase of mutual funds, cross border payment system, overseas remittances, Zakat treacebility, charitable donations, issuance of Hajj Chain payment system, and financial-grade micro-fast payments, etc..
Currently, Qitmeer network has established cooperation with regulatory authorities and Islamic Financial Institutions (IFIs), such as the Government of Dubai, the Central Bank of Bahrain, the Central Bank of Oman, the Islamic Development Bank (IsDB), the Central Bank of Nigeria, the Central Bank of Malaysia, and the Central Bank of Indonesia on the Blockchain technology and strategic development of the Qitmeer public chain. Meanwhile, Qitmeer’s financial architecture is incorporated within IFIs under the Islamic Finance Services Board (IFSB) a standard setting body based in Kuala Lumpur, Malaysia. In April 2019, the HLC Foundation and Qatar Financial Center were officially absorbed as observers of the IFSB, with the Foundation using Qitmeer as a platform to conceptualize a blockchain technology path for Islamic finance and financial inclusion together with IFSB.
Qitmeer network supports developing countries and regions that need financial inclusion, and MENA regions that need ethical finance to issue various stable coins and tokenization of asset, thus providing stable transaction price anchoring for blockchain tokens. Qitmeer network has established PoW consensus by decentralized means to encourage various business ecologies to be able to join in, especially through financial means such as wallets, payments, remittances and transactions to revitalize economic assets that lack liquidity stimulation in less developed regions and the Muslim world, and ultimately build a cross-boarder financial ecosystem that is open and fair, caring for developing countries and people and special faith communities.
Native Currency of Qitmeer Network
Qitmeer public chain minted coins through the classic PoW consensus, which minted intrinsic value of MEER coins the native currency of Qitmeer network, through real energy consumption, this is the minting philosophy that Qitmeer pays homage to Bitcoin, at the same time, it also removes the soil for speculating scam coins generation in the minting logic and enhances transaction efficiency through BlockDAG technology.
Qitmeer Network uses the idea of fair finance to create an inclusive financial system. In order to allow ordinary people to have fair access to the same mining efficiency as professional miners, it adopts diversified algorithms allowing ordinary computers to mine together with professional miners. In order to give Meer value, the public chain can progressively increase the mining difficulty and keep increasing Meer intrinsic value under the premise of openness and fairness, restoring Satoshi Nakamoto’s vision of classic Bitcoin.
Qitmeer uniquely creates a mechanism for issuing crypto assets anchored to native currency according to the fair financial philosophy. If the assets of project parties on the public chain ecology reform the coin, they need to anchor Meer with intrinsic value first, thus, increasing the cost of cheating and suppressing the claims of speculative projects. This also addresses the requirements of Islamic finance for asset compliance, and the entire business ecosystem will move toward shared risk and shared revenue.
Conclusion
Under the dual guidance of the fair and universal values and the spirit of blockchain technology, Qitmeer network will establish a balanced and diversified decision-making mechanism of the foundation for the ecological prosperity of ethical finance and financial inclusion, introduce a large number of various professional consultants, improve the governance structure and operational efficiency of the foundation, and make useful sample contributions to the global blockchain revolution.
Qitmeer is the infrastructure of a new generation payment #network based on #BLOCKDAG Technology.
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