Preparing for the Next Generation Qitmeer Network Release
1. Next Generation Qitmeer Network
The Qitmeer Network has been running for three years since the Medina Network, a highly scalable, inclusive and open public blockchain network that combines the hybrid BlockDAG (MeerDAG) consensus protocol with the UTXO data model.
This October, the network will enter Umayyad 2.0, as Qitmeer Network prepares to upgrade to a next-generation implementable network with a pluggable virtual machine system driven by MeerDAG consensus, or QNG network for short.
The initial phase of the QNG network will implement EVM compatibility, providing a secure and stable operating environment for executing smart contracts and a high-performance infrastructure for expanding the Qitmeer Layer2 eco-application layer.
Developers and users are welcome to build all kinds of applications on the QNG network, and all eco-applications that want to migrate to the Qitmeer Network, where they will experience faster consensus efficiency, higher throughput, stronger scalability, and of course, lower transaction fees and a smoother network environment.
2. Umayyad 1.0 “Majority Game”
In the Qitmeer Umayyad 1.0 network, a staking lockup model is designed as both a competitive and collaborative “majority game”. According to the rules, the base incentive reward rate for each period is given in a stepwise manner based on the cumulative staking rate for the period. Based on the data of the first 8 periods, the total amount of unallocated incentives at the end of the 12th period is estimated to be between 1461888 and 2356128 Meer.
For the remaining base incentive due to the staking rate not reaching the corresponding threshold, it will be collected in the Eco-fund and used for ecosystem construction in the Qitmeer Umayyad 1.0 network (community expansion, opinion improvement, open-source development ecosystem, business solutions, eco-project support, etc.), the economic model version 1.0 has not yet given detailed allocation details for the Eco-fund, so the specific allocation details can be in the new version of the official website (qitmeer.io) bounty system for proposals and applications, all users involved in the staking have the right to propose and vote in the governance system.
3. Route Planning Before QNG Network Release
QNG network node upgrade is a multi-party collaboration and gradual completion process, which requires technology, operation, POW community, and layer-2 ecosystem community to be fully prepared, not only to ensure a smooth transition of the network, but also to ensure the safety of users’ property, and to regulate the healthy and sustainable development of the ecosystem. This upgrade mainly involves EVM compatibility, which does not affect the overall data structure and therefore does not require data cleanup. The whole upgrade process will be divided into three phases to be carried out step by step.
Core Update: The official team node will be the first to update, and the official version will be upgraded after the test is mature; the wallet will be adapted and updated, TestNet will be integrated and tested and the official version will be upgraded; the block explorer will complete the adaptation and upgrade; the official website will also be iteratively updated with a new proposal system and bounty system to provide an interactive interface for network governance.
Mantle Update： Community core node access. Qitmeer is POW consensus mechanism, the upgrade of the network needs to coordinate miners, mining pools, mining farms and other full node operators to synchronize the upgrade node version, in addition, the exchange as an important value exchange center, also need to upgrade the node to the appropriate version.
Crust Update： The layer-2 eco-node access. At the technical level, continuously strengthens the construction of infrastructure to provide a better performance and fully functional underlying system for eco-applications; at the operational level, the paradigm of community governance is introduced to regulate the development of ecological projects, which on the one hand can screen the advantages and disadvantages and supervise their safety, and on the other hand can truly use community resources and ecological incentives for valuable quality projects.
● If the first eco-nodes complete the initial rules for community consensus, the EVM function will be activated and enter the Qitmeer Umayyad QNG1.0 period.
● As the eco-nodes continue to access, the governance and economic model will be put on the agenda, and the detailed rules of EVM 2.0 will be discussed and developed with the community in the proposal system to form a community consensus and embedded into the QNG network, formally ushering in the Qitmeer Umayyad 2.0 period.
Qitmeer Network is composed of POW nodes from the Medina network period (Coin is Pmeer), and is currently in the Umayyad 1.0 network period (Coin is Meer), which is composed of POW + Staking nodes, upgrading to the QNG network means that it will gradually enter the Umayyad 2.0 period. Staking nodes have evolved from single staking users to diversified ecosystem nodes, and the QNG network is compatible with EVM smart contracts to lay its foundation which is also the main technical route of the Umayyad 2.0 period.
In the future, as Layer-2 eco-application layer business needs continue to upgrade and business scenarios continue to expand, the technology will also continue to iterate and update, and will continue to expand its potential in the direction of VMs, high-speed networks, Zero-Knowledge Proof, data storage and other technologies to build a more complete infrastructure for the development of Web3.0 and metaverse, this will lay a solid foundation for blockchain application scenarios to be implemented.
The technical development and maturity of the infrastructure cannot be achieved without the recognition and support of the community. Qitmeer Network is a young public blockchain network that has just started, and it is a community-driven “decentralized” network, not a “centralized” network controlled by capital or capital markets. Therefore, Qitmeer Team, POW nodes, eco-nodes and Meer holders are all maintainers of this network, and the process from “participation” to “alliance” to “full autonomy” requires that all network nodes follow “common rules” and are bound by each other, and this process is called “consensus”.
Compliance with consensus is a process that requires governance to ensure procedural justice and to allow the rights of all participants to be manifested. We hope that all nodes can actively participate in the community governance and form internal supervision, and create a good community environment with mutual restraint, a “good” environment can breed a good “ecology”, this is the responsibility of every Qitmeer Network participant!
How do eco-nodes participate in the Qitmeer Network and receive eco-fund support? Explained in the economic section and the governance section.
● Become a staking node; (the specific staking amount is first negotiated with the economic model team to form the initial rules, and later can be discussed with the community in the governance proposal system and form a community consensus, which is eventually reflected in the economic model version 2.0)
● Community review mechanism; ecosystem nodes need to make proposals in the governance proposal system and elaborate their project details and design plans in the face of the community, and the projects that pass the voting can eventually receive incentives for ecosystem governance.
The above two procedures are initial rules, and detailed rules can be discussed and iterated in the proposal system which will eventually form the Qitmeer eco-node community consensus in the economic model version 2.0.
6. Premium List
Eco-nodes that comply with the community consensus and pass the voting will be included in the Qitmeer community’s “premium list” and receive incentives from the eco-fund and strong support in technology, operation and community, forming a truly community-driven pattern. For those who fail to pass the voting, please don’t be discouraged to continue to optimize the project design to achieve a complete state in all aspects, to gain more support and development.
7. Risk List
As a decentralized and permissionless network, not all ecosystem nodes need the support of the eco-fund and thus do not participate in the community review mechanism, but they must still comply with the community consensus and basic norms. Eco-nodes with high-risk project design solutions, with false propaganda, or without security audits, even if they do not participate in the community review mechanisms, are still considered evil nodes and will be included in the Qitmeer community’s “risk list”.
8. Risk Alert
After feedback from the community, DeFi projects on BSC chains such as MeerDeFi often use the name “Qitmeer Foundation” and “Qitmeer Network” endorsement to promote and channel traffic in the community. As an ecosystem node that will participate in the development of the Qitmeer Network in the future, it is important to explain the characteristics of the project, such as whether it solves the industry’s pain points and has real application scenarios, instead of over-consuming and overdrawing the credibility of the Qitmeer Network by using various stands and endorsements to achieve traffic infusion. The Qitmeer official team expresses its strong dissatisfaction and deep concern about this behavior, and hopes that the relevant projects will stop such behavior and abide by the community consensus, while reminding community members of the risks of such projects!
We welcome all kinds of DeFi projects to migrate to Qitmeer Network, and we will support and incubate eco-projects that abide by the community consensus and actively participate in community governance. Before the actual migration, all eco-projects must maintain a rigorous and prudent attitude, actively prepare for the migration, and do not do anything to undermine Qitmeer’s reputation in order to truly gain the community’s recognition and support. The official Qitmeer team will work with the community to strengthen monitoring, and will put projects on the “risk list” if they are still using the Qitmeer Network name to promote and channel traffic, but are not ready to migrate (return) and overspend the network’s reputation.
Promote and strengthen community safety awareness, stay alert to potential red flags, be vigilant about unrealistic return expectations, misrepresented and unsubstantiated claims, overspending on promotions and marketing. Be vigilant against unscrupulous DeFi products that use the DeFi slogan but are secretly prepared to commit a “Rug Pull” exit scam.
Risks and benefits go hand in hand, and community users are reminded to be more responsible with their investment strategies, make rational judgments, and avoid blindly investing in new DeFi projects. It is important to believe that a real DeFi application will be based in the long term, relying on real projects and finding solutions for industry pain points, not a capital game or following the trend of imitation out of thin air, let alone like a child’s play at will.
Qitmeer Network not only wants to build its DeFi ecosystem but also needs to prevent the risk of DeFi fraud and not become a tool to be used by fraudsters. We will join the community to strengthen internal and external supervision, make higher standards, and supervise the security audit of each DeFi product; meanwhile, we will strengthen the mapping of each eco-project to verify the trustworthiness of the team and actively prepare for the release of the next generation Qitmeer Network.