Qitmeer Development Roadmap / Stablecoin Development
Qitmeer Eco-Development Roadmap (2022)
March 2022 Qitmeer test network deploys EVM
April 2022 Qitmeer mainnets integration of EVM, any smart contract can be created and run in Qitmeer network through EVM, EVM is an important technical support for DEFI field.
In May 2022 DEX products based on Qitmeer’s underlying network operation will be presented in the network, DEX has a very important position as the value exchange market.
June 2022 the first USD stable coin based on the Qitmeer network goes live.
July 2022 various DAPPs based on Qitmeer’s mainnet will be launched one after another.
August 2022 MEER LABS is established
September 2022 Qitmeer Network 2.0 economic model announced
October 2022 Qitmeer mainnet 2.0 deployment goes live
November 2022 Qitmeer mainnet opens for MEER-based liquidity mining
December 2022 MEER LABS establishes the eco-investment fund
Role of Stablecoin
Stablecoin is the biggest application of the DEFI board. As a value anchored asset, stablecoin can make any asset visually presented through stablecoin, for example: how much USDT is 1 bitcoin?
And stablecoin is also a risk-averse asset, which can be used to hedge the risk when the digital currency fluctuates drastically.
Stable coins are generally tokens corresponding to a certain sovereign currency, which generally become fiat stable coins, and can be anchored 1:1 with the sovereign currency of the country. Stable coins play a huge role in the blockchain finance field.
MEER Minting Stablecoin
Qitmeer will open a stable coin based on the underlying network, using the value of the native token MEER for stable coin minting, pledging MEER — minting the stable coin. Stablecoins can participate in various DEFI products and applications, as well as in the liquidity mining pool of the network to gain revenue.
Financial institution fiat collateralized stablecoin
Qitmeer Foundation’s business map has deep cooperation with financial business companies that have payment licenses in many countries. Through the cooperation with financial payment companies, various sovereign fiat currencies are collateralized to mint various sovereign stable coins.
Stablecoin-based DEFI and micropayments
Why is it called stablecoin-based DEFI? When the Qitmeer network has many sovereign currency stablecoins, financial institutions with stablecoins start to incubate DEFI products and applications based on each country’s fiat currency stablecoins, each sovereign fiat currency stable coin will have its own DEFI application marketplace that will also reach local users.
The creation of local sovereign fiat stable coins will enable local residents to make on-chain micropayments through decentralized wallets.
The creation of each sovereign fiat stable coin will give a huge boost to the micropayment space and DEFI that are based on local stable coins.
Cross-border payments based on stablecoins
Cross-border payments must be based on the exchange of assets in stablecoins. When the Qitmeer underlying network has many kinds of stable coins based on sovereign currencies of various countries are born and all of them have a certain size, a transaction pair is formed between two stablecoins, for example, Dirham/Naira.
When a cross-border company delivers goods from Dubai to Nigeria for sale and obtains naira assets, it can convert the naira to dirhams in the Qitmeer network through a dirham/naira pair, using a very small conversion cost and a very fast exchange rate, and then convert the stable currency to local fiat currency through a local payment institution in Dubai.
The exchange and transfer of assets for cross-border payments are done through the exchange marketplace provided by the Qitmeer underlying network.
Huge on-chain stable coin forex market
The creation of national stablecoins in the Qitmeer network has opened the formation of an on-chain forex market, where each country’s stable coin can be freely exchanged on-chain for another country’s fiat stable coin and convert fiat stablecoins into fiat currency through local financial payment institutions.
This is a huge forex market for stablecoins, and it will drive the rapid development of Qitmeer’s underlying network.
What is MEER DEFI?
About Qitmeer
Qitmeer is the next-generation public chain based on BlockDAG which is dedicated to serving the ecosystem of Islamic Finance, ethical finance, and socially responsible investment, thereby enhancing financial inclusion and creating social impact.
In contrast to the competition model, BlockDAG’s collaboration model in the mining achieves a desirable balance of typical blockchain metrics among the security, openness, fairness, and scalability.
Qitmeer adopts a classic POW consensus and UTXO data model and designs a unique asset issuing mechanism which requires the reserve of native currency, which is in line with core ethical financial values.
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