Qitmeer Medina Network has been completed successfully, Qitmeer Umayyad Network will be launched soon!
Dear Qitmeer community users:
With the output of the last Pmeer, Qitmeer Medina Network has completed its phase of historical mission, marking the imminent entry of Qitmeer Network into its third period: Umayyad era. The relevant data is now publicized.
- Last valid block height: 1127906
- Last block out time: 2021–06–13 04:47:53
The Medina Network token Pmeer has been fully produced, but the Medina Network will continue to operate for some time to provide transaction support for the mapping of Pmeer to the main network token MEER.
Data statistics of the two token game
We calculated the data for 90 days of the game period and came up with the final results: the average price of HLC is about 0.00661214 USDT, the average price of Pmeer is about 0.01850104 USDT, and the final value of β is 6.40471626.
The gaming statistics are shown in the following table.
Umayyad Network Mapping Details
When the Umayyad Network goes online, the Mecca-era token HLC and the Medina-era token Pmeer will be mapped. The specific mapping ratios are as follows.
- B-HLC (Burned HLC) Mapping ratio
- fP = 0.04210853
- i.e., one B-HLC can swap 0.04210853 Meer.（23.74815-hlc/1-meer）
- HLC Mapping Ratio
- i.e., one HLC can swap 0.01617033 Meer.（61.84165-hlc / 1-meer）
- Pmeer Mapping Ratio
- i.e., one Pmeer can swap 0.10356637 Meer.（9.65564-Pmeer / 1-meer）
Detailed explanation of Medina Network output
The total number of Medina Network token Pmeer logically is 200287911, the actual circulating volume is 200551810.04366634, actual difference 263899.04366634 Pmeer. The reason for the difference comes from two factors: 1) public test reward in qitmeer early version ; 2) due to the particularity of DAG network, the total amount control logic of Medina Network can not achieve accurate control of production.
Before the Medina network was officially launched, we invited community users to participate in public testing and held three mining contest events in the community, mainly involving versions qitmeer-0.8.1, qitmeer-0.8.3 and qitmeer-0.8.4. In all three public testing events, we gave participating users according to certain rules These rewards are generated in Medina Network 1.0 (qitmeer-0.8.5) via Genesis, as described in the relevant documentation.
Prior to the official launch of the Medina network, we invited community users to participate in public testing and held three mining contest events in the community, mainly involving versions qitmeer-0.8.1, qitmeer-0.8.3 and qitmeer-0.8.4. In all of the three public testing, we promised formal pmeer token to the participating users according to certain rules, for a total of 299650.04366634 pmeer rewards. These rewards are generated in Medina Network 1.0 (qitmeer-0.8.5) via Genesis, as described in the relevant documentation .
In the early Medina network, the production control rule was to treat all of the Pmeer logical total 200287911 as mining output, while the test reward of 299650.04366634 Pmeer was not included in the logical total 200287911, but was treated as an increment. Therefore, the theoretical circulation production of Pmeer is: theoretical mining reward + testing reward.
Since the Qitmeer network is a BlockDAG data structure, there will be two types of blocks among all output blocks, blue set and red set, and only blue set blocks will receive block reward, while red set blocks are invalid blocks, and invalid blocks cannot receive block reward. In the production control rule of Medina Network, the theoretical mining reward = number of blue blocks × block reward = 200287911. Since the block reward of Medina Network is 120 Pmeer, the upper block limit of production control is set to 1669066 blue blocks. The theoretical circulating production of Pmeer is then: theoretical mining reward + testing reward = 1669066 × 120 + 299650.04366634 = 200587570.04366634 Pmeer.
Since the number of valid blocks awarded in Medina 1.0 is 541,194, in Medina 2.0, when the number of blue blocks reaches 1127872, the block award will be 0, signifying that all Pmeer has been produced. However, among these 1127872 blue blocks, there are only 1127574 valid blue blocks, so the actual reward given is 1127574×120 = 135308880 Pmeer.
Therefore, the actual circulation of Pmeer is: actual mining reward + testing reward = 541194×120 + 1127574×120 + 299650.04366634 = 200551810.04366634 Pmeer.
The difference between the actual circulation and the total logical amount is 263899.04366634 Pmeer. In order to guarantee the mapping rights and interests of this 263899.04366634 Pmeer, Qitmeer Foundation promises to convert and buy the same amount of HLC according to the mapping ratio, destroy them and give up the mapping, so as to guarantee the legitimate mapping rights and interests of 263899.04366634 pmeer.
According to the determined mapping ratio, 263899.04366634 Pmeer can be converted to 27331.06599899 Meer, and 1690198.40652541 HLC is required to convert the same amount of Meer. Therefore, Qitmeer Foundation will destroy 1690198.40652541 HLC and give up the mapping.
The main network of Qitmeer, Umayyad network, is under continuous internal test. After the test is completed, the main network will be officially launched. Please pay attention to the latest official announcement of 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.