Qitmeer Network Development Report（2022/6/3–2022/7/10）

4 min readJul 31, 2022

Business

The WORLD DIGITAL MINING SUMMIT (WDMS) was held in Miami, the USA on July 26, 2022, bringing together the world’s top Mining companies and blockchain companies for an in-depth discussion on mining, finance, and energy resources.

Qitmeer Network is a new generation of high-performance public blockchain network based on the combination of hybrid BlockDAG (MeerDAG) consensus protocol and UTXO data model, using MeerKeccakV1 Mining algorithm and supporting ASIC miners to ensure a highly loyal computing power to maintain the security and stability of the network continuously; co-founders Lawrence and Abdullah Han participated in this conference to promote in the North American market and to further expand the possibility of global distribution.

The Qitmeer Network arithmetic operator, Mirstar Technologies, with its NOYCE57 high-performance ASIC miners, made a strong showing at the summit and won the favor of many exhibitors. The company has ordered 200 NOYCE57 mining machines to participate in the maintenance of network arithmetic, paving the way for MillcoreStar to enter the Southeast Asian arithmetic market.

2. Community

The progress of “Eco-node” Staking: Six “Eco-nodes” have already submitted their applications and completed pledging, and the total amount of Staking has reached 600,000 Meer. Project parties or individuals who wish to establish business scenarios in Qitmeer Network can first try to create and run relevant application contracts in QNG Testnet to experience whether the high performance brought by the high concurrency of the network meets the performance requirements of the business scenarios; they can also experience whether the fee model of high-frequency transactions meets the cost requirements of the business scenarios.

We hope that “eco-nodes” who have submitted applications will participate in testing with Qitmeer Team and submit questions and feedback to improve the network to meet the needs of more users and increase its value. When the QNG Testnet tests are complete and mature, the main network can be fully upgraded to the QNG network. Therefore, we hope the community will work together to build a diverse network and reach the Staking goal to activate the EVM function as soon as possible.

QNG network upgrades progress: QNG network is continuing compatibility testing with the main network, the more nodes involved, the more problems may be exposed which means there will be more conducive to the robust development of the network, laying a solid foundation for the future security of the network. At present, “mantle upgrade” is nearly finished and will be officially opened shortly, all nodes in the network need to upgrade their versions. During the network upgrade, the transfer function of wallets and exchanges will be suspended, so we hope all users will be prepared in advance.

3. Staking

• At present, the tenth period of the “Majority Game” is the third phase, and as of block 954000, the total locking amount has reached 8658364.74285398 meer, with a current staking rate of 48.1%. The second threshold has been reached, if the total lock amount increases by another 342000 meer, the staking rate will reach 50% and obtain the full incentive, at that time, the single pool basic incentive will increase from the current 427680 meer to 534600 meer.