Qitmeer Network Update — December 2021
The latest developments in the Qitmeer network are divided into three main sections.
The first part is the progress of the underlying network technology development: from its humble beginnings in 2017, March of 2018 for the technical selection, open-source code and the end of the year online test network last 2019 and finally September 30 — October 1 of 2021 the main network was officially online! The launch of the Qitmeer Mainnet paved the way to the third phase of the project, these past 2 months, the network is running smoothly, nodes are also gradually expanding, the network has more than 800 arithmetic power TH / S. Currently there are already 2 functional mining pools plus 2 mining pools under development. The trading platform will start docking after the stable distribution of mining pools and arithmetic power to promote online.
The development of the back-end of the underlying network is planned to integrate the EVM platform (smart contract platform, commonly expressed as putting the entire smart contract platform of Ethernet onto the Qitmeer network), integrating the underlying POW and smart contract platform which will seamlessly link-up between the underlying POW and the second layer of smart contracts. The Qitmeer network will become a POW coin on the bottom layer and a smart contract on the second layer which will be a powerful smart contract platform like Ether so that the second layer can issue various smart contracts on the second layer this will enable various DeFi and decentralized trading platforms to interact with the bottom layer MEER.
The second part is about the development progress of commercial applications: Currently, we are developing cooperation and testing with 3 project organizations.
First of all, the Wa State Government commissioned Qitmeer Foundation to make a mobile payment system similar to WeChat Watch. Users can chat online, transfer sweep code payment and QR code receiving and paying functionality. The payment and settlement function does not depend on bank cards, it is solely based on the Qitmeer system, the system is currently in a demo and is expected to be launched for testing in January of next year.
The second progress, Qitmeer’s participation in the Belt and Road Cross-border Settlement Center based on the cross-border settlement center between RMB and ruble, the prototype platform is being set up, intended to add the function of settlement currency based on RMB cross-border settlement. The application scenario mainly serves the cross-border trade import and export enterprises, the project is planned to be confirmed to be officially online around the end of December.
The third progress, Qitmeer and the Nigerian national e-commerce platform, jointly develop a cross-border e-commerce settlement center based on China and Nigeria. Both sides are currently doing the design of the prototype demo and at the same time to test the application of the naira stable coin in the second layer network. After the system is established, Chinese users in the e-commerce platform can directly use the settlement coin or naira stable coin to buy products, while Nigerian users can purchase products with Settlement Coin on the Chinese platform and have them shipped directly by the Chinese sellers.
Besides that, we are still negotiating with other organizations and all the specific progress will be disclosed subsequently on the official website.
The third part is about the development and design progress of the MEER metaverse: the design of Meer metaverse originates from the suggestion of Qitmeer community users combined with the team’s concern about GameFi-type applications for conception. It is known that the biggest feature of Qitmeer network is to improve TPS on the premise of security and decentralization and since the future metaverse needs payment in addition to games, Qitmeer will provide payment methods for regions and countries in the real physical world and will also provide convenient payment methods for residents in the future metaverse.
At present, Qitmeer reached cooperation with a large game team in the United States, the team has experience in developing hand game projects as well as the conditions of having a large number of music collection resources. The intention is to run the game and music in tandem through the metaverse.
In addition, combining the needs of Qitmeer community users and the technical team’s research on the metaverse, we will promote the MEER metaverse project, which is currently divided into three stages: 1. design and framework of MEER metaverse; 2. plan the game rules and roles including, but not limited to the original inhabitants of creation; 3. gradually add various game scenarios on the metaverse so that the role users can switch their gaming experience. MEER metaverse development includes but is not limited to music and games. MEER native currency can be used in the Meer Metaverse too. MEER will be able to generate NFT based on cross-chain to synthesize various game roles in the metaverse subsequently so that meer can interact and switch in each game scenario.
Finally, Qitmeer networks use cases are not limited to traditional real-world applications, but also can be used for smart contracts in the world of metaverse to provide projects with a powerful platform for payment methods and smart contract interaction systems.
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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