Qitmeer 公开课 三:MEER为何要做跨境支付

今天主要讲的是Qitmeer为何要做跨境支付,我自己所了解的技术还有商业应用的探索都会给大家进行分享,在这过程中,希望大家对Qitmeer网络有更深层次的认识,以及让参与Qitmeer网络的用户,不管是从算力、流动性挖矿、商业应用、DApp,还是未来的发展,都能有所帮助。

区块链网络基本知识

在讲跨境支付之前,复习一下区块链网络的基本知识。公链网络就是一个分布式的账本系统,最大的特点就是大家在同一个账本里,用同一个系统去记账,效率高、同步成本低、安全、不可篡改,这种分布式账本技术非常适合在金融系统里面使用,它有两个地方是对区块链、对公有链或者是对加密数字货币是刚需,不管是在现在的公有链,联盟链,私有链,或是很多各式各样的区块链。

但是在公有链这个赛道里,我认为支付这个领域还是区块链真正的刚需或者是真正有应用价值的地方,用公有链可以发代币、可以做积分、可以做其他业务,但是有些业务的中心化APP系统就解决很好,不一定非要公有链网络,所以,Qitmeer团队也一直在探索公有链网络到底在哪些场景下是刚需。

经过好几年的探索之后,Qitmeer认为在两个地方场景下,公有链网络和加密数字货币是刚需的:

第一,在金融基础设施不发达的国家和地区,基于公有链或高性能公有链系统发行的合规稳定币可用于小额支付解决金融储备性,用公有链这种系统,能极大的降低了成本且提高了清算的效率,所以,这种场景下公有链系统是刚需。

在跨境结算或者在跨境支付这个领域,为什么呢,因为传统的跨境结算或者跨境支付是不同国家,不同币种,不同地区和不同层级之间先层层的结算,最后由中央银行清算或者两个中央银行进行清算。如果是国内的支付方式,那支付结算、清算整个路径是从支付工具发起,然后经商业银行的结算然后到央行清算系统。要是跨境支付方式,就是到了中央银行清算系统这一层,仅是本区域或本国内的中央银行清算,还需要经过外汇管理局到另一个国家的央行或者央行清算中心。(举例说,用传统的支付系统或者西联汇款,流程是深圳用户从他的汇出银行到外汇管理局,经过Swift的系统到美联储审核,经过中间银行,再到香港的用户。如果换成其他支付系统就没有这么复杂,只需要从深圳用户的一个合规稳定的地址转到香港或伦敦的用户地址就可以。)

【加密数字货币从这个地址转到另一个地址,然后经过整个区块链网络的百分之51的节点同步好这些信息或者记录好这条信息,转账和清算工作就结束了】。就是因为区块链系统或者公有链系统在跨境支付这个过程中,能够大大的提高效率,能够大大的降低成本,所以,在这种场景下,公有链系统才有非常大的价值,对跨境贸易、跨境支付的企业和金融机构是具有强大的吸引力,只要选择的这条网络是足够的安全强大。

区块链世界稳定币市场

目前,区块链行业里面做支付用最多的就是瑞波,虽然,瑞波这个网络非常中心化。但它已经在一定程度上的发展着跨境支付、跨境汇款;还有大家所熟知的USDT泰达公司已经发行了将近八百亿枚;USDC发行了三四百亿枚。

整个美元稳定币市场加起来数量只有一千四五百亿,但交易额远超两种币种的USDT,更不用说BUSD还有其他USD,美元稳定币的年交易额早超过十万亿,这些稳定币的转账支付很大部分是用在法币和数字货币的交易,但是已经逐步开始由加密货币交易衍生到贸易圈里,现在加密数字货币圈很多用户在给跨境支付转账、海外同事客户、供应商转账的时候已经开始使用稳定币做结算。

假如,现在你的美国朋友能接受我用稳定币支付来转一笔账,只要这笔账转到了并且这笔账在所使用的这条网络上进行同步和广播确认之后,转账和清单清算工作就结束了。

又假如,要使用传统银行转账,先跑到银行要钱汇款,拿着汇款单,经外汇管理局批,到Swift的国际汇款系统,经美联储审核,再经过银行,然后由你朋友的银行总行到分行审核到他账户里,这仅是转账,清算工作可能需要你汇出的这个银行总行以及中国人民银行清算中心和另外国家的银行清算中心对此账,这笔转账和清算工作可能得需要一年时间才能完成。

就是因为公有链网络或基于P2P网络、分布式网络的这种公有链系统上面发行受监管合规发出来的稳定币可以用来进行跨境结算和跨境贸易支付,常用这种支付方式所产生的效率或者说能使成本的降低和效率的提升是非常巨大的。

做过一个简单的测算,同样,1亿美元,每笔1万。

国际汇款跨境结算汇款,在传统Swift系统里手续费至少百万美元,时效大概是几个小时到8个工作日转账到帐,整个结算周期完成大概需要一年(因为两个中央银行之间的清算对账工作一般是每年才一次);

比特币网络,成本消耗大概是10万美元—100万美元,大概720分钟;

以太坊网络,成本消耗大概十几万美元,最快每次20分钟;

Qitmeer网络,成本消耗大概400美元,每次转账和清算约在3分钟以内就完成。

使用以上3种数字货币进行转账都比传统的Swift系统时间更短、成本更低,特别是使用Qitmeer网络进行转账,速度是秒到,基本是转账开始确认,对方一刷新就到账,过程大概三分钟全网就可以确认这笔转账,从这里就能分析出Qitmeer定位发展跨境支付的市场的优势。

跨境支付市场规模

跨境支付的理论上讲,任何一个加密数字货币,它只要具有转账功能就是具备了支付功能以及具备了跨境支付功能。但是Qitmeer网络做的跨境支付不是说要求拿MEER本币来做跨境支付,而是基于Qitmeer这种高性能网络上发行合规能监管的稳定币,然后以此作为跨境贸易结算,作为跨境劳务汇款作为桥汇或者说作为公益事业的跨境捐款来进行贸易结算,这种方式是Qitmeer尝试和努力追求的方式,这种方式带来的跨境转账、跨境结算能够真正的为传统的跨境贸易企业,或者跨境劳务输出的跨境结算为他们解决问题,降低成本,提高效率。那这条网络才能够被大家所需求,价值才能凸显出来就会持续的生存和发展下去。

那为什么Qitmeer要定位在跨境支付这个市场呢?大概看一下中国企业发展报告里面的全球跨境贸易结算规模:2018年大概是2.81万亿美元,19年大概是3.7万亿美元,2020年大概是12.7万亿美元。

再对比,中国跨境贸易对外贸易的规模:2018年大概是4.62万亿人民币,2019年大概是31.54万亿人民币,2020年大概是32.16万亿人民币。

目前,全世界跨境贸易这么大规模里结算主要依赖的还是Swift这个跨境结算系统,中国和欧美之间支付的每笔收费大概在10到15美元不等(汇款100美元,手续费10-15美元),如果是用于中国和非洲、非洲和欧洲之间的西联汇款或Swift的收费最高的手续费可能达到12%、13%,所以,大规模的跨境贸易结算中能够使用Qitmeer合规的稳定币用于贸易结算、跨境支付,那将是一个非常巨大的市场,同时,这些贸易的金额能够带动在Qitmeer网络的业务增长,也能让Qitmeer网络Gas合理使用又能极大的激励网络底层的矿工,为了获得区块奖励会有更多的矿工用户去增加算力或部署节点,既扩充了网络规模,又使这条网络生态更丰富,算力节点就会更分布,网络底层就越加稳定。

跨境贸易市场以及跨境贸易结算市场都是非常大的,各国也都在因为Swift系统的成本高,效率低,想对Swift还有西联汇款的这种跨境结算系统进行提升或是探索新的渠道。比如说中国人民银行的cips系统,还有俄罗斯和其他国家是因为受美国制裁所做的跨境结算系统,以及被美国制裁的其他国家做的各种汇款系统,其目的只有一个,就是因为跨境贸易结算系统主要依赖Swift,主要单位就是美联储。大家经常能看到新闻里或世界事件里,美国制裁某国家,这个制裁其实就是通过Swift这个跨境结算系统的捐款和控制让该国和其他企业做贸易的国家之间,不能正常的汇款,结算,直接导致该国的经济下滑,贸易结算受到威胁,合作伙伴无法进行交易。要是有了加密数字货币支付系统之后,不仅从效率上能提高,成本上能降低,还能在一定程度上对冲或者说是降低对Swift这种全球汇款系统依赖,这大概也是中国人民银行大力发展银行数字货币使数字人民币在跨境贸易、海外结算中成为一种战略储备防御。

Qitmeer看重跨境贸易市场,希望跨境贸易市场都能通过公有链系统,完全去中心化底层网络上发行出不同国家、不同地区的合规稳定币,是对国际贸易计算进行有益的补充,那Qitmeer这条网络将发挥出巨大的作用,能够为使用者降低成本还提高效率。

大家可以对比一下,USDT稳定币的诞生是从2017年开始,最早使用的是比特币网络的Omni协议(Omni-USDT),因比特币手续费高,速度较慢,接着,USDT发行在以太坊网络上,用户开始使用ERC20-USDT,从2018年底开始,用户逐步开始接受TRC20-USDT。然后,2020年因为DeFi发展,市场用户开始使用各种网络的USDT(BSC-USDT为主),那么在各种稳定币不断的衍生的环境下,用户追求的是成本更低,速度相对更快。

用户转提USDT为例,在交易平台提ERC20的USDT要扣手续费十几个USDT;TRC20的USDT扣手续费0.8-1.6个USDT。在钱包端互转的手续费会更低(因为真正在不同网络转USDT主要是消耗的是底层主网络的Gas,那如果说USDT发在Qitmeer网络上,消耗的手续费会更低,速度会更快,对比TRC20-USDT和BSC-USDT的安全性是更高,因为TRC20下面是波场网络,BSC-USDT下面是币安智能链的Dpos网络,这两个网络的共同特点都是用了超级节点模式。超级Dpos这种共识机制是比全节点的PoW网络、以太坊,速度是提高了,但不再是去中心化,已经变成了中心化,在理论上是可以被所基于的交易平台或是被属的基金会控制、双花,所以,目前大量的USDT还是运行在以太坊这个PoW的全节点网络上。泰达公司不把全部USDT金额都发在TRC20或BSC,还是因为TRC20底层网络和BSC-USDT的底层网络不足够去中心化很容易中心化,泰达公司还是选择相对分布式的发行,还不会全部发行在同一个底层网络,市场里如果能出现一个底层完全去中心化的,又能够保证网络安全,速度又快,成本又低的网络,我相信,泰达公司会选择的该网络,同时,用户也会用“脚”投票的。

这USDT还仅仅是利用在加密数字货币圈,试想一下,如果在国际贸易一年十几万亿的贸易结算以及和中国的对外贸易一年三十几万人民币的结算贸易额中,有1/10或者1%能够用合规的稳定币进行结算,那这个体量会是多大?比我们目前的加密数字货币的体量要大得多了吧,所以,Qitmeer在技术上以及具备了能够支撑合规稳定币运行的技术网络,然后继续在商业业务上去寻求更多的商业伙伴一起合作去推广Qitmeerr网络,让更多的合规稳定币能够发行在Qitmeer网络上进行测试并运行,当商业应用发展开始落地了,各种合规稳定币被吸引过来这条网络上运维了。

同时,合规稳定币这条赛道规模已经是越来越大了,美国货币监理署(OCC)在2021年11月份就发布了明确的关于合规稳定币监管政策:“就是发行方必须要在所在国家先要拿到稳定币的牌照,同时要接受所在国家的金融监管部门的监管,而且发行方要在银行必须提供足额的保证金来发行稳定币”。

但稳定币发行量和稳定币的交易额是完全不一样的。比如说我前面提到的目前全球的稳定币主要是USDT,合规稳定币是USDC。USDT目前来说这个储备金是个谜,目前大家还不知道,但是USDT的共识和规模都比USDC大得多,两者总共加起来大概发行了1400亿USDT,但是这两个稳定币的交易额已经突破十万亿的交易额,如果这些稳定币随着全球贸易以及区块链底层技术的不断发展,我认为,综合去年到今年再加上DeFi的需求,稳定币这个赛道的规模还会继续增加,同时,稳定币向传统贸易渗透,传统贸易跨境结算和全球跨境电商的结算对稳定币需求会进一步增加并会刺激到稳定币市场的发展,所以,如果合规稳定币是要安全、高效率、低成本运行就一定会对一个底层网络的要求很高,能在这样的网络上使用是真正的贸易结算企业降低实际成本,那为什么不去使用?

Qitmeer 定位跨境支付

Qitmeer定位跨境支付就是看好合规稳定币的赛道以及跨境贸易的体量,同时,稳定币是不同的金融机构来发行的,Qitmeer网络提供了底层技术来保证运行在这个底层网络上面能安全,去中心化,高效率且低成本,那么,在Qitmeer网络上发行稳定币的机构可以是传统的机构,也可以是新兴的机构,只要符合Qitmeer网络的发行规则,能受当地监管的稳定币,那么在Qitmeer网络上发行稳定币,就可以用于跨境贸易结算、跨境电商结算,EVM上DeFi生态流动性的使用,加密数字货币与法币之间的转换。但是,Qitmeer团队无法预料哪些机构组织进来参与,能做的就是把底层网络建设得更加安全以及去中心化,让这些稳定币的发行商在网络上进行参与时成本更低,效率更高,同时,吸引更多的商业机构以及金融基础设施不发的国家来发行这种合规稳定币,经营到Qitmeer网络上面。

最近这几天就会有第一个在Qitmeer网络上发行稳定币的合作机构,这只是商业发展合作探索的第一步,还会有大量的在当地符合监管已经拿到稳定币牌照的机构陆续到Qitmeer网络上发行合规稳定币。目前,我所知的Qitmeer基金会已经和拿到稳定币牌照的,印尼、马来西亚、孟加拉、巴林、尼日利亚等不同国家地区拿到稳定币牌照的机构在洽谈中,也有机构后续会到Qitmeer网络上进行测试,准备发行时就会展示测试数据,届时,Qitmeer基金会将公布这些资讯,Qitmee所有社区成员都会看到这些信息。大家不一定能使用到这些稳定币,但是可以从浏览器的交易数据里面看到有更多的二层代币发行,以及更多Gas消耗的产生。这样的稳定币在不断的应用到实际贸易结算中,用在Qitmeer网络未来EVM的DeFi生态中,网络的价值就能被验证并展示出去,进而吸引更多的机构来Qitmeer网络上发展,带动网络底层coin的需求,提升价值。

欢迎商业机构来Qitmeer网络上面做各种DApp的应用,尤其是稳定币,不管是算法稳定币还是法币稳定币,数字资产抵押稳定币,只要这些稳定币在Qitmeer网络上运行的越多,交易越频繁,手续费也在消耗底层MEER更能带动底层网络的繁荣。同时,这些稳定币用于在实际贸易结算中越多越能够降低传统贸易结算的成本。随着Qitmeer底层网络不断地发展壮大,二层EVM的集成以及DeFi生态的持续有力发展,Qitmeer网络会在跨境贸易中逐步发挥出它底层安全、去中心化的优越性,再结合二层代币转账之间的高性能和低手续费的优越性,都能够带动Qitmeer网络在跨境贸易中的应用,而且还会带动更多的持有用户参与使用到这条网络里,这就是Qitmeer选择在跨境贸易这个赛道做跨境支付的商业和技术优势。

问1:年后就会发行稳定币吗?

答1:肯定会,因为底层网络已在集成EVM,大概2022年上半年就能集成。稳定币的发行有两种方式,一种是基于Qitmeer底层MEER UTXO转型的稳定币,另一种是基于智能合约的稳定币,都会有机构来发行,Qitmeer基金会会公示具体资讯。

问2:稳定币怎么定价?

答2:定价还是要看它是以锚定什么来做稳定币的,比如说,锚定法币稳定币,那就看最初锚定的是美元,欧元,加元,奈拉,还是哪个法币来发展的,目前全球的稳定币主要分三种:一种是锚定法币的稳定币,目前占整个稳定币市场的百分之90,不管是USDT、USDC最开始都是锚定了美元的法定稳定币;第二种是超额抵押数字资产的稳定币,是发行方抵押了一定量的数字资产生成的稳定币;第三种是算法稳定币,主要靠共识算法来调节该稳定币的数量以及保证这个稳定币的稳定。

问3:目前Qitmeer网络关于稳定币的最快商业进展有什么?

答3:尼日利亚奈拉的稳定币和中国俄罗斯商会这两个稳定币的项目,都是在央行监管下开展的,目前双边的合作协议签了,技术框架已经做了。尼日利亚的稳定币在他们央行授权下会有两个公司来做这个业务,其中一家公司已经拿到奈拉稳定币的牌照了,稳定币的应用会先在双方的跨境电商平台上进行试点,大概能在2022年3月份开通第一笔业务。同时,尼日利亚央行也在和中国人民银行做央行数字货币之间互换的探讨工作,Qitmeer基金会有在做对接,双方已经开过第一次会议了。

问4:类似微信支付的这种app啥时候能推出?

答4:最近是给佤邦做应用系统,本来是要在中国农历春节前和佤邦银行在昆明进行签约仪式,但是因为疫情的原因,近期,双方会组织线上进行云签约,录播完大概率能发到社区,该产品的开发已经进入内测阶段,按进度看,应该是2022年2月底就能交付给佤邦银行。DApp的应用类似于微信,但是还没有微信功能那么全面,毕竟微信也是有了多年的维护运营了,该应用可以满足用户基本的聊天转账、日常缴费这些需求。

问5:Qitmeer跨境支付和MEER DeFi有什么关系?

答5:跨境支付是Qitmeer底层网络能够支撑的这种功能,跨境支付有两种场景可以实现,首先,如果跨境支付是要用稳定币来做,要换成法币有两种方式,一种是用户把合规稳定币转到合规交易平台再转换成法币;还有就是币圈常用的点对点OTC支付,如果都是在Qitmeer网络上基于底层网络发行的合规稳定币进行支付的,那消耗的GAS都是MEER。其次。如果是不同的稳定币之间进行兑换又没有中心化的系统来做支撑,那就是现在做的MEER DeFi,或者说,将来的MEER EVM上线之后会在去中心化交易平台或在Swap提供稳定币之间的相互转换功能,也就是现在MEER DeFi生态中的一种应用场景就是稳定币之间通过DApp或通过智能合约来实现各种链上的互换 (EVM平台集成之后就能实现的功能)。现在的MEER DeFi只是MEER EVM生态开始的一个小小的尝试,在MEER EVM集成之后将会衍生出各种去中心化功能的应用,就包括了刚才提的跨境支付里不同稳定币之间在Swap的转换。

目前全世界普遍用的稳定币就是法币抵押稳定币(USDT、USDC),还有数字货币抵押产生的稳定币,是在DeFi普遍化的现在一种新兴的玩法,就是算法稳定币或者说合成资产稳定币。比如,发行方可以用一定量的MEER加上一定量的USDC(USDT),也可以直接用MEER铸造出一个稳定币。

两种方法不管用哪种都是链上合约的方式,而不是可以把自己的资产抵押给中心化的机构去发行,必须是通过合约的方式质押在链上,通过预言机,当发行方的加密资产达到一定波动量的时候,可能会被强制平仓,如果要继续抵押就得追加抵押资产,这种抵押的方式完全是合约来控制的,人为无法控制,未来在MEER EVM的生态应用中也有这样的产品。


Qitmeer Open Session III: Why is Qitmeer working on cross-border payments?

Today, I will talk about why Qitmeer is doing a cross-border payment system. The technology that is familiar to me and the exploration of commercial applications will be shared with you and in the process, I hope you will have a deeper understanding of the Qitmeer network, as well as to let the users be more involved in the Qitmeer network, whether from the side of arithmetic, liquidity mining, commercial applications, DApps, or future development, can be helpful.

Blockchain Network Basics

Before talking about cross-border payment, let us first review the basics of the blockchain network. The public chain network is a distributed ledger system, its biggest feature is that everyone is in the same ledger, using the same system to keep accounts, high-efficiency rate, low cost of synchronization, security and to be non-tamperable, this distributed ledger technology is very suitable for use inside the financial system, it has two places that are just necessary for blockchain, public chain or crypto digital currency, it doesn’t matter if it is in the current public chain, alliance chain, private chain, or others.

However, in the track of public chains, I think payment is still the high demand or the real application value of blockchain. Qitmeer’s team has been exploring in which scenarios the public chain network is just needed. After several years of exploration, Qitmeer believes that the public chain networks and cryptocurrencies are in demand in two local scenarios.

First, in countries and regions where financial infrastructure is not yet developed, compliant stable coins issued based on public chains or high-performance public chain systems can be used for micro-payments to solve financial reserve, and such systems with public chains can greatly reduce the cost and improve the efficiency of clearing, so public chain systems are needed in such scenarios.

Secondly, in the field of cross-border settlement or cross-border payment, why? Because the traditional cross-border settlement or cross-border payment is the first layer of settlement between different countries, different currencies, different regions and different levels, and finally cleared by the central bank or two central banks. If it is a domestic payment method, the whole path of payment settlement and clearing is initiated from the payment instrument, then the settlement by commercial banks and then to the central bank clearing system. If it is a cross-border payment method, it reaches the level of the central bank clearing system, which is only the central bank of the region or the country but also needs to go through the foreign exchange bureau to the central bank of another country or the central bank clearing center. (For example, with a traditional payment system or Western Union, the process is for a user in Shenzhen to go from his remitting bank to the Foreign Exchange Bureau, through Swift’s system to the Federal Reserve for review, through an intermediary bank, and then to the user in Hong Kong. If you switch to another payment system, the process is not as complicated and you only need to transfer from a compliant and stable address of the Shenzhen user to the user’s address in Hong Kong or London.

[Cryptographic digital currency is transferred from this address to another address, and then after 51% of the nodes in the whole blockchain network synchronize this information well or record this information, the transfer and clearing work is finished]. It is because the blockchain system or public chain system can greatly improve efficiency and reduce cost in the process of cross-border payment so the public chain system has great value in this scenario, and it is a powerful attraction to enterprises and financial institutions of cross-border trade and cross-border payment, as long as the network chosen is safe and powerful enough.

Blockchain World Stable Coin Market

At present, the most used inside the blockchain industry to do payments is Ripple, although, Ripple this network is very centralized. But it has been developing cross-border payments and cross-border remittances to a certain extent; there is also the well-known USDT that has issued nearly eighty billion; USDC has issued three or four hundred billion.

The entire USD stable coin market adds up to a quantity of only one hundred and forty-five billion, but the trading volume far exceeds that of two coins USDT, not to mention BUSD and other USDs. The annual trading volume of USD stablecoins exceeded ten trillion long ago, and most of these stablecoin transfer payments are used in fiat and digital currency transactions but have gradually started to be derived from cryptocurrency transactions into the trade circle. Many users in the cryptocurrency community are now using stablecoins for settlement when transferring money to cross-border payments, overseas colleagues’/clients, and suppliers. If your friend in the U.S. can now accept a transfer in stablecoin, as soon as the transfer is made and the transfer is synchronized and confirmed by broadcast on the network used, the transfer and list clearing are over. If you want to use a traditional bank transfer, you will first run to your bank and ask for money, take the remittance slip, get approved by the Foreign Exchange Bureau, go to Swift’s international remittance system, get audited by the Federal Reserve, then go through the bank, and then be audited by your friend’s bank’s head office to the branch to his account, this is only the transfer, the clearing work may require the head office of the bank you sent the money from, as well as the clearing center of the People’s Bank of China and other countries It may take a year to complete this transfer and clearing work. It is because the public chain network or the public chain system based on a P2P network or distributed network can be used for cross-border settlement and cross-border trade payment, and the efficiency or the reduction of cost and the improvement of efficiency generated by this payment method is very huge. A simple calculation was done, again, $100 million at $10,000 per transaction.

International remittance cross-border settlement remittance, in the traditional Swift system fees, is at least a million dollars, the time limit is about a few hours to 8 working days transfer to the account, the whole settlement cycle will be complete for approximately a year (because the clearing reconciliation between the two central banks is generally only once a year)

Bitcoin network: cost consumption is roughly $100,000 — $1 million, estimated, 720 minutes

Ethereum network: cost consumption of about 100,000 dollars is as fast as 20 minutes.

Qitmeer network: costing approximately $400, with each transfer and clearing being completed in about 3 minutes or less

Using the above three digital currencies for transferring money is faster and cheaper than the traditional Swift system, especially using the Qitmeer network for transferring money, the speed is in seconds, the process takes about three minutes for the whole network to confirm the transfer, from here we can analyze the advantages of Qitmeer positioning to develop the market of cross-border payment

Cross-border payment market size

Theoretically speaking, any cryptocurrency that has the function of transferring funds also has the function of payment and the function of cross-border payment. However, the cross-border payment made by Qitmeer network does not require taking MEER’s local currency to make cross-border payment but issuing compliant and regulated stable coins based on Qitmeer’s high-performance network, and then using it as a cross-border trade settlement, as cross-border labor remittance, bridge remittance or as a cross-border donation for public welfare to make trade settlement, this is what Qitmeer tries and strives to pursue. Qitmeer aims to solve the problems of the traditional payment system by reducing costs and improving efficiency. Only then this network can be demanded by everyone, and the value can be highlighted and will continue to survive and develop.

So why is Qitmeer positioning itself in this market of cross-border payments? Looking at the global cross-border trade settlement scale inside the China Enterprise Development Report: roughly $2.81 trillion in 2018, roughly $3.7 trillion in ’19, and roughly $12.7 trillion in 2020. In comparison, the scale of China’s cross-border trade with foreign countries: about RMB 4.62 trillion in 2018, about RMB 31.54 trillion in 2019, and about RMB 32.16 trillion in 2020. At present, the world’s cross-border trade settlement on such a large scale mainly relies on Swift, a cross-border settlement system, and the fee for each payment between China and Europe and the United States ranges from about 10 to 15 U.S. dollars (remittance of 100 U.S. dollars has a fee of 10–15 U.S. dollars), and if it is used for Western Union or Swift between China and Africa, Africa and Europe, the highest fee may reach 12%, 13%, so, large-scale cross-border trade settlement can use Qitmeer compliant stable coin for trade settlement, cross-border payment, that will be a very huge market, at the same time, the amount of these trade can drive the growth of business in the Qitmeer network. By using this, bottom miners are incentivized which attracts more miners for the Qitmer Network, more miners mean more arithmetic power that will make the network more stable. The cross-border trade market and cross-border trade settlement market are very large, and countries are also trying to improve or explore new channels for Swift and Western Union’s cross-border settlement system because of the high cost and low efficiency of the Swift system.

One of the advantages of using a blockchain network is less reliance on the swift banking system. Russia and other countries sanctioned by the western powers have seen a blow on their economies by banning them on the swift banking system, this prohibits them to do cross border payments and other international trades, the result? Economic problems.

We can compare the birth of the USDT stable coin way back in 2017, the earliest blockchain to be used was the Bitcoin network’s Omni protocol (Omni-USDT), because of Bitcoin’s high fees and slow speed, USDT issued on the Ethereum network (ERC20-USDT) gained popularity from the end of 2018, users then gradually began to accept TRC20 -Then, in 2020, because of the development of DeFi, market users began to use various networks of USDT (BSC-USDT mainly), then in the environment of the continuous derivation of various stable coins, users are seeking lower costs and relatively faster transaction speed. In the case of USDT, for example, the user has to deduct more than 10 USDT for ERC20 USDT in the trading platform, and 0.8–1.6 USDT for TRC20 USDT. The fee for transferring USDT to each other at the wallet side will be lower (because the real USDT transfer in different networks mainly consumes the underlying main network’s Gas, so if USDT is sent on the Qitmeer network, the fee consumed will be lower. The security of TRC20-USDT and BSC-USDT is higher, because under TRC20 is the TRON network, and under BSC-USDT is the Dpos network of the Binance smart chain, and the common feature of these two networks is the use of supernode. The consensus mechanism of Super Dpos is faster than the full node PoW network and Ether, but it is no longer decentralized, it has become centralized, and in theory it can be controlled and double spent by the trading platform it is based on or by the foundation of the genus, so at present, a large number of USDTs are still running on the full node network of Ether, the PoW.

Tether does not issue all USDT amounts in TRC20 or BSC, or because the underlying network of TRC20 and BSC-USDT is not decentralized enough. Tether still chooses a relatively distributed issuance, and will not issue all in the same underlying network, if there is a fully decentralized underlying network in the market, which can guarantee network security, speed and low cost, I believe Tether will choose that network and users will also vote with their “feet”. Imagine if 1/10 or 1% of the annual trade settlement of more than 10 trillion RMB in international trade and 30 million RMB in foreign trade with China could be settled with a compliant stable currency, what would be the volume? Therefore, Qitmeer has a technical network that can support the operation of compliant stablecoins, and then we will continue to seek more business partners to promote the Qitmeer network, so that more compliant stablecoins can be issued on the Qitmeer network for testing and operation, and when e-commercial application development starts to land, various compliant stablecoins are attracted to operate and will be deployed in this network.

At the same time, the scale of this track of compliant stablecoins is already growing. The US Office of the Comptroller of the Currency (OCC) issued a clear regulatory policy on compliant stablecoins in November 2021: “That is, the issuer must first get a stablecoin license in the country where it is located, and at the same time accept the supervision of the financial regulator in the country where it is located, and the issuer must provide a full margin in the bank to issue stablecoins.”

But stablecoin issuance and stablecoin trading volume are completely different. For example, the current global stablecoin I mentioned earlier is mainly USDT, and the compliant stablecoin is USDC. USDT is currently a mystery for this reserve, which is still unknown to everyone, but the consensus and scale of USDT are much larger than USDC, and the total combined issuance of both is about 140 billion USDT, but the trading volume of these two stablecoins has already exceeded ten trillion dollars of trading volume. If these stable coins continue to develop with the global trade and the underlying blockchain technology, I think that, comprehensive last year to this year plus the demand of DeFi, the scale of this track of stable coins will continue to increase, at the same time, the stable coins to traditional trade penetration, traditional trade cross-border settlement and global cross-border e-commerce settlement of stable coins demand will further increase and will stimulate to the development of the stable coin market, so, if Therefore, if the compliance stable coin is to be safe, efficient and low-cost operation will certainly have high requirements for an underlying network, and can be used on such a network is a real trade settlement enterprise to reduce the actual cost, then why not use it?

Qitmeer positions itself for cross-border payments

Qitmeer is positioned for cross-border payments because it is optimistic about the track of compliant stable coins and the volume of cross-border trade. As long as they comply with the Qitmeer network’s issuance rules and are subject to local regulation, they can be used for cross-border trade settlement, cross-border e-commerce settlement, use of DeFi eco-liquidity on EVM, and conversion between cryptocurrencies and fiat currencies. However, the Qitmeer team cannot predict which organizations will come in and participate. All they can do is to make the underlying network more secure and decentralized so that issuers of these stablecoins can participate on the network at lower cost and higher efficiency, and at the same time, attract more commercial organizations and countries with less developed financial infrastructure to issue such compliant stablecoins and operate on the Qitmeer network.

This is only the first step in the exploration of business development cooperation, and there will be a large number of local organizations that have already obtained a stable coin license to issue compliant stablecoins on the Qitmeer network, one after another. At present, Qitmeer Foundation has already been in discussion with the stable coin licensees in Indonesia, Malaysia, Bangladesh, Bahrain, Nigeria and other countries and regions, and some of them will come to the Qitmeer network for testing and will show the test data when they are ready to issue. All Qitmeer community members will see this information. People won’t necessarily be able to use these coins, but they will be able to see more tier 2 tokens being issued and more Gas being consumed from the browser’s transaction data. Such stable coins are continuously applied to the actual trade settlement and will be used in the future DeFi ecosystem of the Qitmeer network EVM, the value of the network can be verified and demonstrated, which in turn attracts more institutions to the Qitmeer network, driving the demand for the underlying coin of the network and increasing its value.

Commercial organizations are welcome to do various DApp applications on the Qitmeer network, especially stable coins, whether they are algorithmic stable coins or fiat stable coins, digital asset-backed stable coins. At the same time, the more these stable coins are used in the actual trade settlement, the more they can reduce the cost of traditional trade settlement. As Qitmeer’s underlying network continues to grow and develop, the integration of the second layer EVM and the continued strong development of the DeFi ecosystem, the Qitmeer network will gradually bring into play its security and decentralized superiority in cross-border trade and combined with the high performance and low fees of the second layer token transfer that can drive the application of the Qitmeer network in cross-border trade. This is the commercial and technical advantage of Qitmeer in choosing to do the cross-border payment.

Will a stablecoin be issued soon?

Definitely, because the network is already integrating EVM, probably in the first half of 2022. There are two ways to issue stable coins, one is based on Qitmeer’s MEER UTXO transformation, and the other is based on smart contracts, both will be issued by institutions, Qitmeer Foundation will publicize the specific information.

How are stable coins priced?

Pricing still depends on what it is anchored to be a stablecoin, for example, anchored to fiat stablecoin, that depends on whether it is initially anchored to the US dollar, euro, Canadian dollar, naira, or which fiat currency to develop. Currently, there are three main types of global stablecoins: one is the stable coin anchored to fiat currency, which currently accounts for 90 percent of the entire stablecoin market, whether it is USDT, USDC at the beginning is anchored to the US dollar. The second kind is the over-collateralized digital asset coin, which is the coin generated by the issuer who collateralized a certain amount of digital assets; the third kind is the algorithmic coin, which mainly relies on the consensus algorithm to regulate the quantity of the coin and ensure the stability of the coin.

What are the fastest commercial advances in the Qitmeer network regarding stablecoins so far?

The two stablecoin projects, Nigeria’s Naira stablecoin and China’s Russian Chamber of Commerce, are both carried out under the supervision of the central bank and the bilateral cooperation agreement has been signed and the technical framework has been done. The Nigerian stable coin will have two companies to do this business under the authorization of their central bank, and one of them has already got the license of the naira stable coin. The application of the stablecoin will be piloted on the cross-border e-commerce platform of both sides first, and the first business can be opened probably in March 2022. At the same time, the Central Bank of Nigeria is also working with the People’s Bank of China on a central bank digital currency swap, and the Qitmeer Foundation has been working on the interface, the two sides have already had their first meeting.

When will this app similar to WeChat Pay be launched?

Recently, the application system was made for Wa. It was supposed to be signed with Wa Bank in Kunming before the Chinese Lunar New Year, but because of the epidemic, in the near future, the two sides will organize an online cloud signing, and it is likely to be sent to the community after the recording, the development of the product has entered the internal testing stage, and according to the progress, it should be delivered to Wa Bank by the end of February 2022.

The application of DApp is similar to WeChat, but it is not as comprehensive as WeChat’s function, after all, WeChat also has many years of maintenance operation, the application can meet the users’ basic needs of chatting and transferring money.

What is the relationship between Qitmeer Cross Border Payments and MEER DeFi?

Cross-border payment is such a function that Qitmeer’s underlying network can support. Two scenarios can be realized for cross-border payment. Firstly, if cross-border payment is to be made with stable coin, there are two ways to convert it into fiat currency, one is for users to transfer the compliant stablecoin to the compliant trading platform and then convert it into fiat currency; there is also the peer-to-peer OTC payment commonly used in the cryptocurrency circle. If all the payments are made on the Qitmeer network based on the compliant stable coin issued by the underlying network, the GAS consumed will be MEER. second. If there is no centralized system to support the exchange between different stablecoins, it is MEER DeFi, or the future MEER EVM that will provide mutual conversion between stablecoins in the decentralized trading platform or Swap after the launch, which is one of the application scenarios in the MEER DeFi ecosystem. The MEER DeFi is just a small attempt to start the MEER EVM ecosystem. After the MEER EVM integration, various decentralized applications will be derived, including the Swap conversion between different stable coins in the cross-border payments mentioned earlier.

The stable coins that are commonly used around the world are fiat collateralized stable coins (USDT, USDC) and digital currency collateralized generated stable coins, an emerging play now in DeFi universalization, which is an algorithmic stable coin or synthetic asset stable coin. For example, the issuer can use a certain amount of MEER plus a certain amount of USDC (USDT), or they can directly mint a stablecoin with MEER, no matter which of the two methods is used, it is the way of on-chain contract, instead of being able to pledge its assets to a centralized institution, it must be pledged on the chain by way of contract, and through the prophecy machine, when the crypto assets of the issuer reach a certain amount of volatility, it may be forced to close its position, and if it wants to continue to pledge, it has to add additional pledged assets, and this way of pledging is completely controlled by the contract and free of human intervention.