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.
Blockchain is a distributed ledger or database, replicated over all the nodes in the network. This distributed ledger is forms a linear chain of blocks of transactions in an unalterable, chronological order. Transactions are bundled into blocks of transactions to be validated. Validated blocks are added to a chain of previously validated blocks
BlockDAG is a DAG whose vertices represent blocks and whose edges represent references from blocks to their predecessors. Evidently, in a blockDAG, blocks may have several predecessors instead of just one; this will be described in more detail below.
DAG ( Directed Acyclic Graph) is a directed graph data structure that uses a topological ordering. The sequence can only go from earlier to later. DAG is often applied to problems related to data processing, scheduling, finding the best route in navigation, and data compression.
Qitmeer stands for the state of the art of distributed ledger technology up to present, which adopts an open and technology that is rooted in the typical chain data structure of Bitcoin.
Meanwhile, through the optimization of ledging, the fully decentralized, more efficient and truly fair collaborative model of mining is used to achieve a desirable balance of typical blockchain metrics among the security, openness, fairness and scalability.
In order to serve tokenization of ethical finance, socially responsible investment and Islamic Finance, Qitmeer adopts the underlying structure equal to security of the Bitcoin network with the following main features
Qitmeer adheres to classic POW(Proof -of-Work) based on the BlockDAG(Directed-Acyclic-Graph) consensus protocol, which aims to achieve the desirable balance among security, openness, fairness and scalability.
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