Introduction
Bitcoin and Blockchain
Bitcoin was born with revolution, and it opened a new world that currency issuance becomes open and fair by a cryptography-based decentralized payment network. With the arrival of 10-years birth of bitcoin, the blockchain infrastructure is facing various challenges from technical aspects. The underlying mechanism of Bitcoin, the blockchain, was found capable of playing a significant role in the financial field.
a blockchain is an immutable transaction database, which maintained by peer nodes which communicated with each other within a Peer-to-Peer distributed network. For each peer, which validate and apply transactions according to a consensus protocol. The transcations grouped into blocks that linked by a hash from one block to the preceding block, aka the chain of block which is the name of blockchain is comming from.
Qitmeer BlockDAG
Qitmeer regards openness,fairness, fault tolerance, scalability as the core metrics to assess a promising blockchain paradigm, and a blockchain system achieved a desirable balance among these metrics is regarded as Classical Blockchain Setting.
Qitmeer use SPECTRE as its fundamental Consensus protocol. SPECTRE is a fast-confirmation and high-throughput BlockDAG protocol(Directed Acyclic Graph of blocks, a blockDAG), which guarantees high performance in a payment network. Additionally, Qitmeer introduces another high-throughput BlockDAG protocol GhostDAG, which is highlighted on unprecedentedly supporting transactions linearly ordering, to circumvent SPECTRE’s weak liveness and provide ordering service for the fair scheme of the reward system.
Qitmeer POW
Qitmeer Consensus is compliant with Classical Blockchain Setting - it could enter and leave network freely by Proof-of-Work, and the collaboration model of DAG ledger guarantees that miners gain rewards consistent with their devotion, 50% faulty tolerance as secure as bitcoin, robust scalability that is only subject to physical network limit. The mining algorithm is also a vital source of fairness other than consensus algorithm per se. Cuckoo Ring is a graph theory based proof-of-work mining algorithm and is practically ASIC resistant due to memory-hard calculation.
Qitmeer token & Islamic financial ecosystem
Qitmeer originates a UTXO-based unique token insurance scheme, which has effectively answered two main concerns: Intrinsic Value and Assets Authentication. Issuing a certain amount of assets must consume a certain amount of the native currency; moreover, entities must be warranted a license to issue assets.
Qitmeer devises a family of specifications and protocols to embrace the whole Islamic financial ecosystem, such as wallet and miners. As for interoperability, Qitmeer calls for utilizing cross-chain protocols to integrate various cryptocurrencies and offer reliable off-chain smart contract services.
Qitmeer mining difficulty adjustment
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