For the upcoming market and industry cycle, BTC, ETH and other downward trend, QTC will come out of their own independent market? Here is an analysis of QITCHAIN from several directions.
(I) Brief introduction of QitChain
Qitchain is an independent public chain that aims to empower blockchains with distributed storage and distributed retrieval of valid blockchain data, forming a distributed search engine in blockchain networks. QitChain is currently in the construction stage of the underlying facilities, and is upgrading the underlying protocols for secure payment, and will gradually build smart contracts, establish an ecosystem, integrate popular track projects such as NFT and Metaverse, and provide more innovative blockchain projects and applications. retrieval services for the blockchain space, eventually forming a distributed search engine system that reaches out to a huge user base and developers.
(2) What is QitChain's future plan, Roadmap?
Qitchain Network's overall development plan will be divided into three phases, which are
Phase I: Effective Data and Cybersecurity
1. start an effective way of participation based on the CPoC consensus mechanism.
2. design and implementation of standards for mineralized participation protocols.
3. maintain a stable group of storage service providers.
4、Proof-of-concept work for the basic type of services in the designed ecosystem.
Phase 2: Implement initial storage, retrieval
1. improve the Turing-complete virtual machine, so that smart contracts can achieve more functions.
2. upgrading the CPoC consensus mechanism to CPoC+ and establishing a perfect distributed storage standard.
3. Establishing a developer platform to allow more people to participate in the ecological construction.
4. Completion of a preliminary distributed search engine to provide content services and information retrieval.
5, service radiation belt to form a more complete system.
6. Begin the attempted integration of the technology radiation belt with Qitchain Network and Qit Search.
Phase III: Comprehensive Ecological Construction
1, improve the distributed search engine to achieve information aggregation, search-as-a-service and other capabilities.
2. the service radiation belt forms a complete service system.
3. Building Qit Metaverse based on Qitchain Network, Qit Search, and two radiation belts.
The establishment of the "Tree Team" in 2015.
The Search Lab was officially established in November 2020, with teams of consultants in North America, Europe and Asia Pacific, and nearly 20 test nodes.
The launch of the token QTC in May 2021 and the launch of QTC futures on BitNasdaq on May 25.
Source code open sourced on GitHub on August 15, 2021; main web site launched on September 19, 2021.
Launch of QTC withdrawals on BitNasdaq in 2021.
Passed the security audit of Chengdu Chain Security on October 24, 2021.
A strategic partnership with Ballet Wallet on November 24, 2021.
Update of the V2.0.0 white paper on November 25, 2021.
2021 29 Launching of the trading platform CoinW and entering into a long-term strategic cooperation with CoinW.
In Q1 2022, various trading platforms including gate will come online one after another, including gate, etc., and the network-wide arithmetic power will reach 800PiB-1000PiB.
February 23, 2022 – Launch of the gate trading platform.
Q2 2022 to enter into partnerships with other public chains, distributed storage and retrieval classes, etc..
2022 Q3-Q4 Upgrade of CPoC consensus mechanism to CPoC+.
2023 Access to EVM, development and access to numerous blockchain applications, combined with DeFi, NFT, meta-universe and many other tracks to gradually develop QitChain ecological construction.
2024 Complete initial decentralized search engine with content services and information retrieval.
(iii) Current QitChain Network Development Stage
QitChain is currently in the first phase, and is gradually forming a huge global consensus. The founding team is continuously researching the underlying technology, trying to improve Turing completeness, and making full preparations for the second phase of cross-chain ecology. At the same time, the global nodes are also making great contributions to the QitChain network, as of now, the highest arithmetic power of the network has exceeded 600PiB, gradually moving towards 1000PiB. QTC has performed well since its listing, with a 365% increase on the first day, and the opening price has been maintained at 100%-175%. The airdrop campaign for the launch of gate.io has attracted 20,000+ new players to participate, while exceeding 660 times the expected fundraising target for the campaign; the number of community members is also increasing, with over 100,000+ members in the Telegram group, and the global community is gradually expanding and improving, so we believe we can lay a good foundation for the ecological construction afterwards.
(iv) QitChain's consensus mechanism and innovative altruistic economic model
1、Consensus mechanism: CPOC (Conditionalized Proof of Capacity) + POS (Proof of Equity) algorithm consensus, CPOC is an improvement and upgrade on the existing POC consensus algorithm, using a hard fork to store valid data to participate in the ecological development of the public chain, while "pledging" passes through the proof of equity to maintain the good development of ecological projects.
2, incentive mechanism: QitChain Token for QTC, the total supply of 105 million, the main allocation of the Foundation 5%, search laboratory 15%, block rewards 80%. Among them.
Qitcoin Foundation 5% (total: 5.25 million QTC): for long-term community building, management, etc. The lock-up period is 5 years, and the release will take place on 01 January every year from 2022.
Search Lab 15% (total: 15.75 million QTC): as R&D expenses, lock-in period is 5 years, Qitchain is released every year on the day of Github open source (August 15). Block generation 80% (total: 84 million QTC), the reward rules are as follows: initial block: an average of 3 minutes a block; each block generates 75QTC; the first halving time is about 420,000 block height, after that every new 700,000 block height is halved once. Set pledge mode, in the early stage of entering the project ecology, you need a certain amount of pledged coins, pledge mechanism is divided into two: the first cycle pledge 360 days, 1T need 10QTC; the second pledge 540 days, 1T need 5QTC. pledge needs to be halved simultaneously with the block.
3. Block Rewards: The storage provider and the pledge Top 10 jointly receive block rewards. The first category chooses to serve the network without pledging, and it receives only 5% of the reward for each block, while the other 95% goes to the reward pool for distribution to the pledged Top 10 nodes.
The second category serves the network and pledges, and receives 80% of the reward for each block, with the other 20% going to the reward pool, which is distributed to the top 10 pledged nodes. All storage providers receive a one-time release of 20% of the block reward and a linear release of 80% based on a block height of 5400 (11.5 days).
In general, our economic mechanism is friendly to all users around the world and requires only that they recognize the network to participate and contribute to it as a future endeavor.
As the infrastructure of blockchain, QitChain welcomes everyone's participation. The power of one person may be very weak, but the power of a group of people or even the global people is very powerful, and the infrastructure of blockchain cannot be achieved without the credit of everyone, and I believe that this job will serve every network contributor who participates in QitChain in the future.
(V) The advantages of the project
QitChain is the information aggregator that empowers the blockchain. With the advantage that blockchain is extremely open and inclusive, the development and innovation of public chain is essential.
First of all, QitChain is currently at the stage of building the underlying facilities, upgrading the underlying protocols for secure payments, and will gradually build smart contracts, establish an ecosystem, integrate popular track projects such as NFT and Metaverse, and provide more innovative blockchain projects and applications in the future.
QitChain is benchmarked against the Google of the Internet, providing secure storage and retrieval services for colleges and universities in the blockchain field, and eventually forming a distributed search engine system that reaches out to a large user base and developers.
Secondly, in the era of blockchain Web3.0, there are already more than 10,000 cryptocurrency projects, forming a huge data market, but most blockchain projects are isolated and the data cannot interact with each other, so users need to search for information data network by network, and the scale of blockchain data and information is huge. The current demand of the market and users is to search for the information and data they want to know quickly, efficiently and accurately, and QitChain Network is laying out the underlying facilities of blockchain search engine, which will be an effective information aggregator for the whole blockchain.
Again, as a blockchain network that rewards blocks with hard forks, it combines the advantages of Chia, the "green BTC", with a low threshold for everyone to effectively participate in the network and maintain it, and a global node distribution that effectively ensures the security of the network. Chia is the most secure network beyond BTC network, and QitChain Network will become a more secure blockchain network beyond Chia.
Finally, the economic model of multiple deflation as an incentive mechanism in the blockchain will also provide some support for QTC market prices.
(1) The 700000 block height (4 years) is halved once.
(2) POC algorithm: friendly to light nodes, facilitates the formation of a secure network, while storage providers are required to provide QTC with a factor of 5 times (pledged 360 days) or 10 times (pledged 540 days) the storage volume (the factor halves as the total volume is halved), creating a huge demand for QTCs in stock.
(3) CPOC consensus mechanism: the POC revenue of storage providers can participate in the competition of the top ten nodes of POS to obtain 20% of the output of the whole network as a reward, which effectively intervenes in the QTC movements of large global storage providers, greatly reducing the spot and throwing pressure of the market and facilitating the formation of a global consensus.
(4) The project owner holds a small share, most of which is distributed to storage merchants, and QTC is supplied by the market to reflect its price, so the project owner cannot intervene at will.
(vi) technical breakthroughs and new layout
First, at the infrastructure level, QitChain has built blockchain ledgers, file storage, interaction protocols and other services, which provide the cornerstone for building various distributed services.
Secondly, at the level of technology integration, QitChain will integrate a series of front-end technologies such as AI, AR, VR, IoT, etc. With the development of technology, more high technologies will be integrated in the future to establish a more powerful ecosystem.
Finally, in terms of ecological service system construction, QitChain will not only provide common open applications such as DeFi, NFT, games, and social applications, but will also build distributed search engines, metaverse, and other applications that can interact with each other to establish a real Web3.0 system, and will be committed to playing an important role in the digital transformation of government enterprises, supply chain finance, healthcare, and education. QitChain will contribute to the society and the world with its own value.
(vii) The value that QitChain Network will bring to users
Asset value: QTC will be the underlying asset that can participate in the whole QitChain ecosystem and experience the network transformation brought by Web3.0.
Ecological value: Users can experience various services with distributed search engines as the core of the ecology, such as the currently common DeDi and NFT, as well as low-cost file storage and metaverse world, and all under the premise of privacy protection.
Personal value: Each user will participate in the network with a unique identity, and the value of the data generated by this identity will be attributed to the individual user, each of whom is a service provider, a user, and a value bearer.
(H) The value QitChain brings to the entire blockchain industry
QitChain, as the underlying facility, is to lay a good foundation for the whole blockchain, and is able to integrate all relevant and effective information to bring more accurate services to the industry, to developers, users, partners and all other industry participants, so as to improve the efficiency of the blockchain industry, and society as a whole.
The inherent inclusiveness and openness of QitChain indicates that QitChain will build a huge ecosystem in the future, covering all blockchain applications, which will eventually be able to iterate and update itself, and be an ecology belonging to the whole people and achieve a good closed loop.
(ix) QitChain's query portal