Sirwin
Sirwin

Qi Blockchain: A Scalable And Eco-Friendly Solution For Developers To Build Fast And Securely

By thefreethinkeer | StartUpInsider | 20 Sep 2022


Website || Whitepaper || Twitter || Telegram || Facebook || Instagram || GitHub

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The digital space is growing and leaving tremendous effects on the society and the world at large. Bitcoin is becoming an acceptable and well known coin in the digital market. Bitcoin has become reliable, cheaper and becoming a faster way of transactions with economic value in the internet through peer-to-peer transactions. The bitcoin network has been functioning for the past 5 years despite the challenges between incompatible versions that came into existence in 2013. However, it has grown above the challenges and is still existing today. 

Also, at the heart of bitcoin lies the blockchain, a standard ledger that keeps record of all bitcoin transactions. The blockchain is verified and stored by nodes in the bitcoin network that prevents interference and has a legal agreement determined by central authorities. With these, new transactions are created by any node and distributed across networks in form of peer-to-peer. Bitcoin further uses proof of work to ensure fewer mining control which makes it more complex and expensive to build a new blockchain. The blockchain is also use to store digital data.

Introducing Qi Blockchain

Qi pronounce as chi is a decentralized blockchain with proof of work (POW) application that creates fungible and non-fungible assets using what is called the "remote procedures call". Qi is a blockchain that is able to handle multiple transactions within seconds more than bitcoin and other crypto chains. Qi has a native token as the Qi coins has 150,000,000 Qi coins that has a zero transactions fee to ensure a futuristic and feasible method of transactions. Qi is a decentralized blockchain that also ensures deployment of smart contracts and dApps to operate without interference from a third party. It also operate without any issue of fraud.

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Qi is a public blockchain that allows only members of the organization to have authority over transactions of data over the network. It is a network open to the public and interested users to join and use token transactions. Qi aims to solve the obstacle or problem in the use of blockchain technology by financial institutions by providing privacy and control in its ecosystem. Qi also supports windows, Linux, and mac servers with simple API.

Features of Qi Blockchain

  • Blockchain Messaging: This is an improve feature provided by the Qi blockchain that allows a user with authenticated and anonymous messages with the same method as coinSpark bitcoin protocol. This messaging is use to supplement the important content of financial blockchain transactions like contract, receipt, or invoice. The blockchain messaging is also use for pure unwritten communication without financial transaction. Messages are sent from the developer to the recipient. Once the transaction is confirm on the blockchain, the receiver confirms who sent the message and when it was sent.
  • Qi blockchain uses per output trading model used in bitcoin to enable the performance of tasks between two persons exchanging and transacting assets safely and securely. This method of decentralized exchange has no risk that one person might lose his assets without acquiring a corresponding asset from the other person.

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  • More to the feature is the database synchronisation. Qi allows for the synchronisation of all data on the system. It ensures that every participant share the same worldview as it represents activities that function as a green log of verified tasks. The log is stored in a chronological order, collected by block numbers without additional references. This makes Qi list all addresses and properties functions by scanning the entire blockchain to search for transactions.
  • In addition is the deployment scenarios feature. As a general purpose platform for private blockchains, it is use for multiple purposes. Qi provides three types of submissions in this section and suggest appropriate mining variations and permits for use.
  • It also has a centralized currency settlement feature that allows participant to transact on direct payment as well as transparent peer-to-peer exchange that is responsible for resolving exchange transactions. The system allows a tight peer to peer connection between nodes and and many survelliance miners providing demolition.
  • Further, bond issuance and peer to peer trading feature is another feature of the Qi blockchain. Qi enables quick and transparent bonds to be registered and traded through OTC (over the counter). In this case, there is no basic control in management and mining, instead each network participant has mineral, commercial and administrative rights that can be delegated to others. Bond rights are legally define in terms of blockchain status in certain areas at a particular time.
  • Consumer-facing rewards scheme is another feature on the Qi blockchain. This system allows for profit to be collected from one place to be use in another, without providing centralized database control to any single company or external contractor. Each company that participate in the reward scheme operates on a full node with administrative, mining and creative rights. Scheme buyers use lightweight wallets which act as a mobile application that connect complete nodes to receive and send transactions.

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  • Qi also has a privacy policy that ensures all transactions are privately made to participants. A participant can work under different addresses when sending and receiving transactions. This privacy prevents the identity of the participant to be known, thereby creating a secure method of transaction. Also, homographic encryption and zero knowledge evidence is made by cryptographic techniques.
  • Finally, Qi blockchain has the lighting network feature which is a second layer added to bitcoin networks that enables transactions to be carried out between parties off the blockchain called off -chain transactions. It has been seen as a game changer in the cryptocurrency revolution. It is created to speed up transaction processing time and to decrease the associated cost of bitcoin blockchain. Simply put, the lighting network allows participants to transfer bitcoin between one another without any fees using their digital wallet. The aim of the network is to create channels where payments are made between users without any fees or delays.

Qi Multicurrency Blockchain

Private blockchains also allow for third party assets to be extracted and processed over the bitcoin like traditional bitcoin currencies. However, in a blockchain that uses multiple confidential protocols, Qi have improved on the system by integrating support from third party assets directly into the chain rules. Bitcoin includes all transactions code of the amount of bitcoin contained within each result. If the transaction has more code written on its output more than the total value entered, it becomes invalid by the network and can no longer be distributed or verified in the blockchain.

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There is a problem with asset classification over bitcoin because metadata that includes the presence of non native assets are not subject to network validation. Assets with tokens are second-class citizens in the bitcoin blockchain compared to traditional chain money. The availability of a token item is calculated by examining the full record of all transactions affecting the token from its performance. This is calculated in a forward way that examines new transactions as its enters. However, it still requires complete network environment and lightweight wallets to undermine the validity of the token agreement.

Mining In Qi Blockchain

Mining in Qi is simple and easy to miners in the community. It is not like other public blockchains that allows people identity to be known. In Qi, members are anonymous and there is no exposure of the network to the hostile environment. Qi mines with simple CPU with small resources as there will be no too many miners in the network. This is done to reduce the costs. Qi uses mining diversity as parameters for mining which restricts it to less than 1. The mining diversity parameters shows the strength of the system by permitting s number of miners to assemble and mine on the network.

By ensuring that every permitted liner value of 1 is included in the exchange with 0 not representing the limit at all. High prices are safe but a price close to 1 could make the blockchain stronger if some miners are inactive. Also, nodes will not be mine through an already dug previous spacing 1 blocks to save resources. The mining diversity prevents abuse by helping in situations where the network temporarily seperates uninterrupted islands, maybe due to communication problems.

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Qi also allows the user to set all blockchains parameters In a configuration file which include: target block time, valid permit types that allows everyone to connect but only users can send and receive, mining rewards, IP port for peer to peer and JSONRPC connections, authorise transactions types, large blocksize and large metadata for each transactions. In creating a new blockchain, there are two simple steps a user is required to follow;

  • Choose a chain name, then Qi will create a configuration file with default settings.
  • Introduce the blockchain with which will grant the creator all user rights when the blockchain is dug. At this moment, the details of the genesis block and of all blockchain parameters in the configuration fine will be embed to reduce risk changes.
  • The blockchain further uses only one node when launched. Qi works with three parameters in adding a new node ; the destination blockchain name, its IP number and, the local IP address. To enable the user use the information, it has been compiles into an address called "node address".

In Conclusion

Most developers are faced with creating a blockchain that is decentralized, secure, and scalable without comprising on any facet. Most blockchains are often force to make trade-offs that prevents them from using all the 3 aspects; scalability,decentralization, and security. Therefore, Qi is introduced as a perfect network that incorporates the three aspects for the blockchain and for the exchange of monetary value.

The Qi blockchain allows any dApp to process data through distributed networks that execute transactions. It also allows government institutions to build their digital currencies with secured and transparent network with absolute legal backings. Qi is also 10times faster than swift in terms of transactions per seconds. It further has numerous benefits that includes; use of ligting network, sustainable low transactions fees, fast blockchain that ensures almost real -time transactions, fast transactions rate, cheap rate and it has no stipulation code. Do follow the official links below for much into Qi Blockchain solution, thanks.

Website || Whitepaper || Twitter || Telegram || Facebook || Instagram || GitHub || Reddit || YouTube 

 

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thefreethinkeer
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