Technical
What sets Qitmeer's Layer-1 technology apart ?
Qitmeer's Layer-1 utilizes an original BlockDAG consensus protocol—the MeerDAG consensus protocol. Unlike the classic single-chain structure and longest-chain principle of traditional blockchains, it adopts an inclusive consensus protocol within a graph-based ledger structure and block DAG architecture.
Narrowly put, it represents a unique technical framework of a consensus protocol. Ensuring decentralization and security, it significantly enhances network concurrency through the DAG-based stripe topology. The adoption of the Proof-of-Work (PoW) consensus mechanism guarantees ample decentralization in the blockchain network, making block generation through mining a critical technical feature, hence the term BlockDAG.
Our technical article: "Exploring an Efficient Blockchain New World: In-Depth Analysis of the Features and Operational Mechanisms of Qitmeer Network" provides further detailed insights. Feel free to take a look.
How does Qitmeer balance the blockchain trilemma ?
The scalability trilemma was initially introduced by Vitalik Buterin, highlighting the challenge of improving system scalability without compromising security and/or decentralization. For Bitcoin's single-chain topology, this trilemma substantially limits BTC network efficiency and scalability enhancements.
Qitmeer achieves substantial throughput scalability without compromising security or decentralization, thus breaking the trade-offs presented in Vitalik's trilemma. Its MeerDAG architecture, an inclusive DAG consensus protocol, breaks the limitations imposed by a single-chain structure on network performance, allowing scalability far beyond what a single-chain topology can achieve.
In essence, MeerDAG consensus allows multiple blocks from various nodes to be accepted simultaneously without sacrificing security or decentralization, unlike the single-chain topology that accepts only one block at a time.
What makes BlockDAG unique ?
We've opted for BlockDAG technology because it's the only stack that can significantly scale throughput without compromising security or decentralization and minimizing latency.
In a nutshell:
BlockDAG's topology permits concurrent block generation while maintaining blockchain network security, whereas a single-chain topology only accepts one block at a time. Also, when miners release blocks, they don't need to synchronize all blocks within the network. Each node only needs to synchronize a portion of the blocks, effectively decentralizing transaction confirmations. Every node works akin to solving a puzzle, enhancing network efficiency and reducing orphaned blocks.
DAG Network: How does it significantly improve throughput while ensuring network stability ?
The throughput of a DAG network is determined by the network's characteristics (such as network latency, bandwidth, and topology) and the blockchain's parameters (e.g., block size, block interval). To achieve maximum output and minimize wasted computational power, we adjust the BlockDAG structure's difficulty to ensure network stability.
Our technical team mainly adjusts the BlockDAG structure's difficulty by controlling block generation time and the limit of unrelated blocks (k value):
(1) Producing blocks according to the target time to reduce block intervals;
(2) Limiting the concurrency on each difficulty level based on preset parameters, ensuring that the k value (concurrency) remains mostly within a controllable range.
This balances the entire DAG network.
Are there any performance benchmarks ?
Yes, we've conducted some preliminary tests, and here are simple explanations of the results. In some initial tests, Qitmeer, unlike traditional linear or layered ledgers, exhibited outstanding performance.
Taking the main chain block size as 1MB and each mainnet transaction occupying 150Bytes: NormalTransactionsPerBlock=1024∗1024/150=6990.5
The mainnet's block generation speed reaches 12 seconds per block, with the highest tested concurrency (k value) being 7-8: QitmeerMainnetTPS=6990.5/12∗7=4660.3
Remember, as the MeerDAG protocol continuously optimizes, these numbers will change (for the better!).
How does Qitmeer achieve cross-chain data synchronization ?
Qitmeer achieves synchronous consensus for contract transactions on the Meer network using the unique L1 cross-chain interaction protocol—the Meerlink protocol. It leverages the high security of the Meer network based on the Proof-of-Work MeerDAG consensus protocol to ensure QNG network security.
Its transaction synchronization consensus can be likened to a transaction docking mechanism, guiding transaction data from EVM to the MeerDAG consensus algorithm, facilitating cross-chain data processing.
How does Qitmeer achieve cross-chain value transfer ?
As the MeerDAG protocol is based on the UTXO model, its transaction structure differs from Ethereum's account-based model. To maintain the UTXO transaction structure and seamlessly integrate with the Ethereum and Ethereum-compatible chain ecosystems, MeerDAG ingeniously redefines the UTXO data structure using the input's signature script and sequence fields.
This resolves the incompatibility between the UTXO and account models, enabling the transfer of value from the underlying Meer network to the QNG network. It relies on the huge demand for Meer Coin within the ecosystem's application scenarios to empower Meer Coin.
What role does Meer Coin play in the ecosystem ?
Gas Fees: Used to pay for transaction processing fees on the blockchain network.
Secure Asset Storage: The underlying Meer network serves as a secure value transmission layer, coupled with the PoW output mechanism, giving each Meer Coin real intrinsic value.
Governance Voting: Used for voting on significant events in the network's development. This concerns some thoughts on the economic governance of the Qitmeer Network ecosystem.
What mining pools does Qitmeer have ?
Is Meer Coin a token based on the Binance Smart Chain (BSC) ?
No, Meer Coin is not based on the Binance Smart Chain. As a PoW public chain project based on BlockDAG technology, Qitmeer Network utilizes Meer Coin as its underlying and unique value carrier, akin to BTC as our core asset.
To ensure clarity, we've issued a clarification notice: BSC-Meer is a false token impersonating our brand. Although its historical price data may misleadingly be confused with Meer Coin's real price on some data platforms, the fact is Meer Coin has never cross-chained to any other blockchain.
Can I participate in Qitmeer's community bounty program ?
Qitmeer Network, as a community-driven blockchain network, consistently relies on its community for strong support. Therefore, we've initiated an ambassador application program, encouraging global community users to participate in our network's development.
Here's basic information about the Ambassador Program: Ambassador Program Application: https://qitmeer.io/#/ambassador
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