Qi Blockchain - The only blockchain the world needs

in #qi • 2 years ago

Hello everyone... Here I am going to inform you by writing a review to introduce a very unique new project called QI Blockchain, so for that, have a look at the article I created below to give you a very good overview of the project, Then what benefits do they provide to everyone? Just go to the discussion below.

Bitcoin is now recognized as the cheapest, fastest and most reliable way to transfer economic value to the Internet in the same form. Although this is a short fork between incompatible versions as of March 2013, the Bitcoin network has been operating continuously and without problems for over 5 years. Despite the loss and the theft of private bitcoins, the network itself was never successfully attacked or blocked.

While there are many benefits of Bitcoin technology, it is far from achieving general acceptance from consumers or commercial reception. Given the current trend of transaction volume, growth is slow. Bitcoin usage shows no signs of changing in the future. This happened without the availability of many easy-to-use bitcoin wallets and the fact that bitcoins can now be used online for many mainstream companies such as Microsoft, Dell and Overstock.

Why QI?

Qi is a decentralized POW (Proof of work) blockchain with an application native currency that leverages the functionality to create exchangeable and non-exchangeable assets using the Remote Procedure call (RPC) method.

Qi is capable of handling 300 times more transactions per second than Bitcoin and 10 times more than SWIFT.

Qi enables smart contract deployments and decentralized applications (dApps) to be built and run without downtime, fraud, control, or interference from third parties. Decentralized applications—also known as “dApps” or “dapps”—are digital applications that run on a blockchain computer network instead of relying on a single computer. The benefits of dApps include maintaining user privacy, lack of censorship, and flexibility of development. The use of blockchain allows dApps to process data over a distributed network and to perform transactions. Qi can be used for innovative applications in finance, web browsing, gaming, advertising, de-fi, identity management, web 3.0, metaverse, and supply chain management worldwide.

Leveraging QI Blockchain Technology

Qi proposes to utilize blockchain technology not only to maintain a decentralized payment network but also to store computer code that can be used to support non-perishable decentralized financial contracts and applications.

Blockchain helps in the verification and traceability of multi-step transactions that require verification and traceability. This can provide secure transactions, reduce compliance costs, and speed up data transfer processing. Blockchain technology can help with contract management and auditing the origin of a product.

If your goal is to provide the highest level of data/transaction security. A shared database is required. No trust between future network participants (employees, organizations, customers).

Multi-currency blockchain

Keep in mind that token agreements like CoinSpark and Counterparty allow third party assets to be extracted and processed via the bitcoin blockchain, much like traditional bitcoin currencies. This method can be applied equally to private blockchains However, in blockchains that use secret protocols, we can improve this system by integrating support from third-party assets directly into the chain rule.

In bitcoin, all transactions include a bitcoin amount code that is included in each result. If a transaction has more code written on its output than the total value entered, it will be deemed invalid by the network and can no longer be distributed or verified on the blockchain. This verification is possible because all network nodes track the value of bitcoins in unused transaction results. Therefore, the presence of transactions on the network or blockchain is enough to give users confidence in the accuracy of the embedded bitcoin price. Also, it allows lightweight wallets ("easy payment verification") to operate securely over the network, without having to store all blockchains on the user's computer.

The problem with asset classification over bitcoin is that metadata that includes the presence of non-native assets are not subject to this network validation. Let us assume that the ABC bank has issued tokens representing dollars. A cunning user can create a transaction with his or her metadata indicating that it contains $100 of the ABC output, even if no ABC dollars are present in the input for that transaction. This transaction will be accepted as valid by the bitcoin network and authenticated in the blockchain, because (a) bitcoin nodes cannot read this metadata, and (b) bitcoin nodes do not follow ABC dollars.

Assets with tokens are therefore second-class citizens in the bitcoin blockchain, compared to traditional chain money. The presence or otherwise of a token item can only be calculated by examining the full history of all transactions affecting that token from its performance. This can be accurately calculated in a "forward" way, examining all new transactions as it enters. However, it still requires a complete network environment, undermining the validity of the token agreements you can use lightweight wallets. QI solves the problem by encrypting the identification and quantity of all assets in each transaction output, using the extension provided in the bitcoin. The transaction guarantee law is expanded to ensure that the total value of all assets in the transaction results is exactly the same as the total value of its input. This equity requirement is stronger than the natural monetary barrier, where the output may be less than the input, with the difference collected as revenue by the miners.

Benefits of QI Blockchain

  • Cheaper compared to other blockchains. As a profit-seeking investor, costs will not be a problem for small investors.

  • Real-world use will be unlimited.

  • Our transactions are confirmed within seconds with low fees.

  • Huge supply of coins and because trees don't grow to heaven, QI currency is very undervalued compared to BTC, ETH, Ripple, BNB, etc.

  • No Condition code

  • Excessive power costs, extended pressure on the environment, associated unfavorable media coverage, increased centralization of mining operations, and coffee transaction throughput will most likely make it unsustainable in the long term.

  • Sustainable low Transaction fees even in times of high usage

  • Use of lightning network

  • One of the Fastest blockchains ensuring almost real-time transacting.

  • Transaction speed of 1500-2000 tps/sec

Conclusion

Termed by Vitalik Buterin, Blockchain Trilemma addresses the challenges developers face in creating a scalable, decentralized and secure blockchain — without sacrificing any aspect.

Contact Information

Author: dey90
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=731808
Wallet address: 0x5c582DE6968264f1865C63DD72f0904bE8e3dA4a

#blockchain #qiblockchain #web3 #crypto
2 years ago in #qi by
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     2 years ago 

    Yay more Crypto! So much more than money.
    Upvoted👍 Reshared🔁

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