QI is a public blockchain

Qi pronounced Chi is usually translated as “vital life force,” but Qi goes beyond that simple translation. According to Classical Chinese Philosophy, Qi is the force that makes up and binds together all things in the universe. It is paradoxically, both everything and nothing. Qi is a decentralised POW (Proof of work) blockchain with an application native currency which is leveraging functionality of creating fungible and non-fungible assets using Remote Procedure call (RPC) methods. Qi is able to handle 300 times more transactions per second than Bitcoin and 10 times more than SWIFT. Qi is scalable hence other companies are already using it as primary payment method of several fully developed I-store apps with real use cases. There is a limited amount of only 150,000,000 Qi coins and transaction fees remain almost zero ensuring a futuristic and feasible way to transact. These coins will be mined over almost a hundred years. Qi enables the deployment of smart contracts and decentralized applications (dApps) to be built and run without any downtime, fraud, control, or interference from a third party. Decentralized applications—also known as "dApps" or "dapps"—are digital applications that run on a blockchain network of computers instead of relying on a single computer. Benefits of dApps include the safeguarding of user privacy, the lack of censorship, and the flexibility of development. The use of blockchain enables a dApp to process data through distributed networks and to execute transactions. Qi can be used for a wide variety of innovative applications in finance, web browsing, gaming, advertising, de-fi, identity management, web 3.0, metaverse and supply chain management all over the world.

Introducing QI

QI is a public blockchain where only our organization will have authority over pushing transactional data over the network. Therefore, it means that it is open for the public to join and use token transactions. It aims to overcome a major obstacle to the use of blockchain technology in the institutional financial sector, by providing the privacy and control required in the easy to use package. Like the Bitcoin Core software from which it is based, we support Windows, Linux and Mac servers and provides a simple API. We later discussed many other features on the road map. 

Mining in QI

In private blockchain, members' identities are known. It is determined who is allowed to participate in the network, perform the process of agreeing to keep the shared ledger. There are usually no traditional token or incentives to encourage members to join and mine. The justice required for the distribution of resources does not exist at all Because members are anonymous and networks are often not exposed to the hostile online community the demands on the cost of consistency are weak. The blockchain does not need to be protected by huge energy costs. For consistent integrity through hash series and adjectives managed by different groups is usually sufficient. As a private blockchain, there will not be too many miners in the network, so hashing power will be low. Because of this, we will mine with a simple CPU and very small resources. QI uses this system using a parameter called mining diversity, which restricts mining diversity ≤ 1. The legitimacy of the block is guaranteed as follows ● Apply all the permissions changes defined by transactions in the block in order. ● Calculate the number of permitted miners defined after applying those changes. ● Repeat the miners with a variety of mines, collecting to find space. ● If a miner of this block has excavated one of the previous space blocks 1, that block is invalid. This enforces a round robin schedule, in which the permitted miners must create blocks in rotation in order to generate a valid blockchain. The mining diversity parameter describes the robustness of the system, e.g. The number of permitted miners who will need to assemble to damage the network. The value of 1 ensures that every permitted miner is included in the exchange, and 0 does not represent the limit at all. In general, high prices are safe, but a price close to 1 could make the blockchain stronger if some miners are inactive. We suggest a value of 0.75 as a positive compromise. To save resources, nodes will not attempt to mine through a series where they have already dug one of the previous spacing1 blocks.

Deployment scenarios

As a general-purpose platform for private blockchains, it can be used for many use cases. In this section we provide three types of submissions, and suggest the appropriate permits and mining variations that you can use in each case

Lightning Network

Lightning Network (LN) is a second layer added to Bitcoin's network enabling transactions to be done between parties off of the blockchain—called off-chain transactions. Lightning Network has been often considered a game-changer in the cryptocurrency’s evolution. It is designed to speed up transaction processing times and decrease the associated costs of Bitcoin’s blockchain. In a nutshell, the lightning network allows participants to transfer bitcoins between one another without any fees using their digital wallets. Payment channels are created between the two users so that they can transact with each other—in other words, off-chain transactions. Lightning network is another layer added to Bitcoin's blockchain so that it can process micropayments between participants. The goal of the network was to create channels in which payments could be made between users without any fees or delays. By allowing the transactions to be done off-chain, the processing time and the number of transactions done via the on-chain network would be improved. 

Website : https://qiblockchain.online/

Whitepaper : https://qiblockchain.online/images/QI-blockchain_whitepaper.pdf

Telegram : https://t.me/HovRonQiblockchain

Instagram : https://www.instagram.com/qiblockchain.online/

Twitter : https://twitter.com/qiblockchain

Facebook : https://www.facebook.com/QiBlockchain

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