Quick jump
Hello and welcome to this blog post about Qitmeer PMEER White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the Qitmeer PMEER white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the Qitmeer PMEER.
I can ensue you that, you will be able to understand every bits and pieces related to Qitmeer PMEER after going through the Qitmeer PMEER white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
Qitmeer PMEER White Paper
Qitmeer PMEER white paper will be going to provide you, all the information that is needed to get started with Qitmeer PMEER, including the inspiration for creating, the problem it is trying to solve and the solution proposed by Qitmeer PMEER.
Abstract
Bitcoin[1] was born with revolution which opened a new horizon of currency issuance that becomes open and fair by a cryptography-based decentralized payment network. The underlying ledger mechanism of Bitcoin (blockchain), is capable of playing a signicant role in the nancial system due to its tamper resistance. The Blockchain technology will reshape Interest-free nance, as a signicant alternative system of global nancial system.
With the arrival of 10-years birth of bitcoin, the blockchain infrastructure is facing various challenges from technical perspective. Moreover, Qitmeer considers openness, fairness, fault tolerance, scalability as the core metrics to assess a promising blockchain paradigm, and a blockchain system achieved a desirable balance among these metrics is regarded as Classical Blockchain Setting. Qitmeer Consensus adopts the SPECTRE[2] as its fundamental protocol. SPECTRE is a fast conrmation and high throughput BlockDAG protocol, which guarantees high performance in a payment network.
Additionally, Qitmeer incorporates another high throughput BlockDAG protocol GhostDAG[3], which is highlighted on unprecedentedly supporting transactions linearly ordering, to circumvent SPECTRE’s weak liveness and provide ordering service for the fair scheme of the reward system.
The Qitmeer Consensus is in line with Classical Blockchain Setting which could join and leave the network freely by Proofof-Work, with the collaboration model of DAG ledger guarantees that miners gain rewards corresponding to their contribution respectively, the 50% fault tolerance as secure as bitcoin, robust scalability that is subjected to physical network limit.
The mining algorithm is also a vital source of fairness other than consensus algorithm per se. Cuckoo Ring is a graph theory based proof-of-work mining algorithm and is practically ASIC resistant due to memory-hard calculation. According to Shariah requirements, Qitmeer designs a UTXO-based unique token issuance scheme, which has eectively solved two main challenges: Intrinsic Value and Assets Authentication.
Issuing a certain amount of assets must consume a certain amount of the native currency. Moreover, the entity must be warranted a license to issue assets. Qitmeer devises a set of specications and protocols to be adopted in the Global Islamic economy ecosystem, such as wallets and miners. As for interoperability, Qitmeer recognizes the utilizing of cross-chain protocols to integrate various cryptocurrencies and oer reliable o- chain smart contract services.
White Paper Link: Qitmeer PMEER White Paper
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