What Is Qitchain Network (QTC)?
Qitchain Network Bitcoin has come to the forefront of history through the Nakamoto Consensus, known as Asynchronous Proof of Work (POW). The Bitcoin network system also brings you the longest chain proof, UTXO model, and other interesting features. It has successfully realized the simulation of the cash payment system. However, in the early days, there were not many people who were optimistic about this project.
One of the main reasons was that its consensus mechanism used the longest chain to prove that it did not synchronize the transfer results and ensure that they would not go wrong. There will be a situation in this logic: the nodes in the system can collectively do bad things so that the correct transactions are not packaged. After that the transaction is broadcast to the network.
Qitchain Network Although the asynchronous model is more suitable for the transaction steps, it avoids a lot of communication in the network and at the extreme circumstances, for instance, when the bad guys in the system account for the majority, the system becomes an ineffective system. This is also the 51% double-spending attack that everyone often mentioned later, which does not conform to the spirit of the financial system.
Qitchain Network Storage Key Points
|Coin Name||Qitchain Network|
|Circulating Supply||11,488,852.00 QTC|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
The Centralization of Computing Power
The main reason why Bitcoin can be used as a successful cryptocurrency is that its computing power is maintained in a relatively high range. In 2017, the total computing power of the Bitcoin network was 4400P, and the daily output of Bitcoin was 1,800. On average, the BTC mined per P is 0.4, and now
mining machine manufacturers can affect the price of BTC by adjusting the price of mining machines. Qitchain Network Network solves the problem of centralization of computing power through space for time
In other words, as the expectations of crypto currency participants increase, everyone is willing to use machines with higher computing power to produce cryptocurrencies. The top four Bitcoin mining institutions account for approximately 53% of the mining share; in the Ethereum system, the
concentration is higher. The top three mining institutions account for 61% of the mining share. In addition, 56% of Bitcoin mining software and 28% of Ethereum mining software worldwide are concentrated in data centers, showing that Bitcoin’s operations are more corporate.
Centralization of Meta Assets
Qitchain Network define the original assets as the native assets of the blockchain system, such as BTC for Bitcoin and ETH for Ethereum. Later, someone began to design the use of meta-assets as a means of production for mining, and proposed a PoS (Proof of Staking) consensus mechanism and its series such as DPoS variant, trying in this way to solve the PoW energy consumption and hardware consensus cost issues.
But, Qitchain Network can see that the consensus mechanism of this system often sacrifices a lot of decentralization. For example, EOS has only 21 “miners.” Although the Polkadot of cash has a variable validator set, whoever owns more meta-assets and supporters has a say in this chain. Participants who have fewer of both cannot even get the power to produce blocks. The near failure of EOS also proves that there are major problems with this approach.
The bottom layer of Qitchain Network Network is based on a peer-to-peer (P2P, peer-to-peer) network architecture. Each node is equal to the other and provides network services together. There are no centralized service nodes and hierarchical structures in the P2P network. While providing services to the outside world, each node also uses the services provided by other nodes in the network, which has the characteristics of reliability, decentralization, and openness. The entire Qitchain Network is a collection of a series of nodes running by the set P2P protocol.
Qitchain Network the life cycle of a transaction starts when it is created, and then the transaction will be encrypted by one or more signatures. These signatures mark the permission to use the transaction. A node verifies it until most nodes in the network receive the transaction, and finally, the transaction is verified by a mining node and added to a block on the Blockchain. Once the transaction is recorded on the Blockchain and confirmed by enough subsequent blocks, it becomes a part of the Blockchain and is recognized as a valid transaction by all transaction participants.