𝐐𝐢 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐢𝐬 𝐝𝐞𝐩𝐥𝐨𝐲𝐞𝐝 𝐟𝐨𝐫 𝐖𝐞𝐛 𝟑.𝟎,

6 min readAug 16, 2022

𝐐𝐢 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐢𝐬 𝐝𝐞𝐩𝐥𝐨𝐲𝐞𝐝 𝐟𝐨𝐫 𝐖𝐞𝐛 𝟑.𝟎, 𝐌𝐞𝐭𝐚𝐯𝐞𝐫𝐬𝐞, 𝐥𝐨𝐰 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧 𝐍𝐅𝐓, 𝐃𝐞𝐅𝐢 𝐚𝐧𝐝 𝐞𝐯𝐞𝐫𝐲𝐭𝐡𝐢𝐧𝐠 𝐨𝐟 𝐭𝐡𝐞 𝐟𝐮𝐭𝐮𝐫𝐞.

#qi #qie #foxcampaigns #qiblockchain #web3 #crypto

𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧

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.

The price of gas is denoted in gwei (giga wei). Wei is the smallest fraction of an ether, i.e. 1 ether equals 1,000,000,000,000,000,000 wei, so 1 gwei is 1,000,000,000 (1 billion) wei or 0.000000001 ETH. The minimum amount needed for the simplest transaction on the Ethereum network, for example moving ETH between two addresses, is 21,000 units. More complex transactions involving smart contracts such as buying other tokens or staking your tokens require a lot more gas.

𝐁𝐚𝐜𝐤𝐠𝐫𝐨𝐮𝐧𝐝

Bitcoin is now known as the cheapest, fastest and most reliable way to transfer economic value to the

Internet in the form of a peer to peer. Despite the brief fork between the incompatible versions in March

2013, the bitcoin network has been operating continuously and smoothly for over 5 years. Despite the

loss and theft of private bitcoins, the network itself has never been successfully attacked or blocked.

Despite the many technological advantages of bitcoin, it is far from achieving general consumer

acceptance or business acceptance. Given the current trend in transaction volumes, the slow growth in

bitcoin usage is showing no signs of change in the foreseeable future. This is happening without the

availability of many easy to use bitcoin wallets and the fact that bitcoin can now be used online for many

common businesses like Microsoft, Dell and Overstock.

𝐓𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝐦𝐚𝐧𝐲 𝐫𝐞𝐚𝐬𝐨𝐧𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐬𝐦𝐚𝐥𝐥 𝐚𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧 𝐨𝐟 𝐛𝐢𝐭𝐜𝐨𝐢𝐧, 𝐢𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠:

(𝐚) Final satisfaction with existing payment systems

(𝐛) Difficulty purchasing bitcoins

(𝐜) Volatility of bitcoin value related to government disbursement

(𝐝) View that bitcoin is not secure,

(𝐞) Inquiring about the legal status of bitcoin

(𝐟) The unpredictable and unforgivable nature of bitcoin operations

In addition to the acquisition of the end user, many have suggested that bitcoin could help improve

internal processes in the traditional financial sector, by reducing costs, reducing payment times and

eliminating mediators. One fast technology is possible to use bitcoin as a currency and a channel for

instant payment by banks. However, the volatility of the bitcoin value associated with government

spending makes this ineffective in practice. The most promising direction is to use bitcoin infrastructure

to make goods other than bitcoin itself.

𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧𝐬 𝐚𝐧𝐝 𝐭𝐨𝐤𝐞𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧

At the heart of bitcoin lies the blockchain, a world-class ledger that keeps a complete history of all bitcoin

transactions. The blockchain is verified and stored by every node in the bitcoin network, of which there

are approximately 6,000 in June 2015. The bitcoin protocol ensures that, preventing temporary

interference, every network has the same blockchain version, without the need for it this agreement must

be determined by the central authority.

New transactions can be created by any node and distributed across the network in the form of a peer to

peer. Any node can take a set of these pending items and create (“mine”) a new block containing and a link to the previous block. The new block "confirms" the transaction and redistributes it across the

network. To prevent fewer mining controls, bitcoin uses “proof of work” to make it more complex and

expensive to build a new block.

As well as bitcoin transactions, the blockchain can be used to store any digital data. While some view

applications such as "blockchain blocking", a low-level bitcoin environment means it will not be

successfully stopped. This has led developers of Bitcoin Core, the official bitcoin client, to launch an

official way to add unmistakable metadata to transactions in early 2014. This method is used by services

such as Proof of Existence and BlockSign to inform the existence of a document by embedding a digital

signature of that document within a transaction. Some tools like php OP_RETURN enable large pieces

of data to be stored and accessed on the blockchain, making it a standalone private data store.

𝐁𝐢𝐭𝐜𝐨𝐢𝐧’𝐬 𝐬𝐡𝐨𝐫𝐭𝐜𝐨𝐦𝐢𝐧𝐠𝐬

Aside from the promise of token-making rules, there are a number of reasons why the bitcoin blockchain

is not yet ready for institutional financial transactions. Problems can be divided into two groups, the first

of which is related to growth and cost:

𝐋𝐢𝐦𝐢𝐭𝐞𝐝 𝐜𝐚𝐩𝐚𝐜𝐢𝐭𝐲 ✔ The bitcoin blockchain currently supports around 300,000 transactions per day, as

determined by its maximum 1MB block size. This volume should be shared among all

network users and is obviously not sufficient for most financial systems. For example,

the Visa network currently handles 150 million transactions per day at USA. While the

larger size of blocks is likely to grow in the future, there is an ongoing debate over how

this can happen faster without expelling ordinary users and increasing the frequency of

forks in network sync. In any case, facility users cannot control the speed of this change,

which will ultimately be determined by the acceptance of the miners.
𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧 𝐜𝐨𝐬𝐭𝐬 The standard fee per bitcoin transaction is currently BTC 0.0001 (2.5 cents at

$250/bitcoin) and is collected by the miner of the block in which that transaction is

confirmed. While this fee is optional, transactions with lower fees can encountersignificant delays in confirmation. This sum is already a nontrivial tax on transactions

of small monetary value. Furthermore, when the demand for bitcoin transactions

outgrows the supply of available block space (see previous point), this fee may increase

substantially, as transactions are forced to bid with each other to compete for inclusion

in a block.
𝐈𝐫𝐫𝐞𝐥𝐞𝐯𝐚𝐧𝐭 𝐝𝐚𝐭𝐚 ✔ Institutions that use the bitcoin network need to process and store a lot of information

that they do not like. When a new bitcoin node is introduced, it starts by downloading,

verifying and maintaining the entire history of all bitcoin transactions. Going forward,

it should also verify all new transactions and blocks made, even though most are not

related to the user of that node.
𝐌𝐢𝐧𝐢𝐧𝐠 𝐫𝐢𝐬𝐤𝐬 ✔ Bitcoin proof of mining performance is an open global race to solve the complex

mathematical problem needed to build a new block. While this process is well suited to

the general network of objective distribution, it poses a number of risks to institutional

users:

❖ Unexpected delays in transaction verification, in the created times defined by

Poisson distribution 10 minutes

❖ Risks of other miners who refuse to verify

❖ 51% attack power, when a group of miners controlling more than half of the

network computing power come together to rewrite an important period of the

latest blockchain history. While such an attack is unlikely to occur, it is in

conflict with the need for a non-reversible transaction agency once it has been

completed.

𝐋𝐚𝐜𝐤 𝐨𝐟 𝐩𝐫𝐢𝐯𝐚𝐜𝐲 ✔ Design By design, all bitcoin transactions are visible on all network nodes and

therefore, worldwide by blockchain testers like blockchain.info. However, the existence

and level of transactions cannot be hidden, and participants risk that their identity will

be disclosed at some point in the future, when their entire transaction history may be

reversed inferred.
𝐎𝐩𝐞𝐧𝐧𝐞𝐬𝐬 ✔ Anyone with an Internet connection can connect to a bitcoin network and work with

other participants. This makes bitcoin an attractive channel for illegal transactions, as

Know Your Customer (KYC) checks cannot be enforced at network level. While

regulated institutions may be able to ensure that (or their clients) only work withwell-known partners, this requires that everything be done individually, creating a

significant burden on the structure and performance of the work.

𝐔𝐬𝐞𝐟𝐮𝐥 𝐥𝐢𝐧𝐤

𝐀𝐮𝐭𝐡𝐨𝐫 𝐥𝐢𝐧𝐤

ᴀʟᴛᴄᴏɪɴsᴛᴀʟᴋs: ʙʜᴏsᴀʟᴇ ᴀᴊᴀʏ

ᴛᴇʟᴇɢʀᴀᴍ ʟɪɴᴋ: https://t.me/altu1137