Qitmeer is a public chain based on Block DAG which is dedicated to serving the ecosystem of Inclusive finance and Islamic Finance. In contrast to the competition model, BlockDAG’s collaboration model in the mining achieves a desirable balance of typical blockchain metrics among the security, openness, fairness, and scalability. Qitmeer adopts a classic POW consensus and UTXO data model and designs a unique asset issuing mechanism which requires the reserve of the base currency, which is in line with core ethical financial values. HLC is ERC20 Token of Qitmeer Network.
Mining Pool Resistance
Mining pools centralization is the consequence of high opportunity cost, which is the consequence of the competition model. Qitmeer’s BlockDAG-based protocol SPECTRE is a collaboration model, the opportunity cost of standalone mining is equal to that of pool mining, so it will not be necessary to join a mining pool, which would lead to the risk of centralization.
Anti-ASIC Mining Algorithm
Cuckoo Cycle is a graph-theoretic proof-of-work algorithm and prevails for ASIC resistance. Qitmeer employs this algorithm to guarantee that no one has too much mining efficiency advantage.