#AMA780
CryptoFury x Qitcoin
⏰ Time: January 5th , 12:00 PM UTC
💰 Reward Pool : 200$
💎 Place : https://t.me/CryptoFury_Chat
Question for Part 1- Project overview:
1/ Can you briefly introduce yourself as well as Qitcoin? And from where you get the project name? What does it mean to you? And why you choose this name for your project? What is your mission and vision to build this project? What you want to achieve Through your project in future?
Qitchain Network CEO :
Hello, everyone! As the CEO of the Blockchain Search Engine Project (Qitchain Network) team, I am very honored to interact with you. I got involved in cryptography in the previous study and research stage. Due to the academic particularity, I got involved in and focused on blockchain technology very early. I have contributed to cryptography technology in some open-source projects.
Until 2015, I started to study the whole blockchain project due to my work at the time, and the idea of the Qitchain project began and was fascinated by it.
Later, we had the core 6 members of the QITCHAIN:
Sam Catchpole (CTO), Plasiap (Technical Consultant), Daniel Alejandrolugo (Graphics Designer), Daniel Ruvens (Business Consultant) and Antoine Kuseyan (Business Director).
The distributed search engine QitChain, starting from effective information, aims to build an effective information aggregator in the blockchain field. In the future, it will not only become the Google in the blockchain, but also build a huge ecosystem. Enabling the blockchain field. QitChain is the infrastructure of the blockchain, which will integrate various infrastructures to provide users in the blockchain field with more effective and accurate information, and bring an excellent application experience to developers, users, investment institutions, etc.
QitChain Network, decentralized search engine, mainly helps users to effectively store and search on blockchain distributed network. It develops and upgrades the protocol layer at the underlying of secure payment, forming a smart contract suitable for ecological construction to provide more blockchain projects such as NFT and Metaverse with efficient and secure storage and search services, being the Google of blockchain.
The original intension of Qitchain to build a search engine has allowed people to take ownership of their resources and freedom, and to empower data owners through decentralization. To enhancing the control of their data and giving them more say in how the data is treated/processed.
Also, the monetary and other benefits accrued from that data shall be directed to the owners, without the middlemen. Summing it up, this means: “my data, my value”.
2/ Is Qitcoin a safe and reliable platform for investors? What value does Qitcoin bring to investors and the blockchain community?
Qitchain Network CEO :
Yes, as blockchain applications grow in scope and volume, the demand for querying these systems increases as well. Although the full node stores all the block data, the current blockchain system has limited support for full node queries, and it still has the following shortcomings in data query processing:
1. Data semantics are not rich enough.
2. There is insufficient data manipulation.
3. On-chain/off-chain data integration is complex.
Qitchain introduced relational semantics in the blockchain ecosystem, complex queries are enable, composed of basic relational operators such as selection, projection, and connection. As a result, query processing capacity improves even though only one piece of data is stored. In addition, additional costs are avoided.
ADS construction and storage overhead: Qitchain proposed a cryptographic accumulator based ADS GCA2 tree to support verifiable multi-dimensional aggregation queries for blockchain.
3/ Who are Qitcoin strategic investors? And what is Qitcoin roadmap to 2021? What is your ultimate goal for this year?
Qitchain Network CEO :
The Project team because the economic model is amazing and the annual production is 13.14 Millions QTC. Currently interactive projects and institutions: 1. CoinW Exchange;
2. BalletCrypto;
3. Daling Research;
4. Chainfir Capital;
5. Beosin;
6. Tiger Token Capital;
7, West Finance; 8, Coinhub; 9, Decoin research; 10, Gitcoin
Want to interact: 1, Filecoin; 2, Luna; 3, FTX; 4, AR; 5, Matic; 6, Softbank; 7, holychain; 8, other distributed retrieval and storage projects.
The technical goal of 2022 is Turing completeness, and the price of QTC will be 200 US dollars each
At present, in the first stage: the whole network computing power 600P +, the global consensus is being formed.
Achievement:
Next development plan and layout:
• Improve Turing’s complete virtual machine so that smart contracts can achieve more functions;
• Upgrade the CPoC consensus mechanism to CPoC+, and establish a complete decentralized storage standard;
• Establish a developer platform to allow more people to participate in ecological construction;
• Complete a preliminary decentralized search engine to provide content services and information retrieval;
• The service radiation belt forms a relatively complete system;
• Started the tentative integration of technology radiation belt, Qitchain Network and Qit Search.
The ultimate goal is to begin ecological construction by end of this year.
Part 2: Pre-selected questions from our community
1/ What are the competitive advantages of your project? What advantages do you have that other competitors don’t have? What would be your project secure most similar contender in the market today in terms of scalability, security, features & adaptability?
Qitchain Network CEO :
Sam, [1/5/2022 7:33 PM]
Qitchain’s initial intention to build a search engine allows people to have their resources and freedom, and to empower data owners through decentralization.Strengthen control over their data and give them a greater say in how to process / process data.
Sam, [1/5/2022 7:34 PM]
Furthermore, money and other benefits arising from that data should be directed to all, without middlemen.To sum up, this means: “My data, my value”.
Sam, [1/5/2022 7:35 PM]
In contrast to traditional search techniques, we may not always realize that much of our personal information is tracked and recorded in some form or form whenever we browse our internet information through search engines, social media, or large retailers.This information was then used in various advertising campaigns.The businesses spent a fortune, hoping they could get a slice of the billions-dollar online consumer industry.These events are translated into invasive pop-up ads, and mostly irrelevant sponsored ads, filled with our daily online experience.
Sam, [1/5/2022 7:35 PM]
These use cases are almost unlimited and can be applied to any product or service that we are interested in and search online. Also provide compensation for the target quote you receive.
The so-called decentralized distributed search engine means that there is no central control. They are scattered over the different nodes of the network. With an open search engine, no search engine can have your data. They don’t even have access to your search information.
Sam, [1/5/2022 7:36 PM]
It is not very different from traditional search use, the only difference is that when others need to use my data, it will need my permission, and when my data generates value, the profit value will partially go back to my hands, not a centralized data storage center.
2/ Which market are you focusing on? How do you rate the Vietnam market? Do you have any plans to develop in the Vietnam market?
Qitchain Network CEO :
Sam, [1/5/2022 7:40 PM]
Qtc is currently very popular in the Asia-Pacific region and European and American markets. We are very willing to cooperate with Vietnamese friends
We are focusing all over the world, at present, there are nearly 100,000 community members in China, more than 70,000 Japanese and Korean community members, and the European and American communities are also growing very fast in numbers. It is precisely because of the strong consensus of the QitChain community that the computing power of QitChain’s entire network has increased from 3000 TiB in the test phase to a maximum of 530,000 TiB in just 5 months, and the computing power has increased by as much as 176.6 times.
Yes, we are eagerly looking forward to our Vietnamese friends.
3/ What is the token’s role in the ecosystem? Where can people buy right now? What will it do? Is your platform suitable for Crypto beginners? Or is it limited to professional users only?
Qitchain Network CEO :
We will warm welcome to our Vietnamese friends
并让它们关注官网：http://www.qitchain.net
交易行情信息：
www.coinw.com
www.coinw.uk
Telegram:
https://t.me/Qitcoin
Twitter:
https://twitter.com/Qitcoin_QTC
Discord:
https://discord.gg/KsqY3tp2jW
Telegram News Channel:
https://t.me/QitcoinNews
Medium:
https://qitcoin-qtc.medium.com/
Reddit:
https://www.reddit.com/r/Qitcoin/
Facebook:
https://www.facebook.com/QitcoinQTC
Instagram:
https://www.instagram.com/qitcoin_qtc/
3/ What is the token’s role in the ecosystem? Where can people buy right now? What will it do? Is your platform suitable for Crypto beginners? Or is it limited to professional users only?
Qitchain Network CEO :
Token is the required medium of exchange for paying fees to complete protocol-level computations in the ecosystem. You can buy it now on CoinW. Our platform is very user-friendly and suitable for beginners in crypto.
The ecological system construction plan of Qitchain Network can be summarized with “three cores and two radiation belts,” including core support Qitchain Network, core service Qit Search, core world Qit Metaverse, service radiation belt, and technology radiation belt.
Three Cores
1) Qitchain Network: Qitchain Network provides the underlying blockchain support. In the future, we will upgrade the CPoC consensus mechanism to enable the district. All kinds of documents, audio, video, code and other files can be safely stored on the chain. This is also the core and bottom support for realizing the value of the entire ecosystem.
2) Qit Search: Qit Search is a decentralized search engine. The construction of the entire search engine will follow the Web3.0 system idea. It will provide users with SaaS (Search as a Service) capabilities of decentralized services. Each service does not need to be downloaded, and each user has their own data rights.
3) Qit Metaverse: Based on the support of the other two cores and two radiation belts in the ecosystem, we will launch Metaverse products in the future. This is a truly completely decentralized virtual world and a searchable virtual world. In this world, users can experience the convenience of the virtual meeting brought to life, and they can also meet and negotiate with customers in this world or play a game for a while to relax.
Two Radiation Belts
1) Service radiation belt: “We believe that simple Dapps make the entire ecology seem thin, and a truly decentralized ecology should Using complete service-oriented measures, in the future, our ecosystem will be full of various services such as social networking, NFT, DeFi, shopping, games, etc.”
2) Technology radiation belt: There are various possible integrations of technologies based on the Qitchain Network. The technology radiation belt and the service radiation belt will be a complementary relationship. The ever-evolving service requirements will also bring goals and challenges to the development of the radiation belt.
4/ Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Qitchain Network CEO :
Our Economic model and consensus algorithm is the key to hold investors in long term.
The overall economic model of QitChain is mainly pledge. In order to ensure the subsequent liquidity of QTC, QTC is set as the search engine data storage and search, download, etc., and build other ecology, including mall, knowledge payment, training, etc.
We give brief understanding and future analysis of QTC to hold the investor for long term. In 2022, the computing power of the entire network will exceed 10,000 P, the number of global home mines will exceed 10,000, the number of currency holding addresses will exceed 1 million, and the price will exceed $200. The first block reward and pledge currency halved in October 2023. The network computing power exceeded 25,000P, the global home mines exceeded 50,000, the number of currency holding addresses exceeded 3 million, and the price exceeded $500. The second block reward and pledge currency halved in October 2027, the whole network computing power Breaking through 50,000 P, 100,000 household mines worldwide, 10 million coin holding addresses, and the price breaking through $1,000 (Wall Street Capital will begin to allocate OTC) The third block reward and pledge coin halving in October 2031 , The computing power of the entire network exceeded 100,000 P, the number of global home mines exceeded 500,000, the number of currency holding addresses exceeded 50 million, and the price exceeded $10,000. The third block reward and pledge currency halving in October 2035, the entire network The computing power exceeded 200,000P, the global home mines exceeded 1 million, the number of currency holding addresses exceeded 100 million, and the price exceeded 100,000 U.S. dollars.
5/ Users often care less about technology, but rather the value of the token. How do you manage to strike a balance between developing the technology and also improving the value of the token?
Qitchain Network CEO :
Yes, but value of token also depends on the innovation and development of technology and our economic model and consensus algorithm which is a unique one, users may often less care about the technology but our vision is to communicate our ecosystem and technology to the users so they can take maximum benefit from the technology we bring.
QTC ensures the healthy development of the entire cryptocurrency by establishing a long-term incentive economic model based on the Proof of Capacity (PoC) consensus algorithm. Simultaneously, it enhances PoC, resulting in a Conditioned Proof of Capacity (CPoC) consensus method. Equity incentives have been increased in line with Point of Stake (PoS), resulting in higher community consensus.
Total Supply, 105 million tokens (105,000,000)
Block Time, 3 minutes
Initial Block Size, 75QTC / Block, 2MB block size
Halving Cycle, the first halving time is 420,000 block height, and in the future, the height of 700,000 blocks will be halved every time
Initial Transactions Per Second (TPS), 70 TPS
Conditional Proof of Capacity (CPOC), A pledge period of 360 days requires 10QTC/T, and a pledge period of 540 days requires 5QTC/T. The pledge demand halving is synchronized with the block halving period.
Economic incentive (the application and effect analysis of POC algorithm in QTC:)
(1) Friendly to the light node, which is conducive to the formation of a safe network At the same time, the storage provider needs to provide the QTC of the coefficient of 5 times (360 days of pledge) or 10 times (540 days) of storage amount (the coefficient will be halved with the total amount), forming a huge demand for QTC spot
(2) CPOC consensus mechanism: the POC revenue of storage providers can participate in the top 10 nodes of POS competition, To get 20% of the total network output as a reward, The premise of participation will be QTC spot for 360 days and 540 days of lock warehouse, Such consensus mechanisms, Effective intervention in the currency of the world’s big storage providers, greatly reduced the spot and selling pressure in the market, conducive to the formation of global consensus, More favorable and the technology of the update iteration and ecological formation, Make QTC available for more blockchain projects, in compliance with LTC, NFT, Metaverse etc. offers free, highly active, Secure storage and search services
(3) The project party holds less coins, and most of them are distributed to storage merchants, requiring a large number of ordinary people to enter the market. Due to the consensus layer of pos incentive, will form the QTC scarcity in circulation, and the price is high, in order to facilitate the formation of the security network, the project will properly release QTC adjust the market price to reduce the entry threshold of light nodes, so greatly reduce the project may pressure, further optimize the security of the network, at the same time promote the establishment of global nodes, prevent ecological construction.
Question for Part 3: Guests will choose 5 live questions from members and answer directly in CryptoFury Community
1/ Q.2)What’s your main focus right now, are you focused on the community or market/Exchange or the products?
Qitchain Network CEO :
Currently, is it available on any Exchanges? How can I buy your token, and what is the criteria?
Qitchain Network CEO :
Yes currently Qitcoin abbrevated QTC is available on CoinW, get yourself register on CoinW and you will be able to buy QTC. QTC will be listed on more exchanges very soon.
What wallets can currently support your tokens? Are there plans to add up extra features in your ecosystem in the nearest future? What plans do you have on your roadmap for 2021, in the short-term and long term?
lease navigate our website for details — docs tab
Your goal is to create different NFT thematic groups. What are the types of assets you plan to tokenize and include within your protocols? How will they manage to provide consistent quality control for the pools to generate significantly higher levels of value extraction?
Qtc is a native token. At present, test node service providers in the Asia-Pacific region have developed different mining pools for equal rights mining.
All details about Qitcoin could be found below
🛢 Website: https://t.co/b3xTUPn7Ct
🛢 Twitter: https://twitter.com/Qitcoin_QTC
🛢 Telegram Chat: http://t.me/Qitcoin
Twitter (https://twitter.com/Qitcoin_QTC)
