Qitmeer is the first public chain that is dedicated to serving the ecosystem of ethical finance, socially responsible investment and Islamic Finance, which aims to act as the overall financial infrastructure to seamlessly converge all these areas, thereby enhancing financial inclusion. With the support of HLC Foundation, the R&D of Qitmeer initiated since the beginning of 2018 and then launched the open-source code on GitHub on June 30, 2019. Whereas presently, the name Qitmeer, Meer and Kahf have been newly selected to brand the public chain, coin and wallet respectively.
Adhering to the wisdom in essence of Bitcoin network, together with the adoption of a secure underlying technical structure, as the next generation of public chain based on BlockDAG, Qitmeer is committed to serving the open network platform, as well as the dynamic ecosystem of the crypto economy and blockchain, which expects to build a new financial system for human beings.
1、Cutting Edge Public Chain Based on BlockDAG
Qitmeer stands for the state of the art of distributed ledger technology up to present, which adopts an open and fault-tolerant BlockDAG technology that is rooted in the typical chain data structure of Bitcoin. Meanwhile, through the optimization of ledging, the fully decentralized, more efficient and truly fair collaborative model of mining is used to achieve a desirable balance of typical blockchain metrics among the security, openness, fairness and scalability.
In order to serve tokenization of ethical finance, socially responsible investment and Islamic Finance, Qitmeer adopts the underlying structure equal to the security level of the Bitcoin network with the following main features:
Qitmeer adheres to classic POW(Proof-of-Work) based on the BlockDAG( Directed-Acyclic-Graph) consensus protocol, which aims to achieve the desirable balance among security, openness, fairness and scalability.
Qitmeer developed a unique OP_TOKEN asset issuance mechanism model based on the UTXO (Unspent Transaction Output), which is secure and efficient to support the tokenization of large volume transaction-level liquidity and it’s frequent secondary market trading activities. Thus, impacted and constrained by core values of ethical finance, the mintage of OP_TOKEN asset issuance mechanism organically converges the ecosystem of Islamic Finance, ethical finance and conventional finance, which is in line with the Maqasid al-Shari’ah and other Social Development Goals (SDGs).
Qitmeer has exclusively created the issuance method of general certificate assets backed up by base currency, integrating various financial applications into a dynamic ecosystem, with particular attention to the following use cases, such as stable coin, payment system, clearance and settlement, etc.
Qimeer supports the interoperation with all the mainstream blockchain network through cross-chain protocols, as well as to interact with standard APIs, such as value transfer based on atomic swap and smart contracts, thereby enabling Qitmeer to be a global and inclusive public chain.
2、Qitmeer aims to act as the guardian for the core financial ethical values.
Qitmeer is inspired by revealed civilizations commonly shared by whole humanity. In ancient Syria, a group of seven young believers who took refuge in a cave to resist the persecution of the regime due to their sincerity of the creator, following which they fell asleep for a period up to 309 years. All along, a dog named Qitmeer served as the companion and guardian of seven sleepers. Soon after their awakening, the regime has vanished a long time ago, and the sleepers ever since could be able to pursue the holy faith freely, build wealth in a decent manner, and do business fairly.
According to the legacy of Monotheism belief system in the Trans-Mediterranean world, People has been stuck to the values of financial ethics while obtaining wealth, and historically such pursue for a fair and just financial system has surpassed many ages: Prophet Moses(Peace be upon him) has delivered the message of Ten Commandments to redeem the Jews, forbids them to give false witness and unlawfully obtain wealth; Jesus （peace be upon him） his first arrival to the Holy Mountain in Jerusalem, he knocked over the MoneyBox of the usurers in the first place; and after the divine revelations from the Creator, Prophet Muhammad(Peace be upon him), prohibited speculations and Usury(Riba) immediately, and this philosophy eventually became the cornerstone of the Islamic economy.
In the past five score years, the financial speculation of humanity has reached to its utmost extent. Millions of people unfairly became the victims of the Financial Crisis in 2008 and paid the price for bad debts. At this critical moment in history, Bitcoin was invented by Satoshi Nakamoto and digital geeks as a peer-to-peer electronic cash system, which minimized the oppression of centralized entities and the exploitation of financial intermediaries. Due to that the POW consensus and UTXO structure are deeply rooted in the Bitcoin network, people are incentivized to mine the coins and process the transactions with the relevant energy consumption.
The name of Qitmeer stands for our philosophy to restructure financial core value, thought pattern and operation model in the future on the foundation of “ In math we trust”, in alignment with the global megatrends towards decentralization, disintermediation, interest-free and resistance of speculative money creation after the 2008 financial crisis.
As an innovative public chain, Qitmeer designs a unique asset issuing mechanism which requires the reserve of native currency, together with the endorsement from stakeholders in a regulated environment, meanwhile it pays attribute to the classic PoW and UXTO model of Bitcoin, which designs a special institutional arrangement to squeeze the speculation in the ecosystem.
Meer, the native currency of Qitmeer, acts as the guardian of the spirit” In Math We Trust”.
Kahf is the literal translation of Semitic language, which implies to use money in a wise and pure way.
Qitmeer and Kahf, these two words with their unique meanings, gain wide popularity in the west and east.
3、Qitmeer ecosystem focuses on ethical finance and financial Inclusion
Since the initial inception of Qitmeer project, the business proposition is to satisfy the niche market of socially responsible banking, insurance and investment, and the Islamic Finance industry, which aims to undertake the tokenization of trillions of dollar assets. Then, it will surely enable blockchain technology to serve the real economy and enhance financial inclusion in the era of digital transformation.
Qitmeer provides the tokenizations of the ethical finance and Islamic finance for start-ups, financial institutions and other industry stakeholders, expected to enrich a dynamic, healthy and prosperous financial system based on blockchain. At present, it focuses on developing the following using cases with our partners, as shown below: Stable coin based on fiat money, commodity and assets; Cooperative Insurance and Takaful; Bond and Sukuk; Mutual funds Remittance Charity Haji Micro-Payment Assets tokenization Trading finance Supply chain traceability
At present, HLC Foundation explores a set of proper communication channels with governments, regulation bodies, multilateral financial organizations from various jurisdictions, including but not limited to Malaysia, Indonesia, UAE, KSA, Nigeria, Oman, and Bahrain. As the only blockchain entity joined IFSB in April 2019. HLC Foundation aims to facilitate the development of technical standards and enhance financial inclusion within OIC(Organization of Islamic Cooperation) economy and beyond.
A large number of unbankable people in Africa and other developing countries creates huge potential for stable coin adoptions back up by fiat money. Qitmeer encourages the development of various use cases, such as wallets, payment solutions, remittance to activate the illiquid assets of developing countries which eventually to establish an open and inclusive financial system with concerns to cultural diversity.
4、Unique mintage mechanism of reserving base currency for asset tokenization
Meer gains its intrinsic value by energy consumption through PoW, which is the underlying consensus to mint coins on Qitmeer. Thus it eliminates coin issuance without foundation, squeezes the speculation and significantly improves the efficiency by the adoption of DAG.
With its multiple algorithm, Qitmeer lowers entry barriers and allows anyone to participate in mining through CPU, parallel to GPU mining to establish a fair system with financial inclusion. The intrinsic value of Meer can be appreciated through the increase of mining difficulties by mathematics model which realizes the wisdom in essence of Bitcoin.
The tokenization of assets on Qitmeer requires a reserve of base currency Meer which restricts the speculation and prevents malicious activities, thereby optimizing Shariah-compliance of Islamic Finance, which gives rises to an equitable and sustainable ecosystem.
A fully inclusive and balanced decision-making process is established by HLC Foundation to serve the ecosystem of ethical finance in line with common values shared and practiced by whole humanity. In addition, the governance and operation of the foundation have been significantly lifted through the active involvement and interactions with all the stakeholders and aims to be the driving force of this blockchain revolution in this new era on the planet.