Public Chain is officially named as Qitmeer
Announcement: Public Chain is officially named as Qitmeer
1st August 2019
HLC Foundation would like hereby officially announce our tailor-made financial public chain as Qitmeer, the Meer for coin in short, and Kahf for the wallet.
The R & D of Qitmeer has been commenced since the very first beginning of 2018. Along the journey, one of the milestones is that we have shared our progress through official open-source launching ceremony on 30th June 2019 in Dubai and plan to launch our TestNet for mining in the upcoming September during this year.
Qitmeer is a new generation-public chain based on Block DAG which adopts a collaboration model in the mining over the traditional competitive model, thereby achieving a desirable balance of typical blockchain metrics, such as the security, openness, fairness and scalability.
Moreover, Qitmeer will input intrinsic value to Meer through mining, while still remains committed to keeping the whole process fair and participative through multiple algorithm. Meanwhile, secured by POW （proof of work）consensus, Qitmeer designs a unique asset issuing mechanism which requires the reserve of Meer, together with the endorsement from stakeholders in a regulated environment.
As the first public chain to serve the ecosystem of Islamic Finance and Inclusive finance industry in the world, Qitmeer is expected to undertake the tokenization of trillions dollar assets of these niche markets , which will surely enable blockchain technology to serve the real economy and enhance financial inclusion in the era of digital transformation.
Qitmeer is inspired by revealed civilizations shared commonly 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 300 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.
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, and resistance of speculative money creation after the 2008 financial crisis.
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.