HLC Foundation would like hereby officially announce that the economic model of the Qitmeer public chain test network has been completed after 5 months of academic research, announced the mining mechanism of the public chain test coin PMEER (pre-meer), game mechanism of the HLC and PMEER, and the priority of the exchange with the main network token, the priority of the exchange with the main network token. At the same time, the economic model of the Qitmeer test network clearly describes the timeline and operational plan of the test network.
Qitmeer Network is a BlockDAG network based on PoW consensus algorithm. It is an exploration of integrating classical UTXO model and advanced DAG technology. Qitmeer’s BlockDAG is a collaboration model based on SPECRE protocol. In mining, this collaboration model achieves an ideal balance between security, openness, fairness and scalability of classical blockchain measurement.
Qitmeer is an open block chain network. Qitmeer consensus abides by the classical blockchain settings: open, fair, secure and scalable. Free access to the network can be achieved by proof-of-work. BlockDAG’s collaboration model allows solo mining and pool mining to have the same opportunity cost. At the same time, Qitmeer uses anti-ASIC mining algorithm to prevent concentration of hash rate.
Qitmeer testing network will introduce real miners for testing to ensure the gradual maturity and stability of the network. This is a gradual transition to the Qitmeer main network. The economic model of the test network should not only solve the incentive problems in the transition stage, but also solve the historical problems after the transformation.