Qitchain Network
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Qitchain Network

Qitchain Monthly Stats May 2022

1. Overview of Qitchain

As of May 31, 2022, the Qitchain mainnet data is as follows

· Block height: 175181

· Number of Currency holding addresses: 105205

· Network capacity: 856.30 PiB

· Total number of nodes: 1000+

2. Technical trends

1. Technology exploration

· After several rounds of discussions, we estimate that the Wormhole sidechain will implement the first version by the end of October this year;

· Began Wormhole’s architecture and specification design.

2. Update iteration

Several upgrades have been made this month, mainly for wallet and transaction fee calculation:

· Users can decide to pay a predefined rate by setting the parameter -paytxfee or calling the settxfee method through the RPC interface at runtime. When it is set to 0, it means that the wallet uses floating fees. By default, the wallet will use floating fees.

· Based on past transaction data, the floating fee approximates the fee required from now to the mth block, which can be configured with the parameter -txconfirmtarget=<m>, the default value is 2.

· If it is difficult or impossible to obtain a valid estimate, you can use the parameter -fallbackfee to set the fallback value.

· The user can set the minimum and maximum transaction fee through the parameters -mintxfee and -maxtxfee. In addition, the wallet will never create a transaction lower than the current minimum forwarding fee.

· On May 9, the QTC mainnet upgrade was completed, and the QTC pos competition node was upgraded from the top 10 to the top 20.

· QTC wallet updated to version 2.0.2, adding functionality of Chia POS support and number of staking users increased to 20.

· The main network upgrade test of PoST will be completed on May 21, which will enable seamless access of Chia service providers. The computing power of the entire network has increased by 200P in two days.

3. Community and Ecology

· On May 18th, in view of the importance and enthusiasm of the technical team to Wormhole, CEO Shoaib Hayat and CTO Sam Catchpole invited representatives from various parties to participate in an online meeting to discuss the future development plan of Wormhole sidechain. Participants included people from Qitchain Chinese community and Korean community and representatives of European and American communities, representatives of Qitchain Research Institute, representatives of Search Lab and 3 senior practitioners in the blockchain industry.

· Preparing to participate in the Australian Crypto Summit in September.

· Qitchain launched the seventh DAO activity.

· On occasion of 12th BTC pizza day Qitchain organizes an event which completed on May 26 and distribute QTC to buy pizza among five lucky users.

· Qitchain Start the weekly Twitter space live broadcast, which will continue forever, discussing and spreading knowledge about topics, Metaverse Web 3.0 and how digital asset look like in Web 3.0 Metaverse and Idealism of distributed storage project.

· The application form of Huobi Exchange has been submitted.

· The cooperation with Hedgehog Wallet has entered the stage of technical negotiation.

· As of the end of May, the participants in Qitchain European and American communities has numerously exceeded.

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Qitchain Network

Qitchain Network

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The Qitcoin-QTC (Qitchain Search Engine) is a distributed search engine based on IPFS to help users quickly search on the blockchain distributed network.