FAQ's

  • What is QI?

Qi pronounced Chi is usually translated as “vital life force,” but Qi goes beyond that simple translation. According to Classical Chinese Philosophy, Qi is the force that makes up and binds together all things in the universe. It is paradoxically, both everything and nothing.  Qi is a decentralised POW (Proof of work) blockchain with an application native currency which is leveraging functionality of creating fungible and non-fungible assets using Remote Procedure call (RPC) methods.  Qi is able to handle 300 times more transactions per second than Bitcoin and 10 times more than SWIFT.  Qi is scalable hence other companies are already using it as primary payment method of several fully developed I-store apps with real use cases.  There is a limited amount of only 150,000,000 Qi coins and transaction fees remain almost zero ensuring a futuristic and feasible way to transact.  These coins will be mined over almost a hundred years.

 

Qi enables the deployment of smart contracts and decentralized applications (dApps) to be built and run without any downtime, fraud, control, or interference from a third party.  Decentralized applications—also known as "dApps" or "dapps"—are digital applications that run on a blockchain network of computers instead of relying on a single computer.  Benefits of dApps include the safeguarding of user privacy, the lack of censorship, and the flexibility of development.  The use of blockchain enables a dApp to process data through distributed networks and to execute transactions.  Qi can be used for a wide variety of innovative applications in finance, web browsing, gaming, advertising, de-fi, identity management, web 3.0, metaverse and supply chain management all over the world.

 

  • How is transaction fees determined?

How the gas fees (transaction fees) are calculated on Ethereum:

Each transaction on the Ethereum blockchain requires a certain amount of computational power and gas is the fee paid to miners for providing that computational power.  The price of gas is denoted in gwei (giga wei). Wei is the smallest fraction of an ether, i.e. 1 ether equals 1,000,000,000,000,000,000 wei, so 1 gwei is 1,000,000,000 (1 billion) wei or 0.000000001 ETH.  The minimum amount needed for the simplest transaction on the Ethereum network, for example moving ETH between two addresses, is 21,000 units. More complex transactions involving smart contracts such as buying other tokens or staking your tokens require a lot more gas.

 

There are two elements that impact the cost of any given transaction:

  • gas price at the time of transaction, and
  • gas required for a particular transaction.

 

Example of moving Ethereum between two addresses:

We know that this transaction requires 21,000 units.

The gas fee for standard speed at the moment of writing is 134 gwei.  https://ethgas.watch/ - Current gwei of 134

 

Gas units (limit) * Gas price per unit (in gwei) = Gas fee

21,000 * 134 = 2,814,000 gwei

2,814,000 gwei is 0.002814 ETH, which is at the current prices 9.85 USD (1 ETH = $3500).

 

BUT...

There was a large flash crash on 19th May 2021 and gas prices hovered around 1,500-2,000 gwei. So….

21,000 * 2,000 = 42,000,000 gwei

That’s 0.042 ETH, which at this moment in time is 147 USD… all that just to move your ETH, we’re not doing anything fancy here.

Now imagine a more complex transaction, which requires say 100,000 units of gas… suddenly we’re looking at around 700 USD.

This is a fair chunk of money to burn in fees.

Qi only charges 1 Gwei

  • Why does Qi require Blockchain?

Qi is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts. Smart contracts allow participants to transact with each other without a trusted central authority.

 

Qi proposed to utilize blockchain technology not only for maintaining a decentralized payment network but also for storing computer code that can be used to power tamper-proof decentralized financial contracts and applications.

 

Blockchain helps in the verification and traceability of multistep transactions needing verification and traceability. It can provide secure transactions, reduce compliance costs, and speed up data transfer processing. Blockchain technology can help contract management and audit the origin of a product.

The goal is to provide the highest security level of data/transactions. A shared database is required.

  • How does Qi compare with other leading blockchains?

 

Bitcoin

Ethereum

Ripple

QI

Decentralised

Yes

yes

No

Yes

Scalability

No

No

Not proven

Yes

Secure

Yes

yes

yes

Yes

Speed

4.6tps

20tps

1000tps

2000tps

Transaction fees

High

High

Low

Low

Storage

DLT

DLT

DLT (EOS has issue in this regard)

DLT

Consensus

POW

POWàPOS

RPCA

POW

Application layer

No

Yes

No

Yes

Environment friendly

No

No

Yes

Yes

 

  • How is QI pronounced? Chi
  • How many Qi coins in existance?

There will be a maximum of ONLY 150,000,000 in total fixed supply mined over almost a hundred years. No more will be created.

  • Does Qi have an application layer?  Yes


  • Does Qi have a developer resource kit functionality for someone to build an app on Qi?  Yes they have follow this link: https://docs.qiblockchain.online