FAQ's

  • What is the difference between Benqi(QI) and Qi Blockchain(QIE)?
    There is only one QI Blockchain with ticker or trading symbol QIE. This should not be confused with erc20 token Benqi (QI as token trading symbol) which is a completely different project. Qi Blockchain allows for projects like benqi to be built on our chain. QI blockhain with trading symbol QIE is a very advanced blockchain unmatched in the market. Tokens are built on chains like QI Blockchain.
  • 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 existence?
    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
  • What is crypto mining?
    Cryptocurrency mining is a process of creating new digital "coins." However, that is as far as simplicity goes. The process of recovering these coins requires solving complex puzzles, validating cryptocurrency transactions on a blockchain network and adding them to a distributed ledger to locate them.  Miner receives rewards for verifying complex math problems.  There are only 150 million QIE coins and will be mined over roughly 100 years.  NO ICO event was held for QIE making is completely decentralised.

    Where can I mine QIE?

    The community has created mining pools and this is third party sites.  You can join www.qiemining.site as a mining pool to ensure more stable earnings at your own risk.  Cryptocurrency by nature carries risk.

    How to open QIE wallet?

    Other than exchanges that QIE is listed on you can follow these steps:
    Connect with Metamask on QI network, you can go to Networks in Settings and can add following parameters to add network

    Mainnet Configuration Parameters :

    Network Name:
    QI Blockchain - Mainnet

    New RPC URL:

    https://rpc-main1.qiblockchain.online
    https://rpc-main2.qiblockchain.online
    https://rpc-main3.qiblockchain.online

    Any one of these will work
    ChainID:
    9731
    Symbol:
    QIE
    Block Explorer URL:
    https://mainnet.qiblockchain.online/explorer/explorer

    Which exchanges are QIE listed on?
    XT.com, Bitmart, Digifinex and P2pb2b.com

    Are there other social media groups other than website links?
    Yes, you can join the following telegram groups if you have any more questions:
    Chinese: https://t.me/Qiblockchain
    Russian: https://t.me/qie_russia

    Where can I view developer documentation to build dapps on QI network?
    https://docs.qiblockchain.online/

    How to add a node to mine solo?
    https://docs.qiblockchain.online/build-and-api/run-a-qi-blockchain-full-node

    Why am I getting an error 404 besu file not found?
    Please ensure you use the right Besu version 22.7.0
    https://github.com/hyperledger/besu-docs/releases/tag/22.7.0

    Where can I view more details on QIE?

    https://coinmarketcap.com/currencies/qi-blockchain/

    What are the block rewards and block times?

    Similar to Bitcoin starting with a 50 BTC block reward, QI started with a 2 QIE block reward mid-2022 and will go down to 0.02 as network difficulty increases over time.  The block times are dynamic and depends on how many miners are on the network but currently averaging around 10 seconds.