QIE mining pools are now available on QI blockchain, a decentralised POW (Proof of work) blockchain
London, UK , Oct. 11, 2022 (GLOBE NEWSWIRE) -- QIE mining pools are now available on QI blockchain, a decentralised POW (Proof of work) blockchain. This move will allow users to mine QI blockchain’s native cryptocurrency called QIE in a similar way one could mine Bitcoin in 2011 to verify transactions on the network. Mining has always been a rewarding operation, and several miners have reportedly earned billions of dollars during the initial days of crypto mining. But, of late, rewards have been reduced considerably for most coins. Bitcoin, for instance, halves the rewards for mining blocks every four years. So, while miners earned 50 BTC in 2012, the rewards have reduced to 6.25 in 2022 and will further fall to 3.125 in 2024. That’s a considerable drop in earnings, and since the prices of mining rigs, their upkeep, and power have gone up, mining Bitcoin isn’t as appealing or profitable as it used to be. But all hope is not lost yet! There are other blockchains offering lucrative rewards, and QI Blockchain seems to be the preferred option amongst miners.
QI Blockchain provides 2 QIE, the native coins, to miners for every block mined. And the computational power required to mine on the QI blockchain is considerably lower compared to Bitcoin. As a result, users don’t necessarily have to set up huge and loud mining rigs or invest in extensive hardware or software to mine blocks, thus reducing the initial investment and encouraging maximum participation. This difficulty of QI Blockchain will also increase and as per Genesis file the mining reward per block will go as low as 0.02 QIE over time.
QI Blockchain follows the Proof of Work (PoW) consensus mechanism, a method where individual users solve complex mathematical equations to mine cryptocurrency using power-intensive apparatus. Many of the recent blockchains rely on Proof of Stake (PoS), another consensus mechanism where the community’s participation matters and helps the blockchain thrive. Also, Ethereum recently switched to PoS owing to several factors, which again led to discussions regarding the merits of the two.
While PoS is undoubtedly faster and can process a more significant number of transactions in a given time compared to PoW, there are a few critical drawbacks that cannot be ignored. Proof of Stake is neither as secure as PoW nor completely decentralized because the power rests in the hands of those owning the majority of the tokens. This brings us to the second major drawback of PoS. If there arises a situation when an individual user or a group of like-minded ones acquire a majority of the coins, they can validate incorrect transactions or even control the price of the coin. While there are several checks and security protocols in place to counter such a situation, it still makes Proof of Stake a far less reliable consensus mechanism and probably the most feasible reason for over a 20% decrease in Ethereum`s price.
About the QI blockchain
QI Blockchain intends to transform the space for good, offering solutions to every known problem and the ones that have been identified to play a role in the future. Though following the same consensus mechanism as Bitcoin, it’s able to handle 300 times more transactions per second and can process almost 2000 transactions per second. QI blockchain also employs smart contracts to simplify the execution of operations and eliminates the need for intermediaries. Smart contract functionality truly makes QI Blockchain powerful as it is a way to send and verify information without any third parties. The goal of a smart contract is to simplify business and trade between both anonymous and identified parties, sometimes without the need for a middleman. A smart contract scales down on formality and costs associated with traditional methods, without compromising on authenticity and credibility. Examples of smart contract applications include financial purposes like trading, investing, lending, and borrowing. They can be used for applications in gaming, healthcare, and real estate; and they can even be used to configure entire corporate structures.
Besides, the transaction fee, sometimes referred to as the gas fee, has been kept low. It will allow more projects to be developed on the QI blockchain, with users not having to spend a large chunk of their holdings as gas fees. Also since no ICO event was held QI Blockchain is completely decentralised and fair to anybody in the world to mine and maintain consensus.
The QI blockchain has already found application in several domains and is widening its reach with each passing day. Financial projects leverage the security aspect of the blockchain and process transactions safely and seamlessly. Another domain that has benefited from the QI blockchain is Identity Management, allowing users to store their data securely, access it at will, and enjoy complete control. Supply Chain Management projects too can be developed on the blockchain. It will allow developers to monitor every stage of the operation, derive critical inputs, and make the necessary changes to the process to increase efficiency. Also, the QI blockchain can be used to set up secure and transparent voting systems to conduct free and fair elections, be it on a small or large scale.
Besides, the community behind the QI blockchain are working on several other sub-projects, including HovR NFT Marketplace, Pawsome 3D NFT Metaverse P2E Game, QIDEX (a decentralized exchange with an easy QI-20 standard token launcher), and VortX low cost Banking Solution all using QI Blockchain as foundation.
Apart from these aspects, the QIE coin is a testament to the advanced nature of the blockchain. The tokenomics, applications of the coin, and the security protocols behind it have been put in place after a thorough analysis of the space and identifying what works best. The total supply of QIE is capped at 150 million, and it’s expected to take around 100 years for all coins to be mined. QIE is currently trading on XT.com, Digifinex, P2B.com, and Bitmart.com. More exchanges are expected to be added to the list in the coming months.
Early miners on the QI blockchain stand a chance to earn high rewards, certainly higher than the ones who join late or are still focussed on other non-profitable blockchains. It’s the perfect time to make the switch. So, start mining on the QI blockchain today!
To find out more about the QI blockchain, visit the official website: https://qiblockchain.online/
Also, follow QI blockchain on all social media handles to stay updated with the latest developments.
English Telegram: https://t.me/HovRonQiblockchain
Chinese Telegram: https://t.me/Qiblockchain
Russian Telegram: https://t.me/qie_russia
Disclaimer : There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. This is not investment advice. Please do your own research.
Contact Person: QIE Marketing Team
Company: QIE Blockchain
Location : London, England