Place/Date: - January 31st, 2023 at 8:41 pm UTC · 4 min read
Source: Qi Blockchain
The last decade witnessed the tremendous rise of the world of blockchain, with several industries employing it for enhanced security and ease of transactions. Blockchain was intended to be a revolutionary idea, and so far, it has achieved that purpose. There have been considerable advancements and technological upgrades to blockchain since it first came into existence, but there are sure a few barriers to its further growth. Though, that wasn’t the case for long. The release of Qi Blockchain redefined the entire space and made it all the more seamless and user-friendly.
Qi is a blockchain developed for every need that might arise in the future. It’s the only blockchain the world will ever need. It incorporates Web 3.0, NFTs, De-Fi, Game-Fi, several of the subdomains of the four, and anything and everything one might think of. Besides, the low transaction fee on the Qi blockchain ensures higher adoption and an increased number of transactions. For instance, Ethereum, one of the most popular blockchains, charges $100 as the NFT creation fee, while QIE has capped it at less than a cent.
Another similar example is the transaction fee for stablecoins. While Ethereum, on average, charges $15, QIE, on the other hand, has set it at less than a thousandth of a cent. The numbers paint a clear picture of the potential held by Qi and how it will transform the future of blockchain.
Qi is a decentralized blockchain that relies on the PoW (Proof of Work) consensus mechanism to verify and record transactions. It’s by far the most advanced blockchain with the ability to process more than 2000 transactions per second (TPS), considerably higher than Bitcoin, which has a speed of 4.6 tps.
Besides, Qi blockchain enables the deployment of smart contracts that facilitate the development of projects and Decentralized Apps (dApps) over it with advanced security protocols, no downtime, and free of any third-party control. Smart contracts create a peer-to-peer network to execute direct transactions between the involved parties, thus eliminating the need for a central authority.
The Qi blockchain can be used to develop applications in finance, gaming, web browsing, advertising, metaverse, identity management, De-Fi, Web 3.0, supply chain management, and to store data and execute transactions. Qi blockchain offers complete freedom to the end user and is transparent in every aspect, thus safeguarding user privacy.
This is where the fun part begins if one loves playing with numbers! As per experts, the blockchain industry is expected to grow at a whopping 85.9% CAGR (Compound Annual Growth Rate). PwC, one of the largest consulting, auditing, and accounting firm, in its recent report, stated that blockchain is expected to increase the world’s GP by $1.76 trillion. These are not just projections, but the current market trends indicate that it will indeed be the case.
Though the market witnessed several ups and downs and has largely been volatile the last few years, technological advancements in the field, enhanced security, the growth of De-Fi gaming, and other industry-oriented projects striving to solve the problems at hand have all been significant contributing factors to the growth of blockchain. And the same period saw the Qi blockchain become the first choice for both developers and investors. If one was to observe the value of Qie, the native coin on the Qi blockchain, it has held on to a steady curve, and experts predict it would increase in value.
With the spending on the blockchain industry projected to increase to $19 billion by 2024, a 400% jump from where it stood in 2020, more advancements are expected in the coming days, and the technology finding application in a large number of unexplored territories. While we are it, a report in Yahoo Finance suggested that financial institutions can save up to $12 billion a year by employing blockchain technology. Another $17-24 billion can be saved in transaction fees if the securities are moved to blockchain.
With the world recognizing the true potential of blockchain in the recent past, Qi is set to emerge as the biggest market player offering the best to the community. Remember, the world has realized that blockchain is here to stay and is now finding application in every industry, be it big or small. And Qi blockchain, the most advanced of all, will continue to rise!
Also, follow the Qi blockchain on all social media handles and interactive channels to stay updated with the latest developments: Twitter, Instagram, Facebook, Discord, Reddit, GitHub, Weibo.
Disclaimer: Coinspeaker is not responsible for the trustworthiness, quality, accuracy of any materials on this page. We recommend you conduct research on your own before taking any decisions related to the products/companies presented in this article. Coinspeaker is not liable for any loss that can be caused due to your use of any services or goods presented in the press release.