Place/Date: - February 7th, 2023 at 10:17 am UTC · 4 min read
Source: Qi Blockchain
Having emerged as a significant player in the crypto space, Qi is leaving no stone unturned to achieve every possible milestone. The blockchain has developed an advanced ecosystem around it, which not just facilitates the entire flow of data but also makes it more seamless than ever.
Employing the PoW (Proof of Work) consensus protocol, Qi is faster, safer, and built for the scale of global finance. Qi has all the features required to make it the most sustainable and viable alternative to the current options. It has smart contracts for safer and quicker execution of processes, thus eliminating the role of central authorities and third-party intermediaries, faster transaction speed, and a host of curated safety upgrades to ensure that the data on the blockchain remains truly secure.
A valid question, given there are several other blockchains with a bigger market share and a better-performing native coin. But are these future-friendly? Do they support the deployment of smart contracts and offer the same level of security? Will they be able to operate under the ever-increasing market demand and continue to deliver the same results?
A thorough analysis to find the answer to these questions paints a clear picture that most of the popular blockchains in the current day won’t be able to sustain the growing demands and will lose out to more advanced blockchains like Qi. For instance, high transaction fee has long been a significant deterrent to the mass adoption of crypto. But, with Qi charging only a minute fraction of it and providing support for developing a plethora of projects in the various domains of the blockchain space, it’s bound to outshine others. Maybe not today or tomorrow, but definitely in the near future! And the various reports coming in point to this fact.
Qi has an elaborate but well-connected ecosystem where different projects and platforms are integrated in a systematic manner. The QIE Wallet and Web 3.0 banking act as entry points to the Qi ecosystem. And both have their fair share of benefits over the other available options.
The QIE wallet, for instance, allows easy onboarding for users with mobile airtime and Visa/MasterCard. It’s a non-custodial wallet, thus ensuring that users are the sole owners of their assets. Everyone gets a private key for easy access.
The recent events, particularly FTX, Celsius, and BlockFi, made the importance of true ownership of assets clear to the world. So, from now on, one doesn’t need an exchange anymore to store the crypto assets. This is what Web 3.0 is designed to achieve, complete transparency and eliminate the role of third parties that either oversee the whole operation or become active facilitators of it.
As stated earlier, the QIE wallet is free and has an extremely low transaction fee. The wallet can be used for payments within and outside the Qi ecosystem. The Qi wallet allows users to trade on Qidex, stake tokens for regular passive rewards, and mint NFTs on Hovr, amongst other things.
The QIE wallet aims to promote financial inclusion and wealth creation. Unlike Metamask, the wallet address on Qi is relatively more straightforward, i.e., your chosen name followed by “.qie”. Besides, the QIE wallet can process a considerably large number of transactions, 2000 to be precise, which is much higher than both Ethereum and Bitcoin.
To identify why Web 3.0 is a critical requirement of the day, let’s take a recent example. Facebook, one of the largest social media platforms, agreed to pay $725 million to settle a lawsuit where it was claimed that the company, improperly and without consent, shared user information. The shared data poses a significant threat to the privacy of individuals. But on Web 3.0, the very idea of storing personal data, let alone sharing it, does not exist, thus safeguarding the interests of the community. On Web 3.0, the users decide the part of the data to be shared and the part to be concealed.
Web 3.0 is about decentralization to the core and uses advanced technologies like AI. Major corporations around the globe are exploring Web 3.0 as a possible alternative. It includes Nike, Starbucks, DC Comics, and Gucci, to name a few. In the coming days, we will witness increased adoption of the concept, and Web 3.0 will soon become mainstream. And the Qi blockchain being the most suitable for Web 3.0 applications and projects, will be the primary force driving the change.
To find out more about the Qi blockchain, visit the official website.
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.
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