QitChain, a distributed search engine built on Web 3.0, officially launched mainnet on 15 September 2021. Its hashrate has increased by about 50 times since the mainnet launched, from 15P to nearly 700P. As part of its commitment to becoming the Google of the blockchain world, QitChain is in the process of growing into one of the most widely distributed networks of nodes. Its block explorer will be upgraded and updated in Q1 2022, enabling users to query more accurate and comprehensive data. Additionally, to encourage more nodes worldwide and to assist in the maintenance and construction of the mainnet, QitChain will plan to award node guardians with totaling $3 million.
QitChain is an IPFS-based distributed search engine. In contrast to decentralized websites, QitChain offers greater benefits in terms of protecting personal data’s privacy, reducing data loss and bringing decentralization to the blockchain industry. The objective of the project is to provide a blockchain database query system with improved query processing abilities, strengthening semantic expression and enabling richer query categories. QitChain offers significant advantages in terms of efficiency by achieving information neutrality, while maintaining individual privacy at the same time.
Each node on the QitChain mainnet can make use of a different search algorithm based on its unique circumstance. The search engine on each node querying and display results in its distributed ledger while also encrypting and storing search details. QitChain is a prime example of the power of Web 3.0, providing a de-platformed marketplace for producers, service providers and potential data consumers, thereby minimizing market friction and maximizing market potential. As a new venture fueled by blockchain technology. QitChain's entire economic model is deflationary in nature and can provide investors with increased returns throughout the economic cycle.The economic model of QitChain attributes similar to Bitcoin and it can stably go through the bull-bear cycle.
Furthermore, QitChain offers a greater number of practical applications for ordinary users. When these users access traditional search engines, social media platforms or online retailers, their personal information is tracked and stored in some form. This information is then used in advertising campaigns and transformed into intrusive pop-up advertisements that disrupt daily online experiences. The original goal of the QitChain search engine is to empower people to take ownership and freedom of their resources and asserts. Its decentralization method enable users to determine how their own data to be utilized. With QitChain, when businesses seek to utilize user data for commercial purposes, they must first obtain user’s permission. When this data provides commercial value, a portion of this goes back to the users, rather than to a centralized data storage center.
By providing a distributed search engine throughout the network's nodes, QitChain prevents any centralized organization or individual from accessing user’s search information. With the emergence of a large amount of NFT and meta-universe data, there will be an increasing demand for distributed storage and search engines in the future. QitChain will provide Web 3.0 through its own technological and consensus advantages infrastructure services, ensuring that users receive trustworthy distributed storage and services.
The information provided in this release is not investment advice, financial advice or trading advice. It is recommended that you practice due diligence (including consultation with a professional financial advisor before investing or trading securities and cryptocurrency).
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Release ID: 141719