Qitcoin-QTC has Passed Public Blockchain Security Audit

Beosin Technology conducted a simulated attack to undertake a multi-dimensional and comprehensive security audit on features of the public blockchain QITCOIN’s module and business logic security. QITCOIN QTC, a public blockchain has passed all audit items. Overall, the result is ‘Pass’. Detailed report of QTC’s Security Audit is uploaded on the official website of Qitchain.

Qitcoin’s Source Code

Qitchain Mainnet was officially launched on 15th September 2021. Its source code link is released on Github from where anyone can download or install it.

Consensus Algorithm of QTC

QITCOIN’s consensus algorithm is CPoC (Conditioned-Proof of Capacity), which stands for conditional capacity proof. Depending on the circumstances, participants receive varying profit coefficients. This consensus is an updated version of the PoC2 (Proof of Capacity) consensus algorithm. A POS consensus method is introduced to the PoC consensus, which requires miners to use QTC as the stake. The block reward is split into two components under the current consensus mechanism: POS income and miner income.

If the miners’ point Received amount meets the requirements, they will receive 80% of the block rewards, with the remaining 20% obtain by the top 10 staking list. If the point Received amount does not meet the requirements, they will receive only 5% of the block rewards, with the remaining 95% achieved by the top 10 staking list. For the miner portion of the incentive, the miner will receive a one-time 20% bonus, with the remaining 80% released in 180 days at a rate of 5% each 5,400 blocks.

20% token distributed to the preset address, and the remaining 80% to the POS income and mining income. The pre-allocated tokens shall be utilized by the QITCOIN main chain for the Foundation (5%) and the Search Lab (15%), respectively. In conditional mining stage (CPoC) block sizes range to 3360+ and initial block reward is 75 QTC per block. The block height for the first halving time is 420,000, and then every 700,000 blocks are halved.

Qitchain’s Security Audit

A language coding security audit is done by Beosin Technology through manual analysis and static scanning of the public chain source code. There is no notable security flaw discovered.

Wallet Module and Account Security Audit is also carried out. QITCOIN, like Bitcoin, uses the UTXO paradigm and has an encrypt/decrypt interface for encrypting and decrypting local wallets. The wallet can be locked and unlocked manually. The files in the local wallet are encrypted. For users to operate QTC assets and generate higher returns, QITCOIN provides related interfaces for this purpose. The new interface function of this section is in line with the design, and there are no security risks found, as per testing.

Qitchain is put through Double-spending attack audit. A pre-check shall perform for ordinary transactions on the QITCOIN chain to update the coin status and check for transaction double-spending. In addition to ordinary transactions, the team of Beosin carried this test for special transactions in QITCOIN such as sendpointtoaddress, sendstakingtoaddress, withdrawpoint, withdrawstaking, and so on. They discovered that none of the attacks get success.

In a nutshell, the Qitcoin Core is regularly developed and tested and new official and stable release version of it is tagged on a regular basis. The CPoC consensus mechanism of Qitcoin QTC has boosted its importance and made it valuable to download. Above all, the great news is that Qitchain has passed all the categories of Security Audit conducted by Beosin Technology and this has made it more worthy.