Qortal Project - Pre-Chain - Phase 1
Truly decentralized trading, decentralized web hosting, data storage, blogs, communications, application hosting, and more.
Project Launch Information
More information regarding the launch will be posted on the project's wiki page (wiki link can be found at the top of the page).
- QORA users will be able to obtain either a 'minting account' or coin on Qortal chain via providing proof of their previously minted blocks or coins.
- Only users that can prove access to the existing chain private keys will be accepted.
- Users who staked blocks on QORA will be provided with minting accounts.
- Users who were previous holders of QORA coins, will be burning those coins, to be included in the genesis block of Qortal, the information will entitle them to 'QORA' asset on the Qortal chain. The asset will get them a steady 'transition' into Qortal Coin at a 250:1 QORA:Qortal Coin ratio. Every block, each previous holder will be rewarded based on the size of the held QORA they burned. If a user previously held 1000 QORA, they will obtain 4 Qortal Coin over a set timeframe which is given to them every block (regardless of being a minter or not).
- The 'transition' is different to the idea of a 'swap' usually used in the case a coin needs to change to a new chain. The transition method utilizes information in the genesis block to determine rewards incuding those given from 25% of every block's reward (to give previous holders their tokens on the new chain).
- The total amount of Qortal Coin will be not capped, however, the ratio at which the new coins are created will be governed and decided upon via votes of the community inside the system. Initially a reward of 5 Qortal Coin per block will be initiated.
- Qortal chain will start from block ZERO with ZERO tokens (coins).
- No pre-mine or dev fund will be required.
- Only minting accounts and users with QORA balances that are then part of the transition will obtain coins through the distribution system. The trade portal will allow direct BTC trading, and will be implemented in 'phase 2' of the planned multi-phase platform launch.
- Poloniex and OpenLedger will not be allowed to obtain coins. Unless Poloniex decides to work with the current development team in allowing its users to obtain their previously owned coins in their own wallets outside of the Poloniex wallets. This was decided due to the apparent loss of keys by OpenLedger which lead to disallowing its users from redeeming their QORA and delisting from Poloniex (causing the same eventual scenario). We have not received a reply from Poloniex regarding their ability to re-enable the QORA wallet to allow users to withdrawal.
Project Details & Updates
The initial launch will be done in phases:
Phase 1 will include the QORTector Device (Generation 1). This is the first of the Qortal Project's hardware releases. Visit this link for information about the device: ROUTER ANN. Phase 1 will also include the minting accounts and the transition over from QORA for QORA holders and forgers of the QORA chain. Once we have completed the launch of the initial UI with easy user registration and the base level network (in terms of getting minters going and getting users started in the transition from QORA), we will focus next on Phase 2.
Phase 2 will include the trade portal addition which will give users the ability to cross-chain trade with BTC.
Phase 2 will implement the voting system for changes in the system and additional features yet to be disclosed. Phase 2 will also include the listing of a few other coins - one of which will be POLY (Polytimos) which is a community project with a custom GPU algorithm. LTC support is likely to be added. Only truly decentralized projects will be added! Coins that are run solely by companies or backed solely by centralized entities will NOT be considered for listing on Qortal's portal. Those types of coins are not decentralized and due to that, could fail. We do not want to have anything listed and fully supported in Qortal that could potentially fail.