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Fully P2P Coin+Asset Trading

Qortal's Trade Portal, allows FULLY DECENTRALIZED trading of coins/assets/tokens/etc, utilizing CIYAM AT (http://ciyam.org/at) system (specifically ACCTs or Atomic Cross-Chain Trades), fully automated in the back end.

User interface focused on ease of use, allows users to trade with the look and feel of a  centralized exchange which they're used to, without the need for any centralized agency to hold coins. Thus alleviating both the risk of hack, and regulatory concerns.

No more worries about exchange hacks costing users thousands of dollars. No more worries about providing your identification to a company in order to trade.

Direct Cross-Chain Trades, utilizing an automatically created and executed SmartContract. Never do any coins touch a 3rd party's hands again.

Phase 2 will include the trade portal launch, as we would like to give the network a chance to get larger, and the UI portion of the trade portal itself to be completed. The back end, SmartContracts, automation therein, and NATIVE BTC SUPPORT is already finished.

Data Storage

All people have use of data storage, but many of the available storage methods are both insecure, and un-trustworthy.

In QORT, the reliance on a 'company' to control the data storage locations, is removed. Replacing it with the decentralized nodes of the QORT network.

The users of the system, can 'rent' their drive space to the network, allowing other users to make use of that space. In return, they are rewarded with the fees paid to host the data, as well as the level provided for being a 'Data Node' or 'Data SuperNode'.

There will be multiple 'data types' to discriminate and reward users accordingly, as well as different default 'permissions' on the data for various use cases:

Private Encrypted Data

Public Data

Application Data (used for hosted applications on QORT)

Website Data

Other ideas will be implemented.

The final details of this system are still being figured out, launch of this aspect is scheduled for 'Phase 3' of the multi-phased launch.

Voting for the Future

QORT's leveling system, gives way to its voting system. A system no longer reliant upon the amount of coin a user holds, such as most other blockchain voting systems are. Instead, your level, the measure of your contribution overall, is used to determine your account's voting 'weight'.

Many decisions for the platform will be made via the voting system. Including the future block rewards, coin additions to the portal, and any changes that are not of immediate concern to development overall.

Token (Asset) Creation

Create your own token/asset on the QORT chain, representing anything you decide.

Similar to the ERC-20 tokens of ETH, QORT allows users to issue their own tokens on the chain... with the added benefit of default BTC cross-chain trading in the Trade Portal.

Whether a user would like to issue a 'stock' representing ownership in a company or revenue, or a 'coin' to be used for any given purpose, QORT is capable of this, and will enable anyone to be the creator of a token in the system, default compatible with the trade portal, and thus cross-chain trades with BTC (when trade portal goes live in Phase 2 of the launch. The back end of the system is already finished, only the UI for the portal itself remains.)

Web hosting

In Qortal, users can host websites completely decentralized, making use of the Data Storage system along with other functionality in the core of the platform.

Hosting a website on the decentralized node network of QORT, thus making the website completely redundant by default, and completely unhackable*.

(*the only way a website could be 'hacked' in the QORT network, is for the private key of the person who created the website, to have been compromised. Obviously, protection of the private keys and seeds of the system, remains an important aspect, as it is with any blockchain platform.)

Decentralized Blogs with Rewards

At a point after Phase 3, the introduction of the blog and rewards for good content, will be input into the system.

At this point, users will be able to upload content, and based on other user reactions to it, be rewarded with a larger or smaller amount of QORT.

Details regarding every aspect of the rewards are still being figured out. This portion of the platform will be launched in a later update to the system.

The 'Content Creator' account type capable of leveling and earning rewards from their contributions, will be the type that comes into play in this aspect of the platform.

The Internet Infrastructure of the Future

QORT contains within the ability to become the 'internet infrastructure of the future', being able to host 'unhackable' websites, blogs, and provide encrypted worldwide communications.

The existing internet of the world is flawed in many ways, as we see continually with hacks, theft, people having computers held for ransom...

It's obvious that a change is necessary. That change may well come with QORT.

New Distribution System (Minting)

Along with the completely custom governance system, along with leveling of accounts and their reward+influence, comes the Minting System.

Minting is the act of securing the blockchain itself, and thus earning rewards from the new coins being issued each block, and transaction fees from 'typical transactions' (i.e. sending coin to another user) on the network.

Every minter in the network, once they have gone through the 'verification period' and enabled themselves a level 1 minter, are rewarded for their contribution to the network in supporting the validity of the blockchain, and allowing the network to grow legitimately.

Regardless of the block finder, every minter every block is rewarded based on their level. The higher level the larger percentage of each block you share with other minters. Every 2 levels shares a 'level group', which obtains a certain percentage of the block rewards.

Earnings Based on User Contribution

In QORT, the rewards a user receives, as well as the 'level' (and thus overall 'weight') of their vote in the system, is reliant upon contribution.

Whether a user becomes a minter who supports the blockchain (starting in Phase 1)  becomes a Liquidity Provider (starting in Phase 2) or becomes a Data Node or Data SuperNode (in Phase 3) they will be able to earn rewards based on their contribution.

Minters - earn block rewards and 'normal' tx fees

Liquidity providers - earn trade portal fees from the trades taking place.

Data nodes and SuperNodes - earn rewards based on fees associated with data storage and hosting.

These 3 are the first 3 planned account types that will be able to 'level' in the system. Thus being more influential in the overall platform via their vote on any proposals.

Many more account types capable of 'leveling' will be implemented in the future as the platform grows. Content Creators will be another such type, in the future.

A True Blockchain Based Economic System

Given all of the various aspects of the platform, calling it the 'economic system of the future' as well as the 'internet of the future' would both make sense.

The system will support the creation of 'committees' on the blockchain, which will then be utilized for any purpose stated in their creation.

Users may join a committee without requirement, however, they may also be voted out based on their performance.

(The 'committee' concept will also be implemented in a future update to the platform, as certain ideas still need finalizing.)

Removing lack of control

In the crypto space, everyone knows that  your private keys are important. However, many projects now heavily rely on centralized authorities to allow their coin to be utilized, and traded.

This means that in order to make use of many services offered by these projects, one must LOSE CONTROL of their coins, by depositing them to the service provider.

In QORT, however... There is NO NEED for ANY centralized control of any kind, in order for users to trade, and make use of any of the other services on the platform.

Truly decentralized trading, decentralized web hosting, data storage, blogs, communications, application hosting, and more.

Find out more details @ Qortal Project Wiki

New Custom Codebase

We have completely re-written the backend codebase of QORA to include a completely new database and networking layer with better functionality and enhanced scalability.

P2P Enhanced Technology

Every platform claims P2P technology, but do they really deliver? With Qortal, you will be able to do EVERYTHING in a truly decentralized person-to-person fashion with ease.

Be At The Cutting Edge

Qortal technology is completely custom. The platform is written from scratch in Java to be cross-platform natively and the QORA code has been enhanced to include multiple new features.

From Scratch Project

Unlike many other projects, QORT is not a clone of any other project. It utilized many things from the codebase of QORA, which was completely custom also, however the actual codebase of QORT is completely new. Unlike anything else that exists. With more functionality than ever seen in a single project.

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 QORT, the information will entitle them to 'QORA' asset on the QORT chain. The asset will get them a steady 'transition' into QORT at a 250:1 QORA:QORT 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 QORT 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 QORT tokens 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 QORT 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

P2P The World

Our completely custom blockchain allows for EVERYTHING to take place completely P2P. Nothing on the system requires any sort of centralized oversight. From trades on the trade portal with other coins/tokens/assets on the system, to data storage, web hosting, applications, and communication! Everything is completely decentralized. This concept was a huge part of Satoshi's original idea but has since seemingly diminished in perceived importance and lead to many people no longer valuing or even realizing that they no longer have full control over their crypto assets. QORT has been designed to bring back this concept and focus on its importance.

BTC Ideals

The launch of Bitcoin was a remarkable concept released into the universe. The idea that never again do people need reliance upon a central authority to manage their own finances. QORT takes this idea to another level by including web hosting, communications, coin trading, and a massive amount of potential for other concepts to be completed on the platform. Not only that, but QORT is not intended to replace Bitcoin. Instead, QORT will supports Bitcoin and eventually others which are worth suppoting. The QORT platform is not built to be a coin, but instead, the infrastructure for a completely decentralized blockchain-based 'internet' of the future!

Zero Ownership

The entirety of the QORT platform is built around the concept that no person or entity should have any larger amount of control or ownership over the system. Instead, the contributions that can be measured by the system such as support of the chain by minting and being a full node, liquidity provided on the trade portal order books, data storage by data nodes, and content posted public by content creators can all contribute towards a 'level' in the QORT system. This level then attributes 'influence' to the associated account. Influence level is the level of the 'weight' of an account's vote towards any open proposals in the voting system. Voting will control all future development focus, new QORT tokens being released by block rewards each 'year', and more.

Community Focus

The idea that the community is the main force behind the decisions of the platform is the core concept behind QORT's leveling and influence system. Regardless of their wealth, every user should they choose to support the system in one of the various methods supported by the leveling system (which will be continually evolving and increasing in number). Users will be able to 'build their own future influence' into QORT. This means that your vote is counted as more influential if you have contributed more towards the overall support of the platform. This is one of the many custom concepts of Qortal.

The initial launch will be done in phases:

Phase 1 will include the QORT Device (Gen 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 QORT'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 QORT that could potentially fail.

Original QORT Project Outline Document

(This document is now considered 'out of date' but will give an idea of how things got to where they are now and the original ideas. The newest information on the project can be found on the wiki link at the top of this website.)

Qortal Project Outline Document