Qortal Project

The future of blockchain platforms

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Q & A Time!

Below is a question & answer document prepared by @crowetic:

Q: ​What is Qortal? What is a “QORT”?

A:​ QORT is the ‘main coin’ of the Qortal Blockchain Ecosystem. It is used as both a store of value, and a ‘service coin’ for use with the multitude of services that are available in Qortal, and will be available in the future, such as the Trade Portal, chain messaging, etc etc… many other things in the future when we have data storage, etc.

You can think of owning QORT like owning a portion of the vlue of the entire Qortal Ecosystem, and all services on it. Qortal is a decentralized crypto ecosystem, not just a coin. It is capable of MUCH more than any other blockchain even now, and will be capable of much more in the future as development continues. The value of QORT should directly reflect the value in the services on the network, once more people are seeing it… right now the value is extremely under-valued since there aren’t enough investor eyes on the project that understand how valuable it really is… even just the Trade Portal is a multi-billion dollar trade platform that requires NO 3rd party in order to trade directly across blockchains person-to-person.

Q: What is Qortian and Qortia?

A: We are all Qortians in the virtual land of Qortia!

Q: ​What is a “node”? I keep hearing all this talk about nodes. What separates Qortal from other nodes?

A: ​A ‘node’ in any blockchain, is simply any computer that is running the software to synchronize and issue transactions on the blockchain. A node in terms of Qortal, is any computer with the Qortal software installed that is synchronizing the blockchain, etc.

Q: ​Is QORT a crypto-currency? If not, what technically is it?

A: ​QORT is technically a crypto-currency, yes, but the focus of Qortal is not only that of BEING a crypto-currency. The coin can totally be used for value-store and value-transactions, but that is not the main purpose of the coin. It is meant to be a service coin to power multiple services built on the network, and to be a direct value correlation between the value of the services provided on the Qortal Network. There is nothing like Qortal in existence, it is not simply a crypto-currency, it is a fully decentralized crypto ecosystem, capable of MUCH MORE than any other blockchain-based system in existence, and with plans to have much more in the future, literally being able to ‘rebuild the internet’ with no centralized authority whatsoever.

QORT is a coin. A crypto-currency or digital form of payment. It is also much more since the network itself contains a lot more functionality than any other. QORT acts as a service coin that powers on-chain functionality with transactions. Read more about The QORT Coin.

Q: ​How is a QORT made / minted?

A: ​QORT is ‘minted’ by any user who has gone through the 5 day ‘sponsorship period’ after being sponsored for that period by another level 5+ minter or a founder. The new minter uses a ‘sponsorship key’ for 5 days, then is back on their own again, they then create/assign their own ‘minting key’ which proves ownership of a node on their behalf, and rewards them for helping to process transactions on the blockchain.

It is a similar concept to Bitcoin Mining, but does not require massive power usage, and does not lead to centralization, because there is no ‘competition’ to find blocks in Qortal, instead it is a completely new concept that rewards PARTICIPATION instead of only rewarding the one who SIGNS the block into the chain. Every minter is rewarded every block, simply by proving themselves ABLE to be the block signer, eliminating the ‘competition’ from PoW type blockchains, and rewarding everyone based on their contribution, and the time in which that contribution has been taking place.

The longer someone has been minting, the more influence they have, and the more reward they obtain. So it literally directly rewards your contribution over time. We believe this is a vastly improved system over minting. (Sponsors don’t earn anything for sponsoring others, sponsees don’t earn anything during level 0 and their first 7200 blocks).

Q: ​What’s the difference between “mining” and “minting”? Why do you call it “minting” when everyone else calls it “mining”?

A: ​ Mining is continual competition to ‘find a block’ and add it to the blockchain. Mining also leads to centralization in the hands of those who can afford massive amounts of mining hardware, and leads to centralization in ‘mining pools’ as well.

Minting removes the competition, and eliminates all centralization from the scenario, rewarding everyone who ATTEMPTS to sign the block, instead of only rewarding those who DO. It is a massive improvement that allows the project to follow the ORIGINAL concepts of the Bitcoin white paper, which was supposed to have been run on individual user computers. Also, Minting can be done on ANY computer, even as small as a raspberry pi, making the network MUCH more able to be run by ANYONE in any part of the world. Even a small solar panel can run the small computer and run the entire network.

Q: ​Do I have to buy a Qortal minting device? What’s the advantage to buying a minting box vs minting on my computer / laptop? What’s the disadvantage?

A: ​No, you can run the Qortal software on ANY computer, whether you purchase a device from Crowetic Hardware Development, LLC (https://crowetic.com) , or build your own, or just use your existing computer.

The idea behind buying a QORTector device, is that you can run that 5W device all the time to mint without the need to keep your laptop or main computer running the software 24/7. It is simply a low-power solution to be part of the network without needing another computer to do so.

There will be other things added into the devices as well, such as being a router, etc. They will come in future versions of the device. For now it is simply a 5W computer that can be used as a full desktop computer as well as a minting node for the Qortal Network that takes nearly no power and can run 24/7 without any issue like increasing your power bill or having to leave your main computer running all the time in order to mint.

Q: ​How much for a QORTector? Will more than one type of device be available for purchase? If so, what are the differences between the two?

A: ​The price will vary depending on the device and package purchased. Visit www.Crowetic.com to see the current packages and pricing!

Q: ​How do I make money from Qortal? Is there a tutorial video or the like I can watch to understand this process? I’m super new to crypto-currency and while I find it intriguing, I don’t know if I have enough money to invest in a project like this.

A: ​ Through minting QORT you are literally minting a currency. You can trade that currency right now for LTC in the Trade Portal, and LTC can be easily converted to USD through a service like Coinbase, or Cash App.

Q: ​If I purchase a Qortal minting device, will it interfere with my internet connection? Is it safe? How can I trust it’s only minting for Qortal and not phishing for any further data on my device?

A: ​ The device will not ‘interfere’ with anything. It is completely secure and safe. Everything on the device is FULLY OPEN SOURCE. Down to the hardware level, so you can check into anything down to the hardware level and verify its authenticity. There is absolutely nothing on the device that cannot be verified like this. Everything is fully open and honest and transparent.

Q: ​Once I connect my minting device, can I assign it a different network access code (e.g. WPA-2, etc)?

A: ​You can connect the device to any network that you would like, whether it’s wireless or not. You can easily modify which network the device is connected to at any point.

Q: ​Is the QORTector device quiet?

A: ​Yes, the QORTector comes with a Noctua fan in a 3D printed case we make ourselves. These fans are very efficient at cooling and quiet.

Q: ​Do I need a Coinbase account to translate my QORT from QORT to LTC or another crypt-currency?

A: ​You need an account on ANY exchange when you’re dealing with FIAT currencies. Anything tying cryptocurrency to USD will require a centralized exchange to trade from crypto to FIAT. We cannot say that Coinbase is ‘required’ as it isn’t, but any time you’re dealing with FIAT currencies you have to deal with a centralized exchange to get from FIAT to crypto and vice-versa. We highly recommend getting OUT of the exchange as quickly as you get in, putting your crypto coins back into the local wallet within Qortal.

Q: ​How do I trade QORT on the Qortal network? Is it fairly easy? Can I exchange for US dollars on Qortal or do I have to have a Coinbase account to do so?

A: ​The Trade Portal is very simple to use to trade from LTC (or any coin we support) to QORT and vice-versa. You will trade to LTC (or whatever coin) and then to USD using a centralized exchange, since we cannot trade with no 3rd party when dealing with FIAT currencies… as they are fully centralized.

However, in the future, all currencies are likely to be blockchain-based, at which point we can then directly trade with any of them too. We are ahead of our time with our trade platform and the technology behind it.

Q: ​Will the FTC or IRS see any of my transactions on the network or is that only until I translate QORT → LTC → US dollars?

A: ​All transactions dealing with FIAT currencies are those that will be reported. Anything outside of that you can keep to yourself unless you specifically DECIDE to share that information.

Dealing with Coinbase, they will automatically report your transactions to the IRS… because they’re a company and dealing with FIAT currencies… Qortal on the other hand is not run by anyone, but run by everyone, and deals only with BLOCKCHAINS and CROSS-CHAIN P2P TRADES. There is no one that CAN even report the information to anyone, so unless you decide to do it yourself and tell them what is going on, there is no way for them to obtain that information.

Q: ​What makes your network different from any of the other networks? Why should I invest in Qortal?

A: ​ There are a HUGE number of differences between Qortal and any other network, even other blockchains. It was built from the ground up completely custom to address all issues in both the blockchain space and the traditional internet sector. Eventually literally being able to rebuild the entire internet on an unhackable blockchain-secured and blockchain-verified authentication network. The blockchain is an immutable distributed database that only moves forward, and can authenticate and secure all users and data on the network. Unhackable data, unhackable money transfer, unhackable direct p2p trades… the list is huge as far as what Qortal provides. It does so without the need of ANY centralized provider, company, etc… it is literally owned and run by the people for the people, and completely without any sort of oversight or centralized control.

Q: ​I start out at level zero. Does this mean I can still make money from Qortal or will it just take longer than someone who’s level 5 and above?

A: ​You must become level 1 before you will earn from Minting QORT. In order to accomplish this, another minter of level 5 or higher, or a Qortal Founder, must issue you a ‘sponsorship key’ - you will run this key for 5 days (7200 blocks) and then you will reach level 1. After reaching level 1 you will create and assign your own ‘minting key’ to your node, which then allows you to earn by verifying yourself to the network and attempting to sign blocks into the blockchain, allowing the chain to continue moving forward.

Every Minter in Qortal is rewarded every block, regardless of who actually signs the block into the chain. This is a major difference between minting and mining, as was explained above in an earlier question.

Q: ​Is there a way to level up quicker on Qortal? If so, what’s the best way to do so?

A: ​There is currently no way to level up any more quickly. However, in the future there will be other leveling methods developed. There will also be another method for the current Minting leveling, to happen more quickly by assigning the same minting key to multiple nodes… However, neither of these concepts are fully developed and implemented.

Q: ​What’s a QORT currently worth? Where do we see its value headed?

A: ​ Current average price and recent trades can be seen on Exqlorer.com. The network is growing VERY fast, and the more people involved, the higher the price becomes. The release schedule is very slow for QORT! Supply and demand should work well together!

There is no way to say with accuracy how much the increase in price will be but the potential for the price to be exponentially higher than it is currently, is definitely there. We have one of the only completely from scratch and completely fair blockchain-based platforms in the world. There are literally only a handful that are completely fair and from scratch, and Qortal has more than any other blockchain hands down.

It simply takes enough people seeing it and realizing we are telling the truth, for the price to reach where it should. It is a completely open market, so the price is as low as the people who hold it are willing to sell it for. As more development is done with more added as well as more people joining then seeing how amazing it is: the higher the price goes.

Q: ​Can Qortal be run from any type of computing device? Where do iPad’s stand? Can I mint from my iPad? How old can my PC or laptop be to mint?

A: ​Virtually any desktop computer with windows/linux/mac can run Qortal right now. There are limitations so not EVERY computer is capable of being a node. We will be developing a new method of sync that doesn’t require the entire chain to be held, and making a mobile app in the future. But right now, virtually any desktop OS can run Qortal.

Minimum specs for running a node: At the present time, the core and UI will run with 2GB of ram or even less, and 1 core even, depending on the type of core (it's hard to give 'base specs' like that without caveats). Windows is the worst with everything, especially memory management, so specs for ideal performance on Windows would be different than any other OS. It’s likely a minimum requirement for Windows of quad core, 8GB RAM (no other apps running ideally) and at least 50GB free strictly for the database.

Q: ​Will Qortal be able to interface with Windows 10? What about Linux? Or even Apple?

A: ​See above, yes, all desktop operating systems are supported.

Q: ​Is there a Qortal app I can load onto my phone? If not, what’s the timeframe for this? Will I be able to mint from that 24/7 or ..?

A: ​A mobile app is in planning, but not yet in development, it will exist as soon as we can make it happen.

Q: How do I setup my computer as a node?

A: www.Qortal.org has a page called ‘Join’ where you can select the latest download or you can do that here on the wiki along with a help guide. See the ‘Node Setup Guides’ section on the wiki to select your operating system and get started!

q_a_time.txt · Last modified: 07/21/2022 16:31 by crowetic