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qora_to_qortal_transition

QORA to Qortal Transition

How do I burn QORA? How does this work? http://wiki.qortal.org/doku.php?id=qora_transition

QORA Holders on Poloneix and OpenLedger? QORA will not be accepted and burned from Poloneix and OpenLedger wallets due to these centralized services not allowing people to withdraw their QORA. Sorry folks!

I burned QORA, do I have to mint in order to receive QORT? No. QORA holders don't have to Mint to get their QORA/QORT conversion but can issue a reward share key to themselves to start Minting. 20% of each block reward will be split among the QORA holders who burned until they reach a total 250:1 transition.

Is there a pre-mine? What will be the supply of QORT? There is no pre-mine. There is no 'cap' on the total, but a decrease in block reward taking place roughly every 6 months in blocks. The starting block reward will be 5, decreasing every 6 months until reaching 2, where it will stay unless voted changed.

What's the difference between QORA forgers and holders? FORGERS are given minting accounts without a need of sponsorship. When you enter your seed to burn QORA, the system will tell you if you're a FORGER as well as your account level! FORGERS and QORA holders who burn are two different things:

QORA holders who burn, get into the transition: 250:1 (QORA:QORT). This is not paid in full immediately as we are starting from the genesis block with NO pre-mine. QORA holders will receive 20% of each block reward as a GROUP - more info on this will be provided in the ANN (we’re working on that now). When you burn your QORA, you will see what level you will be in the QORT system. This will determine your starting block rewards before you begin to level up further.

Why can't OpenLedger and Poloniex wallets be used to burn QORA? These exchanges have been contacted for years by multiple people and refused to cooperate, therefore, they have been banned from The Qortal Network in terms of previously held QORA in these centrally owned wallets. No exchange-controlled wallets will be allowed to burn QORA!

FORGERS were those who forged QORA blocks post block 500k. Forgers will become minters automatically (contingent upon providing a node to the network). They will not require a level 5+ sponsor.

How will the project be rolled out? http://wiki.qortal.org/doku.php?id=qortal_launch_phases

Can anyone connect a node and mint? http://wiki.qortal.org/doku.php?id=becoming_a_minter

Are there different rewards based on account levels? http://wiki.qortal.org/doku.php?id=leveling_system

How do I check my account level? http://localhost:12391/addresses/

For example, I burned QORA and my account level is 7. What are my rewards? If you burned QORA, you will receive a portion of the 20% block reward for QORA holders. If you are also a Level 7 and minting, you will also receive a portion of the 20% block reward for Levels 7 & 8 bracket. The 'portion' that you will receive is based on how many other accounts will split up each reward. If you were not a FORGER or purchased a QORTector device, you will require a 5 day sponsorship period to begin minting and begin receiving the Level 7 & 8 reward portion.

When will my QORA:QORT be granted or how does this work? Let's assume you are a level 2. Your level 2 reward is separate from your QORA:QORT transition reward. The transition reward is 20% (split among everyone who burned but also paid at a ratio based on the amount you burned. For example, if you burned twice as much QORA than someone, you will receive twice the payout the other person would receive. This continues until you reach your total 250:1 conversion). This means you can expect a level 2 reward (split among all level 1&2 accounts evenly) PLUS 20% transition reward (split among accounts accordingly as I just stated in previous sentence).

qora_to_qortal_transition.txt · Last modified: 2021/08/06 22:31 by gfactor