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The QORA Transition

Every user of the existing QORA project, will have the ability to transition into QORT. (Given the fact that they are either a holder who has coin in a private wallet they control, or a forger who has the private key of an account that had forged blocks on QORA during the given timeframe.)

Methods for this transition will vary depending on which type of user you are in QORA.

QORA Forgers

Forgers on QORA will be able to transition to QORT as a 'minter' see minting details for more info. This will allow them to begin earning rewards on QORT, by providing their full node to the network, and remaining synchronized and online.

The level at which the QORA forger will come into QORT, will be determined based on the amount of blocks forged on QORA during a set timeframe (the timeframe that QORA was no longer listed on exchanges, and thus the forgers were not forging for personal gain, but instead to help keep the chain running.)

The highest level that a new minter can start from QORA forger, is lvl 5. Level 5 entitles the user to not only gain more of the block reward each block than a lower level account, but also gives the ability to 'accept delegates', which is the method for new minters to be created if they were NOT a forger on QORA. Accepting delegates can also be used to create various 'committees' within the platform, and also to create 'funds' by delegation of not only the status, but also the partial reward of a minter to the delegation enabled account.

Acceptance of minting account creation delegates, also entitles the delegation enabled account to receive the fee associated with becoming a minting account, which is paid up front by the account wishing to enable minting. This entitles the delegation enabled account of lvl 5 or higher, to earn some extra rewards as well.

QORA coin holders

Holders of QORA on the original QORA chain, will also be able to transition to QORT.

Users who hold QORA, upon registration for their account on QORT platform, will be asked to input their private QORA key.

When they do this, QORT will automatically implement the assigning of an asset on the chain, called QORA. Then distribute this asset in 1:1 ratio, with the QORA held in the imported private key.

Once this has been completed, the user will then have a QORA balance on QORT.

The QORA asset is NOT SENDABLE. It is not able to be done anything with, other than be a 'marker' for the previously held QORA.

Private keys will only be allowed ONE IMPORT, so please, don't think you'll be able to somehow double your coins.

The QORA asset will be solely a representation of previously held QORA on QORA chain. The asset will then determine both the amount of QORT the user will attain from said QORA, as well as the rate at which that QORT will be given.

For example:

User A has 1 million QORA

User B has 500k QORA

Both users import their key and now have the representative amount of QORA asset on QORT.

Every block, 20% of the rewards, regardless of the minter who found it, etc… is distributed to the previous QORA holders.

if Users A and B are the only ones who have imported their keys, they will split the 20% block reward, in a 2:1 ratio, as User A has double the amount of QORA as User B.

Ratio of QORA:QORT

The ratio of QORT overall that will be given for each QORA, is 1:250. Meaning, for every 250 QORA you hold, you will end up with a final amount of 1 QORT.

This is to reduce the total amount of coin coming in, to not dilute the value, and at the same time give value to the original QORA holders.

BURN QORA to Transition to QORT

Users will need to BURN their QORA coins, prior to the launch of QORT Network, if they would like to be considered in the QORT Transition.

In order to accomplish this, the users must send their QORA coins to the QORA genesis block, where no person has access to manipulate them from there.

Once the coins have been burned, that user's seed then becomes part of the QORT Genesis block, and upon import to the QORT chain, user will be credited with QORA ASSET, which then dictates how much QORT overall that user shall obtain. As above, a ratio of 250 QORA to 1 QORT will ultimately be obtained, given every block, by a portion of 20% overall block reward. Split to every person who burned.


qora_transition.txt · Last modified: 2019/11/18 17:17 by crowetic