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qora_transition

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 time frame).

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/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 time frame (when 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 for each block compared to a lower leveled 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 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 level 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 the 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 nor will it be able to be used in any fashion other than to 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 solely be 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 1,000,000 QORA

User B has 500,000 QORA

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

Previous QORA holders will receive 20% block reward for every block, regardless of the minter who found it.

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 (QORT:QORA). Meaning, for every 250 QORA you hold, you will end up with a final amount of 1 QORT (250:1).

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

Burning QORA To Transition To QORT Is Required

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

In order to accomplish this, QORA holders 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, the user's seed then becomes part of the QORT Genesis block. Upon import to the QORT chain, the 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 accordingly among every user who burned.

BURN ADDRESS: QfGMeDQQUQePMpAmfLBJzgqyrM35RWxHGD

Poloneix and OpenLedger Wallets

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

qora_transition.txt · Last modified: 2020/03/08 19:25 by gfactor