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qort_model

The QORT Model

QORT has a very unique model, which has been built over many years with the minds of multiple intelligent contributors. The overall idea of the platform is to keep EVERYTHING as completely decentralized as possible. Including the modification of key numbers in the system, like block reward.

The model is something that is subject to modification both with and without vote initially, as the platform will be in beta phase, and the development team may need to make changes without having the option of waiting for a vote to be taken, and completed.

The initial model, is very likely not to be the end model. However, the initial model is one that the team and contributors believe will work out well to start the platform, and get things moving in the right direction.

Coin information

The coin itself, is a 'service token' for the QORT network. It will be utilized to access the various services located on the chain, such as: Trade Portal, Blog and Website hosting, Applications hosting, etc.

It will also be used for transaction fees for 'typical transactions' such as sending tokens to another user.

NOTED CHANGES from original QORT model document

PLEASE NOTE: Initially, the team was aiming for a system that didn't have a cap, or transaction fees. However, upon extensive conversation with lead developer, it has been decided that those two things are not going to be able to take place, at least at the beginning.

So, there will be a hard cap of QORT tokens, which will be more of an arbitrary high number than a cap that is sought to be reached. The idea is that minters should always have a block reward on top of the typical fee reward from all normal transactions on the network.

Therefore, the initial cap of QORT is going to be set to a very high number, at least 10 Billion, most likely higher. However, this cap is one that will likely not be hit in a very long time, if ever. It is simply something that the system requires, due to the way it was coded initially in QORA. Modification of this may eventually happen, but not at launch.

We would still like to view the system as one that doesn't contain a hard cap, as it will act in a similar fashion as such. UPDATE - it still may be possible to launch without a cap. The decision has yet to be made. Will post updates when decision is made.

Another modification from the original document, is that regarding transaction fees. Initially we had wanted to build the system without transaction fees and instead utilize a PoW algo for each transaction. However, during the build process, we realized that the amount of verification needed by the network in such a system, may cause the system overall to slow down, potentially even require the block times to be increased.

Therefore, we have decided, at least initially, to use the 'traditional' method of most chains, in utilizing a transaction fee. UPDATE - we are still debating this aspect as well. Final decision will be posted when made.

The fee will be set very low, and should not make any real noticeable difference in the rest of the plans for the system, so we believe it to be an acceptable modification.

The model for QORT is destined to have many modifications, as it is a totally new and unique model, as of yet not seen anything like it in the space. Therefore, these above modifications are just the first few of what will surely be many, by the time the system reaches what would be considered 'maturity'.

QORT Account Types

Minting

qort_model.txt · Last modified: 2019/10/07 15:34 by crowetic