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qora_transition [09/29/2019 12:11] – croweticqora_transition [03/16/2021 03:14] – gfactor
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 =====The 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 timeframe.)+{{:qora_logo.png?400|}}
  
-Methods for this transition will vary depending on which type of user you are in QORA.+Every user of the existing QORA project had the ability to transition into Qortal excluding Poloniex and OpenLedger wallets due to these exchanges inability to honestly return user's "unrecoverable" coin (given the fact that they are either a holder who has QORA 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).
  
-===QORA Forgers===+Methods for this transition varied depending on which type of user you were in QORA.
  
-Forgers on QORA will be able to transition to QORT as a 'minter' [[minting|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 DATE TO BURN QORA HAS PASSED, NO MORE BURNING WILL BE ACCEPTED.**
  
-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.)+===QORA Forgers===
  
-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.+Eligible forgers on QORA were able to transition to Qortal as a 'minter' [[minting|see minting details for more info]]. The level at which the QORA forger came into Qortal was 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).
  
-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.+The highest level that a new minter started from as a QORA forger was 'level 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.
  
-===QORA coin holders===+===QORA Coin Holders===
  
-Holders of QORA on the original QORA chain, will also be able to transition to QORT.+Holders of QORA on the original QORA chain were also able to transition to Qortal if their wallets did not come from Poloniex and OpenLedger.
  
-Users who hold QORA, upon registration for their account on QORT platform, will be asked to input their private QORA key.+Users who held QORA, upon registration for their account on the Qortal platform, were 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.+When they did this, Qortal automatically implemented the assigning of an asset on the chain, called QORA. Then distributed 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.+Once this had been completed, the user then had a QORA balance on Qortal.
  
-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.+The QORA asset was NOT SENDABLE nor was it 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.+Private keys were only allowed ONE IMPORT to prevent a double balance.
  
-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.+The QORA asset was solely a representation of previously held QORA on QORA chain. The asset was then determined both by the amount of QORT coin the user obtained from said QORA coin as well as the rate at which that QORT coin will be given in the Qortal platform.
  
 ==For example:== ==For example:==
  
-User A has 1 million QORA+User A has 1,000,000 QORA 
 + 
 +User B has 500,000 QORA 
 + 
 +Both users imported their keys and now had the representative amount of QORA asset on Qortal. 
 + 
 +Previous QORA holders received 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).
  
-User B has 500k QORA+This is to reduce the total amount of QORT service token coming in as to not dilute the value and at the same time give value to the original QORA holders.
  
-Both users import their key and now have the representative amount of QORA asset on QORT.+===Burning QORA To Transition To QORT Was Required===
  
-Every block, 25% of the rewards, regardless of the minter who found it, etc... is distributed to the previous QORA holders.+Users needed to BURN their QORA coins prior to the launch of the Qortal Network if they wanted to be considered in the QORA:QORT Transition.
  
-if Users A and B are the only ones who have imported their keys, they will split the 25% block reward, in a 2:1 ratio, as User A has double the amount of QORA as User B.+In order to accomplish this, QORA holders sent their QORA coins to the QORA genesis block (where no person had access to manipulate them from there).
  
 +Once the QORA coins had been burned, the user's seed then became part of the Qortal Genesis block. Upon import to the Qortal chain, the user was credited with QORA ASSET which then dictated 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 PERIOD HAS EXPIRED, NO FURTHER QORA BURN WILL BE CREDITED**
  
-===Ratio of QORA:QORT===+=== Poloniex and OpenLedger Wallets ===
  
-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.+QORA coin was not accepted and burned from Poloniex and OpenLedger wallets due to these centralized services not allowing people to withdraw their QORA coin. It was a tough decision to make, but ensured these "unavailable" coin were not stolen and allowed to be used on the Qortal platform by the wrongful owner.
  

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