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qort_model [09/26/2019 19:07] – croweticqort_model [09/28/2021 12:41] – gfactor
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-=====The QORT Model=====+====== The Qortal 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.+{{:qortal_official_logo_transparent_.png?400|}}
  
-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.+{{::7411360b-fa28-4ef8-ad46-cc1cfabd3955.jpeg?400|}}
  
-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.+Qortal (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.
  
-===QORT Account Types===+The model is something that is subject to modification both with and without vote initially as the development team may need to make changes without having the option of waiting for a vote to be taken, and completed. This only until we have the Voting System implemented which is the next big release besides the new UI we can expect soon!
  
-There are multiple different 'account types' on QORT. +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.
- +
-Account types are related to the benefit that account provides to the network. +
- +
-- **Founder** - a Founder account is that of a user who was integral in the creation of the QORT platform. These accounts will be limited to a set number, which is likely to be 25 (this may change). Founders not only went above and beyond with their assistance in creation of the platform, but also spend time, money, and effort in ensuring the platform had what it needed along the way, by way of capital, man hours, etc. +
- +
-//(If you believe you should be a founder, and haven't discussed this with crowetic, team leader of QORT current development team, please be sure to do so. It is likely that the founders will already be aware of the fact they are founders, but it is also likely that some of them haven't been talked to by crowetic yet, and may not be aware they are founders. The amount of input isn't necessarily 'huge', but if the input given made substantial differences to the project's completion, even what a user considers to be small, might be enough to entitle them to a founder account.)// +
- +
-The main purpose of the founder account setup, is to ensure that the platform has what it needs in the beginning, in a set of honest, online, active nodes with which the platform will build a solid base. As well as a group of accounts with slightly more influence, as such that any 'bad actors' that attempt to level up to gain influence, can be less influential while the system is still in its infancy. +
- +
-Eventually, as time goes on, and accounts prove themselves legitimate by minting, or storing data, founder accounts' influence on the network will diminish overall. The founder accounts will initially start with a level of F, and that level will be maintained throughout their life. However, the weight of F may eventually be decreased, so that it is no higher than 10, the max level of a 'normal' user. Therefore, founders are no more influential on the network than a normal user who has gone through the necessary means to prove himself to the network, and input what was needed to do so. +
- +
-The founder 'F' level, will be maintained as a mark demonstrating to the rest of the system, that this account was indeed a founder. Whether or not that F has any more influence than anyone else in the system. +
- +
-F level can be up to level 15, depending on need for the influence of the founders. During times of potential crisis, the F level may be upped by vote, or in very rare cases, by the development team's honest evaluation. This should not need to happen. +
- +
-Initially, F will be an influence of 12 in terms of voting. +
- +
-Founders have their own 'rewards pool' that comes from each block, initially. This rewards pool may eventually be removed, placing founders in the same group as level 10 (max level) users. At this point, founders receive no additional benefit in terms of QORT rewards.+
  
-It makes sense in the start of the system, as the founders will be doing a lot of work, and have already done a lot of work to get the system built and live, for them to obtain a slightly larger reward than the other users. However, eventually, that will no longer be the case, once the system is running flawlessly and all features planned have been implemented. At that point, founders will be placed into the same rewards group as the max level users.+===QORT Distribution Information===
  
-- **Minter** - Minter status, is the status provided to those who have proven themselves via 'minter delegation' to a level 5 or higher account (or founder, who as mentioned above, are always enabled for minting delegation...) with 'accept minting delegation' enabled.+The QORT distribution model follows a structure where the block reward will drop by .25 QORT every '6 months' in blocks, until the block reward is 2 QORT. After that point, the block rewards will be decided by vote in the voting system, and be allowed to increase or decrease by up to 1 QORT per block, in increments of .25 QORT. A minimum of 1 QORT per block and a maximum of the original block reward of 5 QORT per block.
  
-Minters are the users in QORT who are rewarded for, and complete the process of, finding blocks on the QORT network. As in any other blockchain, finding blocks is necessary in QORT. However, the rewards are completely different in QORT system.+There is no 'coin cap' with QORT, only a 'cap' on the block rewards for each block. This model ultimately provides a very slow growing total QORT, which is ultimately modifiable by community vote, and a model built to last. 
  
-Minters are initially, the only users that can contain a 'level' in the system. Thus, the only users that can submit votes, and deviate the future of the system by way of such votes. +This also allows for the chain to eventually go mostly 'feeless' while still having rewards for the Minters of the system. 
  
-Later, however, when the other account types such as 'Data Node', 'Data SuperNode', and 'Liquidity Provider' are created, they too, will have a level. It is possible for other account types to be created as well, both by the development team, and also by the process of creating a 'committee' via the delegation system. +The focus on total coin cap is totally over-hyped in the crypto space, as the EXISTING coin in the system is all that matters when calculating 'market cap'. Most projects will not hit their cap for many many years.
  
-The initial launch of QORT, however, will only have Founder, Minter, and User account types. +===QORT Coin Information===
-- User - A User on QORT, is anyone who is not assigned any other special account type. Simply put, anyone who does not want to become a minter, does not want to be a data node, doesn't want to provide liquidity, etc... essentially 'anyone else' on the network.+
  
-Users have no special ability, cannot vote for changes in the system, and are not allowed to obtain rewards via the minting system. +Qortal's service coin is called QORT. It will be utilized for the various services located on the chain, such as: Trade Portal, Blog and Website hosting, Applications hosting, etc. Qortal will provide infrastructure for a new e-commerce ecosystem where QORT could be accepted just as any other digital currency (limited to the coins supported by the Qortal wallet).
  
-Users CAN, however, use the trade portal, make transactions, create tokens (assets, colored coins), or delegate to become a minter. +It will also be used for transaction fees for 'typical transactions' such as sending coins/tokens to another user.
  
-The process to become other account types aside from minter, have not fully been discussed by the current development team, and thus will not be explained in detail here yet.+The Qortal chain has no QORT coin cap amount.
  
-- **Data Node** - A future account type that will be discussed in detail when implemented.+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 algorithm 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. 
  
-- **Data SuperNode** - Same as above.+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.
  
-- **Liquidity Provider** - Same as above, with the modification that... The Trade Portal, will be the first service focused on post-launch of the beta network. So this account type will be able to be created sooner than the Data Node or Data SuperNode type.+The model for Qortal 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'.
  
-A Liquidity Provider on the QORT network, is a user that provides BTC on the sell side of the QORT market. Initially only BTC/QORT pair will exist, and only the BTC provided by users will entitle them to 'liquidity provider' account status. +[[qort_model_-_account_types|QORT Account Types]]
  
-As the system grows, and gets more use, however, the modification of this to include users providing liquidity in multiple portions of multiple markets could potentially be voted into reality. +[[minting|Minting]]
-- (more are likely to come as the platform is developed further.)+

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