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--- the_qort_coin [08/31/2022 18:33] – [Atomic Swaps in Trade Portal] gfactor
+++ the_qort_coin [11/23/2022 08:23] – [Obtaining QORT] gfactor
@@ Line 5: / Line 5: @@
 Qortal has its very own coin called QORT which powers on-chain functionality and can be used as a digital currency just as Bitcoin is a decentralized digital currency, without an intermediary like a bank. There is no intention of listing QORT on other exchanges as Qortal has its own exchange and more importantly, is meant to be used on-chain.
-Qortal aims to create an alternative infrastructure for a new Internet where among many other aspects, an especially important feature will be the ability for e-commerce stores to host their sites on-chain and have the ability to accept QORT as a form of payment just as they will be able to with other cryptocurrencies we support. We will also create a jobs market board that can utilize QORT and the coins we support.
+Qortal aims to create an alternative infrastructure for a new Internet where among many other aspects, an especially important feature will be the ability for e-commerce services to host their sites on-chain and have the ability to accept QORT as a form of payment just as they will be able to with other cryptocurrencies we support. We will also create a jobs market board that can utilize QORT and the coins we support.
 QORT is used as the base pair for the Trade Portal with cross-chain trades. For example, for a BTC-LTC trade, the trade will actually be BTC-QORT-LTC. QORT can only be obtained by conducting a true cross-chain P2P trade within the Qortal Trade Portal. As everything we are building is 100% decentralized on-chain which means there is no vault like there are on centralized exchanges where you can immediately convert fiat or crypto. This means to conduct a true P2P trade, you will need to run your own node, send LTC to your Qortal LTC wallet, then buy a listed sell order within the on-chain Trade Portal.
-QORT will be a great store of value for investors to consider as 1) the wallets are fully secure 2) Qortal and QORT will provide an increasing amount of intrinsic value as time goes on with the plethora of applicability.
+QORT is expected to be a great store of value for users to consider as 1) the wallets are fully secure 2) Qortal and QORT will provide an increasing amount of intrinsic value as time goes on with the plethora of applicability.
-There is no cap on QORT production like Bitcoin has with its 21 million. More on the [[Block Rewards & Distribution]] page.
+**Please note:** you do NOT have to hold QORT in order to use all of the features on Qortal - other than registering a name for your account if you would like to. Registering a name is totally optional - unless you would like to host data with the [[Qortal Data Network (QDN)]], in which registering a name is required.
-**Please note:** there two ways to obtain QORT: 1) minting and 2) Trade Portal.
+Also note, that holding QORT gives no advantage over the Qortal Network - meaning you cannot leverage QORT in any way (such as staking) to obtain more block reward or bypass the [[Leveling System]].
-To trade for QORT in the Trade Portal, you’ll first need to run your own node as everything within Qortal is truly decentralized. This means there is no centralized service or vault from which you can purchase QORT. You’ll need your own node, fully synced, to utilize the Trade Portal. You’ll need to purchase LTC or the other coins we will support in the future, into your Qortal wallet. For example, purchase LTC on Coinbase then send to your Qortal LTC wallet. From there, you can purchase orders in the Trade Portal between LTC & QORT.
+There is no cap on QORT production like Bitcoin has with its 21 million. You can learn more about this on the [[Block Rewards & Distribution]] page.
-===== Trading For QORT Walkthrough =====
+===== Obtaining QORT =====
-This walkthrough will show the general process for sending coin to your Qortal wallet, to then be able to utilize the Trade Portal to obtain QORT. The example below is for using Coinbase to obtain LTC.
+You can obtain QORT in two ways: 1) become a minter to earn block reward for supporting the network, and 2) trading other coins for QORT on Qortal's Trade Portal:
-**Step one: Buy Litecoin**
+) Becoming a minter entails finding a sponsor within the community, then proving your node to the network over 7200 blocks, thereafter you’ll reach Level 1 and be able to begin minting QORT for reward (refer to the [[Minting Overview]] page).
-. First you need to make sure your Qortal core is installed correctly, and up and running, fully synced.
+) Trade coins for QORT on the Trade Portal entail purchasing third party coins from an exchange, sending that coin to your Qortal wallet, and then using the Trade Portal to trade those coins for QORT (refer to the [[How To Use The Trade Portal]] page).
+===== How The Price Of QORT Works =====
-. Next, you’ll need to go to a third-party exchange like Coinbase https://www.coinbase.com to buy some Litecoin (abbreviation LTC) with your ‘fiat’ currency such as USD.
+QORT's has an INDIRECT value to fiat and does not have a 'set price'. Qortal's Trade Portal also does not have 'sell walls' or 'buy walls'. These aspects can be a bit confusing on first impression, but we'll explain!
-. On Coinbase, once you’ve purchased your Litecoin, go to SEND/RECEIVE and fill in the address of your Qortal Litecoin wallet. You’ll find this within the Qortal User Interface (Qortal UI).
+==== QORT's Indirect Value To Fiat ====
-**Please note:** your addresses for QORT, LTC, DOGE, BTC & other coins we will support are different addresses. The Litecoin address that Coinbase is asking for (long string of letters/numbers) will be found in the Qortal UI, by clicking on WALLET in the menu at left. Then click on LITECOIN. At the top of the page it says CURRENT WALLET, and the address is directly underneath. Copy the address, and go back to Coinbase, and fill in your Litecoin wallet address. Then send.
+First and foremost, QORT does not have a direct $USD price or with any other fiat currency (money made legal tender by a government). There are no plans to build direct support for fiat, so QORT cannot and will not be able to be bought directly on Qortal with fiat. Users must convert their fiat into one of the cryptocurrencies we support (BTC, LTC, DOGE, DGB, RVN, ARRR). Once users have coin to work with, they can deposit that coin in their Qortal wallet, then trade with QORT. The point to make, is that any reference to QORT in terms of fiat value is an INDIRECT value - meaning that it is based on a third party coin's DIRECT value to fiat.
+For example and the use of simple numbers: if LTC was directly valued at $100 per coin, and was trading with QORT at a rate of 0.01 QORT per LTC, then QORT would be indirectly valued at $1. Now let's say later in the same day, LTC's price drops to $50 per coin, but is still trading with QORT at the same rate of 0.01 QORT per LTC, then QORT would be indirectly valued at $0.50!
-**Step two: Trade Litecoin or another supported coin for QORT**
+When the crypto markets began to tank in spring of 2022, LTC's price began to fall drastically. QORT's trading rate with LTC remained relatively stable during this period. So while QORT's 'price' in USD began to drop, it was hardly a drop in trade rates between QORT-LTC, it was mostly LTC's direct value to $USD that began to tank. As you can see, indirect values with our coin are simply INDIRECT and not entirely accurate reflections of what's occurring in Qortal's marketplace.
-. We will use LTC in this example, same process applies for all. Once your Litecoin shows up in your Qortal Litecoin wallet, you’re ready to trade it for some QORT. For a full explanation of what actually takes place during a trade, see [[Trade Portal Overview]] and [[How The Trade Portal Works]]
+Next, is to point out the indirect fiat value of QORT depending on what third party coin it's trading with: QORT-LTC verses QORT-BTC might be completely different. As BTC's direct fiat value does not fluctuate identically to LTC's (none of these coins do).
-. Click on TRADE PORTAL in the menu at left. At the top you’ll see a box marked SELECT YOUR COIN. Choose LTC.
+==== QORT Does Not Have A Set Price ====
-. Now look in the box of OPEN MARKET SELL ORDERS. Here you’ll see the current sell orders listed by other QORT holders. **Please note:** there are no sell walls; you can purchase any listing in any order. Pay attention to the cost per QORT as these listings are totally up to the seller to set, and for you as the buyer to select. The second column, which shows the price being asked by the seller, can be configured to show the offerings with their prices listed from low to high, or from high to low.
+QORT has a price/rate shown in two main locations at the present time: exqlorer.com and within the Qortal UI. This metric is based on recent trade averages. At exqlorer.com (yes that's the correct spelling - exqlorer with a 'q' replacing the 'p'), the 'price' as shown below is the average of the 5-10 most recent trades (based on an algorithm):
-Take a look through the offerings and choose one that’s selling an amount of QORT that you want, for a price you want to pay. Click on that offering.
+{{::screen_shot_2022-11-16_at_6.31.26_am.png?400|}}
-The field in the lower right hand BUY/SELL box will automatically populate with the price and quantity of the chosen offering. Click the BUY button.
+This is important to note as the 'price' doesn't account for any trades prior to that, whether in the same hour, day, week, month, etc. The same situation occurs in Qortal's Trade Portal with the 'exchange rate' located at the bottom of the screen - it is also calculated by an average of the most recent 5-10 trades (based on an algorithm):
-. Now you wait a bit, while the process completes. Meanwhile you’ll see your order listed in MY ORDERS (lower left), with the status of BUYING.
+{{::screen_shot_2022-11-16_at_6.46.36_am.png?400|}}
-FYI: Pages don’t refresh automatically to show updated status. Click away then come back in a few minutes, and you should see your completed trade listed in MY TRADE HISTORY, with the status of BOUGHT. And that’s it! You now own some QORT! Otherwise, the order may be refunded due to someone else making the purchase before you did, or the seller’s node failed to stay online. Remember, this is blockchain technology and truly decentralized peer to peer, so these refunds can happen as it takes time for each block to process the transactions. This is the nature of the system, and will be further improved with time!
+The neat thing about the Qortal UI's rate, is that each user can specify their own parameters as they see fit. This can be done via API, which is currently something users have to modify outside of the UI as shown below:
-===== Atomic Swaps in Trade Portal =====
-With Qortal, we are swapping directly between blockchains with absolutely no central component between them (and no need to trust an entity to "wrap" a coin in a token or any other centralized techniques like this). True cross-chain swaps require multiple transactions to occur sequentially on each chain, and each of these transactions needs time to confirm before it moves on to the next.
+{{::qortal_api_2.png?400|}}
-If any other platform is swapping instantaneously or within seconds, then it isn't decentralized. The only way to swap that quickly is to have a centralized component handling the swaps, or by staying on a single chain (e.g. using a wrapped coin).
+To access this, the user will need to 1) have api documentation enabled in their json settings (on their node), and 2) open an Internet browser to enter this link: 127.0.0.1:12391
-As of August 29th, 2022: Note that confirmations on the QORT side do currently take longer than they ought to, and this slows down the trade process. Longer term we should be able to solve this and this will speed up each trade by 5 mins or so.
+{{::screen_shot_2022-11-16_at_6.57.11_am.png?400|}}
+This website is the 'Swagger' API application tool we currently use. Scroll down to the 'Cross-Chain' section:
+{{::qortal_price_api.png?400|}}
+**Please note:** You do not have to restart your core for these changes to reflect in the UI. Enjoy!
+==== No Walls In The Trade Portal ====
+Did you know? You can list an order at any exchange rate as you see fit! You can also buy any sell order on the list as you see fit. This is what we mean by no sell walls or buy walls in the Trade Portal. These 'walls' would be large sell orders or a large number of sell orders at the same rates to set up a wall-like block of entries in the order book. These are historic crypto games and manipulative tactics that Qortal is not prone to.
+==== Future Features ====
+Qortal is a massive work in progress. Part of the roadmap for the Qortal UI includes a built-in block exqlorer (for visualizing blockchain network metrics) as well as price charts! Stay tuned!

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