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the_qort_coin [11/23/2022 08:36] – gfactorthe_qort_coin [06/18/2025 21:09] (current) – crowetic
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-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's primary layer 0 coin, called QORT, is the 'gas that powers the Qortal Network'. QORT is required for publishing to QDN, or initiating transactions on the Qortal Network. There are a few exceptions, a few transaction types that are able to be initiated without QORT, such as Q-Chat and 'publicize' transactions, however, the vast majority of transactions require QORT to make.
  
-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 and apps within the Qortal Network. These services will 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. All of this provides UTLITY for QORT on our very own platform! Take a moment to consider: a blockchain where its coin is designed to be used on its platform! Qortal has a roadmap that is much more than another cryptocurrency and ledger (bigger than crypto). +QORT is essential to the operation of the Qortal Network.
  
-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 is traded in a truly cross-chain fashion with the assistance of Qortal, and thus establishes a market for the value of QORT by way of these trades. 
  
-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.+QORT is completely unique, and runs on the unique Qortal Blockchain. 
  
-**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.+The true 'value' of QORT is extremely high. In order to gain an understanding of that value, one may view QORT as 'a stock in everything ever built on Qortal, every app, every website, every function, all at the same time'. To get an idea of what this will be in the future, one may think of it like this... 
  
-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]].+If there was a stock that represented the internet infrastructure itself (from cables connecting locations, to wireless routers, to the servers that run the majority of the internet, their data centers, etc...) AND every application that has ever been built leveraging the internet in any way whatsoever... This stock, would be the closest thing possible to 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.+Since QORT is a required component to the network function, it is a 'pure utility coin', one of the only pure utility coins that actually exist, although many projects claim to be something similar, in most cases they are outright lying. QORT contains TRUE utility, by way of providing the necessary value to transact upon the Qortal Data Network, and publish applications, websites, and data therein. Never before has there been a true utility coin such as QORT.  
 + 
 +Qortal (the network / platform) provides an alternative infrastructure for a 'new Internet' that is built truly by and for the people. The network provides means to host applications, websites, and communications, all of which are provided in a truly P2P fashion. Published data on QDN does not require continual maintenance fees, which means that if someone published a website on QDN at the start of QDN's lifetime, that website would still be available today without the user ever having to pay another fee.  
 + 
 +An important use case for QORT outside its pure utility function, is that of providing a means to transact value from one account to another. Whether this takes place by simply sending QORT from one account to another, or by way of buying a service or product from another utilizing QORT, the coin provides means to establish the base layer of a truly decentralized P2P economic system upon which every user is treated equally. This opens the door for true competition between applications, and for the users to choose which they believe is the 'best' from the application's merit alone.  
 + 
 +On top of the 'obvious' use cases, QORT may be seen as a 'forever value store' that requires no single outside party in order to transact. No trade platforms outside the decentralized trade methods on Qortal are required. This means that QORT cannot 'die' in the same fashion as a vast majority of the other coins in the so-called 'crypto space' (this 'crypto space' that Qortal is not happy to be tied into at all, is laden with 99% scams and nonsense, lying projects, that pretend to be a fraction of what Qortal succeeds in being...) are tied to exchanges. Centralized crypto exchanges are the only way that 99% of the other projects can get from one coin to another. Whether those exchanges are true centralized exchanges like 'Coinbase' or 'Binance', etc... or they are 'decentralized' exchanges that are not TRUE decentralized exchanges, and require 'wrapping' coins as 'WBTC' or 'WLTC' on another chain in order to trade... These exchanges are a MASSIVE WEAKNESS, providing nothing but a potential for failure for any project reliant upon them and nothing legitimately able to trade without third party involvement.  
 + 
 +Due to Qortal's extreme functionality, and complete lack of reliance upon any one centralized entity (no company, no exchange, no ICANN or DNS provider, nothing...) QORT is the only coin that can firmly state that it is 100% independent, and it is therefore the only coin that can claim to be 'forever' with certainty.  
 + 
 +Many projects in the 'crypto space' and 'blockchain space' are tied to their centralized service providers. Mining pools, centralized staking entities, exchanges, and many others. These providers may provide a service to the networks involved, but if they are 100% NECESSARY in order to accomplish tasks on the network, that makes the network just as centralized, and gives much more power to those entities than what could be possible on a truly decentralized and distributed network (such as Qortal).  
 + 
 +QORT has an extensive focus on local-only use. Meaning, no communication outside your own computer is required in order to make anything happen upon your account and within the network. Due to this, QORT provides a truly individually sovereign infrastructure that eliminates the need for reliance upon third parties for things like data hosting, application hosting, webhosting, providing names such as domains, and more. 
 + 
 +With the massive use cases of the Qortal Network, QORT stands alone as the only true infrastructure replacement platform that exists. QORT is sure to be a great store of value for a very long time, and will never be 'locked' in any way. Users will always be able to send their QORT as they choose when they choose, by doing so on systems fully within their control and needing no outside assistance. Even trading from QORT to any of the supported coins on the Qortal Network, requires no third party software, stored coins, deposits of any kind, or additional (non-transaction-creation-specific) fees. A network that provides true independence such as Qortal, has never existed before. 
 + 
 +In stark contrast to Proof of Stake systems like Ethereum, holding QORT does NOT give any one user any additional influence on the network. Influence on the Qortal network (as of June 2025) is only able to be obtained by: 
 + 
 +1. Becoming a Minter 
 +2. Becoming a Minter Admin 
 +3. Becoming a Developer Admin 
 + 
 +However, even being a Minter Admin or Developer Admin, doesn't give any 'measurable influence changes' to any account. The only way to get influence of a measurable on-chain difference, is to become a Qortal Minter, and assist in creating blocks on the Qortal Blockchain. Minters on the Qortal Blockchain obtain 'blocksMinted' for every block their node assists with. These blocksMinted are then utilized directly for 'influence' in regard to the polling system of Qortal. Polling is utilized to assist in making decisions  regarding the future of the network overall, based upon polls created for 'proposals' for modifications therein. 
 + 
 +There are multiple methods to obtain QORT, Minting is only one of them, and the primary method of obtaining QORT that is newly generated, and/or obtained by other users submitting transactions that require a QORT-based transaction fee. The transaction fees of the network are split amongst the minters of the Qortal Network based upon their level, just like the newly generated QORT that has yet to be created. The same percentage split that the newly created QORT from consensus is divided amongst the network's minters, is the same percentage split of the block's transaction fees for included transactions. 
  
 ===== Obtaining QORT ===== ===== Obtaining QORT =====
  
-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: +Obtaining QORT is done primarily in one of the two following fashions:  
 + 
 +1. Becoming a Minter - Becoming a Minter on Qortal allows your account to be assigned with a special 'minting key' to a node, and for your account to then be rewarded for attempting to create blocks on the Qortal Blockchain. Becoming a Minter requires utilizing the 'Q-Mintership' app, and submitting a 'card' for voting and approval/denial by the community-elected and maintained 'Minter Admins'. The Minter Admins leverage GROUP_APPROVAL transactions, which require signatures from 40% of the Minter Admins, to approve/deny an account for minting rights. Accounts that have been approved, are invited to the 'MINTER' group, and subsequently allowed to mint. Minters create their Minting Key, assign it to a Qortal Full Node, and begin Minting.  
 + 
 +Minting is more of a process to complete, and requires that the would-be minting account, prior to submitting a request for Minting Rights on Q-Mintership,have made use of the Qortal Network in one way or another for a decent period of time. The Minter Admins have to have data with which to aide in their determinations, and without the account having actually utilized the Qortal Network, that data doesn't exist, and as such makes the determinations from the Minter Admins that much more difficult to obtain. 
 + 
 +It is suggested that a would-be minter have been utilizing the Qortal Network for a period of at least 30 days, in a provable fashion (making publish transactions, trading, publishing websites or applications, or assisting the network in its efforts by leveraging the available features in one way or another) BEFORE asking for Minter Rights.
  
-1) 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).+2. Trading for QORT (Q-Trade, etc.) - Trading for QORT is the most likely first method of obtaining QORT, as it can be done by any user, without any additional requirements aside from having one of the supported coins, and finding a sell order they can afford to trade for. 
  
-2) Trading coins for QORT on the Trade Portal entails 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).+Trading LTC/DOGE/DGB/RVN/ARRR (or any supported coin) for QORT is hands-down the easiest and quickest way to obtaining QORT. It is highly suggested that any Qortal user familiarize themselves with the trade methods available, and make at least a couple trades to understand the system. Trade for your first QORT, and start making use of the platform in any way that can be measured, publish videos on Q-Tube, create a Q-Blog, comment on polls or videos of others, etc... THEN go to Q-Mintership and request minting rights, as long as you have a Qortal Full Node running, and wish to leverage it to assist in creation of blocks. 
  
-**ALWAYS REMEMBER:** Not your keys, not your coins! This means we use third party exchanges ONLY to swap coins and fiat, as we are not in complete control of those assets on centralized services. So be sure to send the coins to your Qortal wallet immediately so that you are in 100% control of your assets! Also, be sure to follow the [[Account Setup & Recovery]] guide to ensure your account is properly secured! 
 ===== How The Price Of QORT Works ===== ===== How The Price Of QORT Works =====
  
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 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. 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.
  
-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). +Next, is to point out the indirect fiat value of QORT depending on what third party coin it's trading with: QORT-LTC versus QORT-BTC might be completely different. As BTC's direct fiat value does not fluctuate identically to LTC's (none of these coins do). 
  
 ==== QORT Does Not Have A Set Price ==== ==== QORT Does Not Have A Set Price ====
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 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.  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 ====+==== Recent 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!+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! We've also implemented the Auto Buy tool which allows you to automatically buy a series of QORT sell orders. Rather than having to manually select and execute each trade, which can take time to complete, Auto Buy lets you specify the total amount of QORT, and the HIGHEST PRICE you would like to pay in the 'foreign coin'. Then the foreign coin AMOUNT is set automatically based on those two things.More is on the way, stay tuned!
the_qort_coin.1669210570.txt.gz · Last modified: 11/23/2022 08:36 by gfactor

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