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qora_transition

The QORA Transition

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).

Methods for this transition varied depending on which type of user you were in QORA.

THE DATE TO BURN QORA HAS PASSED, NO MORE BURNING WILL BE ACCEPTED.

QORA Forgers

Eligible forgers on QORA were able to transition to Qortal as a 'minter' 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).

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

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 held QORA, upon registration for their account on the Qortal platform, were asked to input their private QORA 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 had been completed, the user then had a QORA balance on Qortal.

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 were only allowed ONE IMPORT to prevent a double balance.

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:

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).

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.

Burning QORA To Transition To QORT Was Required

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.

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

Poloniex and OpenLedger Wallets

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.

qora_transition.txt · Last modified: 2021/03/16 03:14 by gfactor