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qort_model [09/28/2019 18:14] – 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.+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. 
 + 
 +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!
  
 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. 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.
  
-===Coin information===+===QORT Distribution Information===
  
-The coin itself, is a 'service token' for the QORT network. It will be utilized to access the various services located on the chain, such as: Trade Portal, Blog and Website hosting, Applications hosting, etc.+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.
  
-It will also be used for transaction fees for 'typical transactions' such as sending tokens to another user.+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. 
  
-===NOTED CHANGES from original QORT model document===+This also allows for the chain to eventually go mostly 'feeless' while still having rewards for the Minters of the system. 
  
-PLEASE NOTE: Initially, the team was aiming for a system that didn't have a cap, or transaction fees. However, upon extensive conversation with lead developer, it has been decided that those two things are not going to be able to take place, at least at the beginning.+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.
  
-So, there will be a hard cap of QORT tokens, which will be more of an arbitrary high number than a cap that is sought to be reached. The idea is that minters should always have a block reward on top of the typical fee reward from all normal transactions on the network.+===QORT Coin Information===
  
-Therefore, the initial cap of QORT is going to be set to a very high number, at least 10 Billion, most likely higher. However, this cap is one that will likely not be hit in a very long time, if ever. It is simply something that the system requires, due to the way it was coded initially in QORA. Modification of this may eventually happen, but not at launch. +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).
  
-**We would still like to view the system as one that doesn't contain a hard cap, as it will act in a similar fashion as such.**+It will also be used for transaction fees for 'typical transactions' such as sending coins/tokens to another user.
  
-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 algo 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. +The Qortal chain has no QORT coin cap amount.
  
-**Therefore, we have decided, at least initially, to use the 'traditional' method of most chains, in utilizing a transaction fee.** +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. 
  
 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. 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.
  
-The model for QORT 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'.+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'.
  
 [[qort_model_-_account_types|QORT Account Types]] [[qort_model_-_account_types|QORT Account Types]]
  
 [[minting|Minting]] [[minting|Minting]]
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