Qortal Project

See the Qortal Project Background Info page for more info on the relation between QORA and Qortal.

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

QORA Burn Rewards go to wallets every block without having to mint. This is the only reward that does not require minting. If you are also a minter, this reward is still issued on top of your minting reward.

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 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.

Eligible forgers on QORA were able to transition to Qortal as a 'minter' (see Minting Overview page for more details). 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). QORA Forgers are given a credit for blocks minted that is then transitioned to their Qortal account - so these accounts start out with ‘blocks minted’ and a level 1-5 at Genesis (launch of Qortal on June 29th 2020).

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.

Users who held 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. This process is commonly referred to as "burning" coin (therefore we often refer to these users as "QORA Burners". The QORA asset was solely a representation of previously held QORA on the 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 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 on Qortal. QORA burners originally received 20% block reward for every block, regardless of the minter who found it (just as every minter on the Qortal Network does not compete to sign blocks). If Users A and B are the only ones who have imported their keys, they split the 20% block reward, in a 2:1 ratio, as User A has double the amount of QORA as User B.

Please note: the QORA burn reward was modified from 20% to currently 1%. This is due in part to 1) after two years, QORA burners have made a fair return on their burnt QORA coin that would otherwise be rendered useless as the QORA chain is not being developed, and 2) QORA burners were the only block reward that does NOT require actively running a node to earn their burned portion over time (this means they were and currently are not required to support the network by running a node). A community vote was held to decide what modifications to make to the Block Rewards & Distribution.

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 coming in as to not dilute the value and at the same time give value to the original QORA holders.

Users were required 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 (this was later modified to 1%). BURN PERIOD HAS EXPIRED, NO FURTHER QORA BURN WILL BE CREDITED!

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.