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the_qora_transition [12/05/2021 22:48] – gfactor | the_qora_transition [05/01/2023 01:53] (current) – gfactor | ||
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=====The QORA Transition===== | =====The QORA Transition===== | ||
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+ | 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.** | **THE DATE TO BURN QORA HAS PASSED, NO MORE BURNING WILL BE ACCEPTED.** | ||
- | 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 " | + | **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.** |
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+ | 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 " | ||
Methods for this transition varied depending on which type of user you were in QORA. | Methods for this transition varied depending on which type of user you were in QORA. | ||
- | ===QORA Forgers=== | + | ===== QORA Forgers |
- | Eligible forgers on QORA were able to transition to Qortal as a ' | + | Eligible forgers on QORA were able to transition to Qortal as a ' |
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 ' | 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 ' | ||
- | ===QORA | + | ===== QORA Burners ===== |
- | 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 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. |
- | Users who held QORA, upon registration | + | The QORA asset was NOT SENDABLE nor was it able to be used in any fashion other than to be a ' |
- | 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. | + | For example: |
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- | Once this had been completed, the user then had a QORA balance on Qortal. | + | |
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- | The QORA asset was NOT SENDABLE nor was it able to be used in any fashion other than to be a ' | + | |
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- | Private keys were only allowed ONE IMPORT to prevent a double balance. | + | |
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- | 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. | + | |
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- | ==For example:== | + | |
User A has 1,000,000 QORA | User A has 1,000,000 QORA | ||
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User B has 500,000 QORA | User B has 500,000 QORA | ||
- | Both users imported their keys and now had the representative amount of QORA asset on Qortal. | + | Both users imported their keys and now had the representative amount of QORA on Qortal. QORA burners originally |
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- | Previous | + | |
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- | 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. | + | |
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- | ===Ratio Of QORA: | + | |
- | 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). | + | **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 |
- | 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 | + | ===== Ratio Of QORA:QORT ===== |
- | ===Burning | + | 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 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. | + | =====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). | + | 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. |
- | 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. | + | 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 |
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- | **BURN PERIOD HAS EXPIRED, NO FURTHER QORA BURN WILL BE CREDITED** | + | |
- | === Poloniex and OpenLedger Wallets === | + | ===== 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 " | 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 " |