QNODE.DEFI: Introducing Defi Layer & What to Expect.
The Qnode blockchain as a standalone network is a fork of the Dash Protocol with all advance features from v0.14 release. The Qnode network was upgrade to v2.0 on 25th June, 2020 for stability of the algorithmic X11 protocol. In just 6 months of relaunch and upgrade, 49 DIP3 Masternodes are active and running, with a network of miners who supports the chain. There was never an ICO or ITO from the onset. The Qnode network is open sourced; So, miners spotted it early, took advantage of the network by setting up mining rigs and GPUs to substain the network, as well as MasterNoders.
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This ARTICLE has been Updated. Please refer to the Update here
Our Lead Developer (Josh ERHIGA) had earlier said, that if miners can see into our DeFi layer and grasp a proper understanding, they will never shut down their rigs nor their masternodes.
In Q1 2021, the dev-team (QNG) has proposed to add a second layer to the network as a permission-less inter-chain defi governance token on ethereum. This means that anyone or anything, with an internet connection and a supported wallet can interact with our smart contract together with Liquidity Mining advantage. We shall also deploy an interoperability bridge with native blockchain for iteration with stricter governance.
WHAT ARE SOME BASICS ON DEFI?
DeFi — Decentralized Finance movement has been at the forefront of innovation in the blockchain space in recent times. What makes DeFi applications unique and their permission-less effect? Below, we shall attempt to beam some light to a few terms in the radar.
What is Decentralized Finance (DeFi)?
Decentralized Finance (or simply DeFi) refers to an ecosystem of financial applications that are built on top of blockchain networks.
More specifically, the term Decentralized Finance may refer to a movement that aims to create an open-source, permission-less, and transparent financial service ecosystem that is available to everyone and operates without any central authority. These users would maintain full control over their assets and interact with this ecosystem through peer-to-peer (P2P), decentralized applications (dapps).
What is Yield Farming?
Yield farming, also referred to as liquidity mining, is a way to generate rewards with cryptocurrency holdings. In simple terms, it means locking up cryptocurrencies and getting rewards.
In some sense, yield farming can be paralleled with staking. However, there’s a lot of complexity going on in the background. In many cases, it works with users called liquidity providers (LP) that add funds to liquidity pools.
What is a liquidity pool? It’s basically a smart contract that contains funds. In return for providing liquidity to the pool, LPs get a reward. That reward may come from fees generated by the underlying DeFi platform, or some other sources. Hint: Binance Academy
WHAT IS QNODE.DEFI?
The Qnode.Defi is a governance driven defi token with its underlying x11 algorithmic protocol via a smart contract on ethereum. Its a defi layer for the Qnode Blockchain for algorithmic governance — so, its a governance token. We have designed the structure of the defi to be mintable within the lifespan of the Qnode blockchain — 65 years (i.e. the smart contract will completely mints in 65 year, following the predetermine governance on its native chain).
DEFI SPECIFICATIONS
Asset: Qnode.Defi
Ticker: QND (ERC20)
Strategy: PoW + Sc (Proof of Work - Smart Contract)
Final Supply: 30,780 QND
Chain Ratio: 0.00125:1 (QND/QNC)
Bridge Ratio: 6.25:5000 (QND/QNC)
From the specifications above, The Qnode.Defi (QND) protocol shall be live in a 120 days countdown from October 1, 2020 at a determined block height on the Ethereum Blockchain and to understand the tokenomics of the defi protocol, please visit https://defi.qngnode.cc
THREE KEY FEATURES OF QNODE.DEFI LAYER
#1. Defi Mining (explained):
The Qnode.Defi mining pool shall be deployed via the Inter-chain bridge, as it is backed with the Qnode blockchain and on determined governance. This means that inter-chain bridge will iterate between Qnode Blockchain and Defi contract via the x11 algorithmic bridge at 1 QND = 800 QNC (forever). This will be implemented after an initial 120 days governance period from public launch. Also, at launch of inter-chain bridge, only a minimum amount of 5,000 QNC or 6.25 QND can be iterated (swapped) on the bridge for a to and fro transaction. Any swap below the minimum is disabled or lost if executed.
#2. Yield Farming (LM):
Liquidity Mining (LM), also known as Yield Farming, is a network participation strategy in which a user provides capital to a protocol in return for native token. Liquidity Providers on our protocol, stands the chance of earning Qnode.Defi (QND) tokens as they provide liquidity on Decentralized Exchanges (DEXs) such as Uniswap, Oneswap, Airswap etc
#3. Governance (explained)
Master-node feature on the native chain is a PoSe (Proof of Service) functionality, which performs network security on the native blockchain and by extension incentivise Qnode.Defi Protocol via the bridge. These services includes privacy of transactions (PrivateSend), Instant transactions (InstantSend), the distribution governance, projectile voting and treasury system. This means that difficulty will change with each block and governance will heightens after each block halving on the blockchain. Blockhalving is scheduled to happen at every 210,240 block count.
SEQUENTIAL BLOCK & SMART CONTRACT EMISSION GOVERNANCE
At height 210241, The first blockhalving shall happen and block reward shall split by a divisor of two. Also, its defi equivalence shall reduce for iteration as follows:
- INTER-CHAIN: 5,000 QNC <=> 6.25 QND (minimum per swap)
- 1ST HALVING: 2,500 QNC <=> 3.125 QND (minimum per swap) from height 210241 blocks
- 2ND HALVING: 1,250 QNC <=> 1.5625 QND (minimum per swap) from height 420481 blocks
- 3RD HALVING: 625 QNC <=> 0.78125 QND (minimum per swap) from height 630721 blocks
- 4TH HALVING: 312.5 QNC <=> 0.390625 QND (minimum per swap) from height 840,961 blocks
Hence it will require an approximate 65 years to exhaust the Qnode Blockchain and Defi.
Algorithmic Bridge Formulae
How did we come about our algorithmic formulae? The formulae below shows how the supply chain of the Qnode Blockchain was developed to run with its defi.
#1. Inter-chain Defi Ratio (IDr):
1 QND = 0.00325% of QNC Supply — CN.
Where CN (Constant of Negligible Decimal) = 0.28
therefore, 1 QND = 800 QNC
#2. Total Defi Supply (TDs) mintable in Smart Contract:
TDs = QNC Supply/IDr
Where QNC Supply = 24,624,000 QNC
Where IDr (Interchain Defi Ratio) in QNC = 800 QNC
therefore, TDs = 30,780 QND
Visit: https://defi.qngnode.cc for more infomation.
⚠️⚠️⚠️ ARTICLE UPDATE⚠️⚠️⚠️
This Article had been Updated. Please refer to the Update here
