QNODE FOR BEGINNERS: A Step-By-Step Guide to QnodeCoin
Written by Josh ERHIGA
Just, Like bitcoin, QnodeCoin is a cryptocurrency — or a digital currency exchanged through encrypted software.
How it started
The Quantum Node Group (QNG) deployed the project originally as non-ico on waves-platform as a token, using the name: Qnode on 17/10/2018. The token was later renamed to QCASH shortly on 02/07/2019 and users were swapped.
Then, on February 13, 2020, QnodeCoin native blockchain was launched with Proof of Stake Algorithm (from PIVX fork of branch v3.30). The network participants were swapped from QCASH to QnodeCoin approximately. And finally, there was an upgrade from v1.0 to v2.0. This upgrade led to the change in algorithm to X11 (v0.14 source) 25/06/2020
A PIECE OF EDUCATION
A piece of education can save a generation (unborn). And anyone, who dares to teach, must never cease to learn. Every time you have the opportunity to learn, it’s shouldn’t be a wasted effort.
I’m Josh Erhiga, the founder of the Qnode Blockchain. I intend to give some learning to my readers in this article, particularly newbie’s. My focus is on the Qnode Blockchain. It will be a step-by-step guide on the Qnode Currency, How to use it and maximize an opportunity to join the DAO (Decentralize Autonomous Organization). We are in an age of virtual currencies that uses blockchain technology, called cryptography.
A virtual currency uses cryptography to secure and verify transactions as well as to manage and control the creation of the new currency units.
Just before, I proceed on Qnode blockchain. I will share a simplified piece of knowledge that I jettisoned in late 2014. An unknown person has hinted me on social media about DASH currency when the price was 0.60$/DASH and He encouraged me to buy 500 — 1000 DASH. I ignored it and as ignorant as I was. I made mockery of the opportunity.
If I had listen and bought 1000 DASH, it would have cost me around 190,000 NGN. And then, the dollar to naira exchange rate was around 183–190 NGN/$. As of today (2020), 1 DASH averages 88$ — 100$/DASH (i.e. about 36,000 NGN/DASH) as at this publication release. So, the average worth of 1000 DASH today is within the neighborhood of 36 million NGN. And in 2015, DASH protocol added the masternode conceptualization.
Same opportunity is here again. This is why I wish to educate those interested to listen. QnodeCoin will create autonomous wealth in a decentralized manner with its subsets of users. Let dive into the lecture.
WHAT IS QNODE BLOCKCHAIN?
QNODECOIN is an open sourced digital currency that can be used to send or receive payments immutably within splits of seconds.
QnodeCoin was built with the goal of vendors’ usage and on top of the blockchain technology that Bitcoin uses with significant improvements that had been made due to the originated fork from Dash protocol. Thereby, Qnode is a fork of X11 algorithm (v0.14 source).
QNODE BLOCKCHAIN AS A DAO
A (DAO) Decentralized Autonomous Organization, sometimes labelled a decentralized autonomous corporation, is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members (i.e. nodes) and not influenced by a central government.
QnodeCoin is built as a DAO — Decentralized Autonomous Organization, purposed to be ran by its subset of users, which provides a Proof of Work (PoW) and Proof of Service (PoSe) functionality. The blockchain can permits privacy of transactions that can be untraceable via the obscurification model for privacy encryption as gleaned from DASH protocol.
As a new user, how do you participate in this DAO? How do you mine QnodeCoin and how to own a masternode? This are answered below:
HOW TO GET QNODECOIN
Are you ready to start with QnodeCoins? Here’s how to get some of the crypto-currency for yourself.
1. GET THE CRYPTOCURRENCY WALLET.
You must begin by downloading a compatible wallet. A crypto-currency wallet is where you’ll receive and store your QnodeCoin. You have the following options for QnodeCoin wallets:
1) PC CORE-WALLET (FOR DESKTOP OR LAPTOP USERS):
QnodeCoin offers an official desktop wallet that includes PrivateSend and InstantSend functionality. This wallet is downloadable for Windows, Linux, Mac & Raspberry Pi Operating systems. Wallet is available on the official domain: https://qngnode.cc/#wallets. This wallet is also required to start mining and secure storage of your coins.
2) EXCHANGE WALLETS:
QnodeCoin can also be stored Exchanges where QNC is listed. But be notified that this option is with respect to a third party.
3) PAPER WALLET:
Our team is currently developing a paper wallet for more convenience of community, to store their coins in the absence of a suitable device.
4) GATEWAY WALLET:
Our team has developed a gateway interoperability on wavesplatform for storage and DEX usage. This means that QnodeCoin (QNC) can be transported between selected blockchain platforms through a gateway port.
- WAVES GATEWAY: To use the gateway to transfer QnodeCoins:
Visit: https://wavesgw.qngnode.cc (Live)
2. HOW TO BUY QNODECOIN.
You have two main ways to buy QnodeCoin:
a) Trade it against BITCOINS or it likes (WAVES or USDN etc).
b) Buy it directly with Fiat Currency on peer to peer (p2p).
What is fiat currency?
Fiat currency is government-issued money like naira, dollars, euros and yen. It’s centralized because it’s printed by the government — as opposed to many digital currencies that are decentralized and distributed by no one.
It’s easiest to buy QnodeCoin if you already own Waves (WAVES) or Bitcoin (BTC) or USD Tether (USDT). Then it’s just a matter of moving your bitcoin to the cryptocurrency exchange where its listed and trading it for QnodeCoin. QnodeCoin is currently listed on the following exchanges:
1. BITSTEN — Listed (QNC/USDT) (updated on 23/03/2021)
2. WAVES EXCHANGE — Listed (QNODECOIN/WAVES)
3. BITSAILS.COM EXCHANGE — Listed (QNC/BTC)
Buying QnodeCoin with fiat currency is a little difficult because there aren’t any platforms that allow it currently. Qnode developers are forming a new partnerships with an exchange services for more accessibility for Naira fiat-to-QnodeCoin transactions.
3. TRANSFER QNODECOIN TO YOUR WALLET
Whichever exchange you use to buy QnodeCoin (QNC), you’ll have the option to transfer the coins to your PC Core or Mobile/Exchange wallet. Avoid leaving the coins on the centralized exchanges, where they can be stolen through hacking.
Over the years Bitcoin has existed, it’s proven to be partially anonymous — but not fully private. In response, our developers had deployed her blockchain to allow privacy with a PrivateSend feature on the CoreWallet (also gleaned from Dash protocol).
For fast transactions. Many users feel that bitcoin’s slow confirmation times make it not viable and not scalable as a consumer option. QNC was built to enable quick transfers with the InstandSend feature on Core wallet.
On the Bitcoin blockchain there are miners who verify transactions that take place on the network, and in turn, get rewarded for their work. Similarly, on the Qnode blockchain, there are two layers of Service functions; Masternodes and Miners. And base on governance, the Qnode block rewards is split between masternodes (55%), miners (35%) and treasury (10%).
Masternodes serves as special servers that perform a proof of service functions on the network. They are responsible for privacy transactions (PrivateSend), Instant transactions (InstantSend) and the governance and treasury system. The Qnode blockchain network is growing stronger with masternodes.
These Masternodes improve the security of the network and make sure that the transactions are as quick as cash transactions. These services demanded that the masternodes are rewarded by the network.
A masternode gets 55% of the reward received for mining a block. At launch of the Qnode network, a block holds 50 coins and if a block gets mined by the miners, it will be split in the following manner:
35% rewards (20.25 QNC) goes to miners
55% reward (24.75 QNC) goes to masternodes
10% SBR (5.0 QNC) goes towards governance treasury as super block reward (SBR), for funding further developmental network improvements.
WHAT IS A CONFIRMATION:
A confirmation is a verification of a transaction on a cryptocurrency network. This happens when a new block is added to the blockchain through mining. To become final, a crypto-currency transfer requires multiple confirmations (Average transaction requires only 2 blocks). This is to prevent double spends, during which a coin is spent in more than one transaction. The more confirmations there are, the less likely there will be a double spend.
After the QNC (v2.0) went live, the blockchain parameters changed.
Below are the specifications:
Algorithm: X11 (v0.14 Source)
MN Collateral: 20,000 QNC
Pre & Swap: 3.6million
Finite Supply: 24,624,000 QNC
B-Halving: Every 210,240 blocks
Avg. Block Spacing: 5mins
Tx Confirm: 2 blocks
MN Confirm: 5 blocks
Tx InstantSend: 2–3 Seconds
Initial B-Reward: 50 QNC/Block
B-Reward share: (MN — 55%, Miners — 35%, S-block — 10%).
WHAT IS MINING?
Mining is a process by which a cryptocurrency is released into the world. A miner completes a computational puzzle and he’s rewarded with a block of currency along the public blockchain. From our github page, there are guide documentation on mining with GPU & ASIC hardware.
HOW QNODECOIN WORKS
QnodeCoin unique structure runs on a two-tier network called the masternode network as earlier explained. The network is an “incentivized full-node operation.”
The QnodeCoin network’s first tier is composed of nodes (having computational powers) that communicate with one another within the network. Miners use these nodes to verify Qnode’s transactions and create new coins.
The second tier is composed of masternodes. These are full nodes — computers that contain the full copy blockchain of the and enforces rules for the network. Masternodes facilitate specialized transactions for PrivateSend and InstantSend. Furthermore, they control the development of the network (I have earlier explain this above).
HOW DOES SOMEONE RUN A MASTERNODE?
To understand why masternodes are “incentivized,” you should know how someone runs this type of node and what they get out of it.
To run a masternode, you need to have 20,000 QNC available as collateral and a dedicated server. An operator needs to continuously hold this collateral to continue running a masternode and receiving transaction fees with block rewards. To, Depoy a Masternode, Visit DeployMN Page
If you decide to run a masternode, your node earns 55% shares daily from the accumulated number of blocks forged. And the governance protocol ensures automated distribution of rewards to all masternodes on the network.
DID YOU KNOW? At the time of writing this post, over 20 masternodes are running on the QnodeCoin network after barely 2 months of completed upgrade to version 2.0.
QNODECOIN FUTURE USE CASES
The Quantum Node Group has purposed a few future use-cases for the QnodeCoin in addition to the features earlier talked about. The unveiling of these secondary use cases are subject to the team developmental projections. For details, check our roadmap
- P2P VENDING:
The Qnode network will provide an interface for mobile wallets users to perform peer to peer payments among users (merchants and customers alike) to instantly accept or pay in crypto assets. Our developmental team has earlier launched a mobile wallet during the v1.0. But, it’s yet to be upgraded at the publication of this paper.
The Qnode (Electrum) Mobile Wallet will be upgraded in due course to enable swift and portable transactions among vendors and non-vendors alike.
The Quantum Node Group (QNG) prepares to launch a vendors-hub for ecommerce and shopping. It will be a platform for vendors to host stall-fronts and for online shopping with QNC as native settlement currency.
- EXCHANGE UTILITY:
Beyond P2P vending & Vendors-Hub for payment settlements, QNG team also prepares to launch a native exchange where QnodeCoin is major denominator currency for listing, exchange fees etc.
- ATOMIC SWAP:
QNC will allow users to perform atomic swap with determined cryptos (stable assets) in the nearest future, and receivers will receive payment in the pegged asset. The QNC network shall handle conversation through atomic swaps between cross-chain crypto assets and fiat in the nearest future.
- DEFI GOVERNANCE:
Quantum Node Group will initiate an inter-chain governance token on ethereum blockchain via smart contract with interoperability as an additional layer for decentralized finance.
Dex-Interoperability has been implemented on Wavesplatform hybrid exchange for storage and trading via a porting gateway. Qnode Core Developers have already deployed this feature on Wavesplatform for 1:1 backing on the Waves.Exchange platform to formally initialize more decentralize feature. A gateway has being developed to enable both blockchain interact seamlessly for Wrapped QnodeCoin (wQNC).
Tokenization on Waves platform
Asset ID: 4wLYwGEYPnhV8d3EFbmkbzGKyLKSZmaZUqkDAXumidQv
Supply: 24,624,000 QnodeCoin
Main-Net on Waves: CHECK CIRCULATION ON DEV.PYWAVES
WAVES GATEWAY (LIVE)
Lastly, We have built this project without an ico and primarily focused on Africans and Asians etc. We are a dedicated team and we give our best to deliver the proposed goals of the Quantum Node Group
Thanks for reading this step-step guide, leave comments and if you have a question. Send us a mail: firstname.lastname@example.org, We will be glad to help you.
Disclaimer: Quantum Node Group cannot take responsibility for third party providers, such as the listed exchanges, wallets, sites and pools. By clicking on any of the listed links you are accepting the risks of using the third party domain and taking responsibility for any losses, damage or other issues using said domain. Crypto-currencies are inherently risky and investors and users must remain vigilant.