QNODE FOR BEGINNERS: A Step-By-Step Guide to QnodeCoin

earn 55% incentivized node rewards

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.

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.

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.

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.

  1. 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.

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.

PRIVACY PROTOCOL

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).

INSTANT SEND

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.

MASTER-NODES:

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%).

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.

BLOCKCHAIN SPECIFICATION

After the QNC (v2.0) went live, the blockchain parameters changed.

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.”

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.

REQUIREMENT:

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

BENEFITS:

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.

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

  1. 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.
  2. VENDORS-HUB:
    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.
  3. 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.
  4. 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.
  5. 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

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

Name: QnodeCoin
Issuer: 3PQhZFZThfrYdTxNSkSLBsGeBgHAppHUsNm
Asset ID: 4wLYwGEYPnhV8d3EFbmkbzGKyLKSZmaZUqkDAXumidQv
Supply: 24,624,000 QnodeCoin
Re-issuable: False
WAVES DEX
Main-Net on Waves: CHECK CIRCULATION ON DEV.PYWAVES
WAVES GATEWAY (LIVE)

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Qnode Protocol

Qnode Protocol

The Protocol is an evolving tech development comprising Qnode Blockchain & its DeFi Layer on Binance Smart Chain for Incentivized Nodes & Algorithmic Governance