Qnode Protocol Digest 004: Community Inquires on Protocol, Presales, Airdrop, Answers and Announcement
Hi great community, We hope everyone is having some awesome time.
Educating our community is a serious part of our responsibilities. That is not to say that you do not know what the crypto-space holds. But for the sake of newer participants (newbies) in our midst and newer concepts of individual projects like ours, we do this.
We have received turns of inquires from our telegram community, which we have answered. And in this 4th digest, we shall be updating you with clearer explanations regarding the Qnode Protocol. These were somewhat explained in the last AMA held on 17/03/2021. Perhaps, someone missed the AMA and have probing questions to ask. A few questions by community has been answered here.
Q1: How Does Qnode.Defi Works? by Adebiyi Emmanuel
Answer: Qnode.Defi ($QND) is built to be an investment tool and a governance defi protocol that is backed by the Qnode blockchain (or Network). Its is deployed on the Binance smart chain platform and audited.
The Qnode Blockchain is a fork of the X11 algorithmic consensus/strategy from Dash Core (v0.14 branch) with better difficulty and adjusted parameters. Qnode.Defi is probably the first of it’s kind, a protocol that uses algorithmic computation to link traditional blockchain like Bitcoin cores/forks and platform blockchain like Ethereum — ERC20 or BSC — BEP20 (in this case, BEP20). Our approach is uniquely different. Many Defi projects are doing the same thing and a few community members just wants the status quo from us, to toll the same part and be like the rest. But no matter how small, Qnode Protocol cannot be like the rest. There will be similarities, yet very different.
Therefore the two assets are Interoperable via a governance, algorithmic bridge and still retains their unique features from both ends.
Q2: What is the difference between QND and QNC? by Oyewole Oluwaseun
Answer: Qnode.Defi ($QND) is a defi token created via solidity contract on binance smart chain. It’s fully audited and free from vulnerabilities. It has (or shall have) mostly all defi features (swappable, yield-farming or liquidity Pools, staking etc) . But most powerfully, its shall have own algorithmic layer to interact with Qnode blockchain for Onchain Mining ⛏️ (i.e miners or mn-rewards).
While QnodeCoin ($QNC) is a standalone blockchain like Bitcoin or Litcoin or Dash. its mine-able via the X11-PoW (Proof of Work) strategy and PoSe (Proof of Service) consensus features of masternodes. Anyone can mine it, as well as deploying masternodes
Q3: If after Pre-sale of $QND, the token is not completely sold out, what will the team do to the remaining tokens. Will there be a Burn or sent to the next round of Sales? By Xuti Bn
Answer 3a: From the governance computation, the supply of Qnode.Defi ($QND) is ALGORITHMIC and NOT DEFLATIONARY. Therefore, QND cannot be burnt.
Take a look at the algorithmic computation here:
#1. IDr (Inter-chain Defi Ratio) is the algorithmic backing ratio of Qnode.Defi (QND) to QnodeCoin (QNC). That is, QNC is not being wrapped like in wBTC, wLTC etc. Wrapped coins are always 1:1 and not algorithmic. But the reverse is the case with QnodeCoin and Qnode.Defi.
Algorithmic Formulae:
Let IDr Formulae:
IDr = (0.000013% x QNC Fsupply) — Acn.
where QNC Final-Supply = 24,624,000 QNC (in 65 years)
let 0.000013% = Pam (Percent of algorithmic multiple).
let Acn (Allowable Constant of Negligible Decimal) = 0.000112
mathematically, 1 QND = 3.2 QNC (forever via the bridge)
Therefore, there shall be no burn of QND — the contract is not deflationary. The backing blockchain will have to catch-up in some years with QND supply. And if a burn happens to QND, there will be a short supply in circulation to march the algorithmic computation, since 1 QND equals 3.2 QNC. This is why the Protocol Contract cannot execute a burn tx.
Algorithmic-ly, the Total Defi Supply (TDs) of QND is calculated using the following derived formulae:
#2. Total Defi Supply (TDs) — is the maximum or final supply that is mint-able in the smart contract.
Let formulae;
TDs = QNC Supply/IDr
Where QNC Supply = 24,624,000 QNC (in 65 years)
Where IDr (Inter-chain Defi Ratio) in QNC = 3.2 QNC (calculated above in #1.)
therefore, TDs = 7,695,000 QND
Answer 3b: Having understood the governance computation, The team shall moved the unsold supply to the next phase of sales and If at the end of public sale, there are yet unsold QND. Then the Dev team shall vault the remaining supply to dedicated wallets (in public views) until the native blockchain catches up with the supply of Qnode.Defi ($QND). Sales is determined to have adequate QND in circulation, else miners on the native blockchain can monopolize the chain.
Q4: I have realized that only a minimum amount of 5000 QNC or 1562.5 QND can be iterated (swapped) on the algorithmic bridge for a to and fro transaction. And any swap below the minimum is disabled or lost if executed. Then, why is QNC less than QND in its supply? By Samir Mosaad Zidan
Q5: What’s next for QnodeCoin (QNC) ? By Pietro A
Answer 4 & 5: From the governance computation above in Q3a (answered), the ratio of the supplies have been determined in algorithmic ratio of 1 QND to 3.2 QNC. Therefore, the following will likely happen:
let make an assumption here, If after the public launch Qnode.Defi (QND) from April 30th; Assuming the value of QND is 1 USD. The market will adjust on exchanges where QNC is listed. This is because, 1 QND = 3.2 QNC (forever). Mathematically if 1 QND is $1, then community can be sure to value their QNC to be $0.3125 (i.e. $1/3.2). The QND tokenization utilizes the Qnode blockchain and vice-versa. Hence, QNC value is linked to QND via the algorithmic governance bridge and QND utility is incentivized for On-chain mining (via masternodes rewards).
Q6: Staking is future now, I would prefer it rather than investment? By Samir Mosaad Zidan
Answer 6: Earlier in this article, we have hinted that Qnode Protocol is different from what is obtainable already in the defi space. Whereas, we are leveraging the space, what we bring is new and unique. It will interest you that many staking (economic) models are not secured and full of vulnerabilities.
This is why we did not include economic computation for APYs in our contract deploment.
A host of crypto communities do not know the risk involved, thereby most of such project skip auditing of their contract, as they will not come out clean. Very few projects meets up with this economic models. Below is an excerpt of the Qnode.Defi audit report from TechRate.org proving that our contract passed the economic model.
There is pratically no project that you would want to make a meaning full profit from that would not require atleast a small investment either monetarily or otherwise (service efforts).
Q7: Will a staking option be available like stake QND and earn QNC or NOT? By NAS_SAEED
Qnode Protocol does not allow or permit the staking of QND to earn QNC. Our algorithmic approach is different, rather, users can iterate QND to QNC (back and forth) via governance bridge. Also, We shall work towards staking QND to earn more QND in syrup pools like on Pancakeswap. Liquidity pool also affords farmers to earn from liquidity mining.
But if anyone would truly understand the simplicity and incentivization of the onchain-mining (via masternodes rewards or owned mining ⛏️ rigs), they will chose it over staking. You can earn blockreward from onchain-mining of QNC and iterate at a fixed ratio. Details of these uniqueness are found on our site👈
With a 0.99$-1.99$ (i.e 5.99$/6 Months) anyone with a collateral supply of 20,000 QNC or 6,250 QND can easily deploy a master-node on Pecunia or ihostmn and start earning block rewards according to the democratic governance of the network participant, which are iterate-able.
Q8: Looking at what’s happening with Bitcoin and Ethereum in the aspect of high fees for transactions, what measures does Qnode Protocol have to capitalize on this deficiency of BTC and ETHER since these assets are also minable. Is Qnode Protocol going to suffer the same course?
This inquiry actually put a huge smile 😊 on our cheeks. Anyone who have used the QnodeCoin Core wallet knows how scalable it is. fees are in 0.0002 nodelets or less. See a typical example below:
👉 View Transaction on Explorer
On the Bitcoin network, 1 BTC equal 100,000,000 Satoshi. On Litcoin network, 1 LTC equals 100,000,000 Litoshi and on the QnodeCoin network, 1 QNC equals 100,000,000 nodelets.
IMPORTANT ANNOUNCEMENT
🔰Pre-sale is still live until March 30th, 2021. Over $11,700 has been raised at this publication.
Visit defi.qngnode.cc/buy-qnd to place your orders.
🔰 Public Sales will be live 4days after Presale and runs for 2weeks approximately.
🔰 The airdrop distribution will follow after and will be conclude by April 30th. It will be paid first to Presale, Public Sale Participants, and to non participants in this order.
🔰 Official Listing to Bitsten will be concluded and Trades will open in April after the Public Sales. Team shall initiate and supply liquidity on routed DEXes after some CEX (es) are listed (this initial liquidity shall be propotional to softcap & hardcap).
🔰We shall list more exchanges between May — June and depending on volume of trade, We shall file for cmc, Coingecko etc.
🔰 Governance period will count down from April 30th, and the Bridge will be live after 120 days (note: depending on our speed of developments, the bridge can be live before 120days elapses…)
From the Team:
We appreciate all who have trusted us since the official launch of Qnode Blockchain and committed funds to the Qnode Protocol in this ongoing sales. We have been here long enough and the delivery of the protocol goals is top priority. We shall meet every fit. And other products are being develop already. Star tunned
