QNODECOIN: Everything You Need To Know About Qnode Blockchain
Written By JAVAKID and Edited By Josh Erhiga
WHAT IS QNODECOIN?
QNODECOIN is an open sourced digital currency that can be used to send or receive payments immutably within split of seconds. QnodeCoin was built with the goal of vendors’ usage.
The QNODECOIN was built on top of the blockchain technology that Bitcoin uses, however, some significant improvements had be made due to the originated fork of the source codes performed by the Dash protocol. This was what made Qnode Blockchain a fork of X11 algorithm (v0.14) from the Dash Protocol.
QNODE BLOCKCHAIN AS A DAO
Qnode is being built to be a Decentralized Autonomous Organization (DAO) purposed to be ran by its subset of users, which provides a Proof of Work (PoW) and Proof of Service (PoSe) functionality. The currency permits privacy of transactions that can be untraceable via the obscurification model for privacy encryption.
QNODECOIN offers better privacy, security and higher transaction speed than Bitcoin, Litcoin etc. This is achieved with the Proof of Service functionality built into its conceptualization called “Masternodes”. The masternode on the Qnode Blockchain are the backbone of the network.
The Qnode Network also operates on a self-governance and self-funding model. Unlike Bitcoin, Qnode Blockchain can fund itself to make further improvements on technology advancement via a consensus voting mechanism.
HOW IT STARTED
Qnode project is a non-ico project (i.e it’s self funded with no initial offer). It that started as a custom token (QCASH) on wavesplatform before the Quantum Node Group launched the native blockchain.
The project was originally driven to solve passive earnings for holding QCASH tokens. But, it has metamorphosed into an incentivized blockchain currency to solve digital payments as well as privacy encryption. The Quantum Node Group was formed by Josh Erhiga E. on 22 October, 2018. But, on February 13, 2020, the native-standalone blockchain was officially launched afterwards and QCASH tokens were swapped to QnodeCoin at 1:10 ratio.
On June 10th, 2020, there was a PoS chain stuck that led to the change in algorithm from Quark (v3.30) to X11 (v0.14). The new chain was an upgrade of QNC version 1.0 to version 2.0 (i.e. QNC v2.0). The Version 2.0, which is a X11 algorithm went live on 25th June, 2020.
In the v2.0 upgrade, significant modification was made to the network parameters and about 7.4 million coins which were in circulation was reduce by a divisional ratio of 2.06 to 1. The new pre-mine was reduced to 3.6 million of QnodeCoins and all participant were swap to the new chain consequently.
QNC VERSION 2.0 BLOCKCHAIN PARAMETERS
After the QNC (v2.0) went live, the blockchain parameters changed. Below are the specifications:
Name: QnodeCoin
Ticker: QNC
Algorithm: X11 (v0.14 source)
Masternode Collateral: 20,000 QNC
Premine & Swap: 3.6 million QNC
Final (future) Supply: 24,624,000 QNC (it will take an average of 65 years to mine)
Block Halving: Every 210,240 blocks
Avg. Block Spacing: 5 mins
Tx Confirmation: 2 blocks
MN Confirmation: 5 blocks
Tx InstantSend: 2–3 Seconds
Initial B-Reward: 50 QNC/Block
Block Reward share: (MN — 55%, Miners — 35%, Treasury — 10%)
FEATURES: HOW CAN QNODECOIN BE USED?
QnodeCoin has many features that provide it an edge over other crypto currencies as gleaned from DASH. QnodeCoin can be used to make transactions in a more private and speedy manner because of these three features:
• Masternodes
• PrivateSend
• InstantSend.
FEATURES IN DETAILS
1. MASTERNODES:
On the Bitcoin blockchain there are miners who verify transactions that take place on the blockchain, 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), the distribution 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 from every mining ⛏️ of a block on the blockchain. 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% (5.0 QNC) goes towards governance treasury as super block reward, for funding further developmental network improvements.
> **NOTE:** After the blockchain forges 210,240 blocks, the block rewards will half by reducing to 25 QNC/Block.
An overview of a wallet with incentivized rewards
2. PRIVATESEND
One of the problems with the Bitcoin blockchain is that it is completely public. What this means is that if you make a Bitcoin transaction, anyone in the world with internet access can find out the following things about it:
- The sender’s public address and receiver of each Bitcoin transaction,
- How much the transaction was worth,
- Previous transactions in which that Bitcoin Wallet was involved.
Hence, user’s data are not private. Unlike fiat transactions where the details of each transaction are known only to the parties involved.
However, **Qnode Blockchain** presents the service called PrivateSend which adds privacy to transactions via obscurification of transactions. This makes transactions un-traced, and the identity of users not revealed to the world. PrivateSend makes QnodeCoins fungible. These are inherited feature from Dash protocol.
3. INSTANTSEND
On the average, it takes about 10 minutes for a Bitcoin transaction to get confirmed. Thus, it not scalable for mass adoption. QNODECOIN solves this problem as inherited from DASH, by providing a special service called “InstantSend”.
Using InstantSend, QnodeCoin transactions are almost instantly as they are confirmed by the masternode network. There is an extra cost for the InstantSend service over a normal QnodeCoin transaction.
A normal QnodeCoin transaction gets cleared in about 2.5 minutes, which is still an improvement over Bitcoin. But who wants to wait for 2.5 minutes at a grocery store just to make a payment? No one. So, by paying a small fee, you can ask masternodes to clear your transaction within splits of seconds.
4. SELF-GOVERNING AND SELF-FUNDING PROTOCOL
In Bitcoin, when a block gets mined, 100% of the reward goes to the miner(s). However with QnodeCoin, 10% of all the mining rewards go back to the network. It basically gets added to the budget automatically, which is then used to fund the growth and advancement of the Qnode Blockchain. This means that QnodeCoin crypto-currency can fund its own growth and adoption.
SO, WHO DECIDES THE USAGE OF THIS TREASURY FUND?
It is done in a democratic manner in which the Qnode network participants vote on the various proposals when they are deployed.
HOW A QNODECOIN TRANSACTION ACTUALLY WORKS.
Let’s imagine you already own a QnodeCoin crypto currency and you have stored it in your wallet. Firstly, here are two important things that you need to know about your QnodeCoin wallet.
Public (Wallet) Address:
Think of this as your bank account number. This is randomly generated with a combination of letters and numbers which you can share with anyone who wants to send you payment. Wallet address starts with “9xxxxxxxxx…..”
Private Key:
Think of this as your ATM pin number which you wouldn’t share with anyone. It is also a random sequence of characters that you need to access your QNODECOIN wallet to make a transaction.
So, suppose you want to send 1 QNC to your friend, AYO. You would have to go through the following steps to make this transaction happen.
- You would send 1 QNC coin to AYO public or wallet address by signing in to your wallet with your private key if required. Mining nodes will add your transaction into a block, which is basically a group of QnodeCoin crypto-currency transactions happening in a similar time frame.
- If you chose the InstantSend service than your transaction will be instantly confirmed by the masternode. Otherwise, it will be confirmed by a normal miner in around 2–3 minutes.
- Once that is done, the rest of the miners on the network will be told about it. They will double check the results from the miner that verified the transaction to make sure there are no mistakes and that the transaction is valid.
- QNC will then get transferred from you to AYO.
This is how a transaction on the QNODECOIN network works. Simple!
TRANSACTION FEES
Transaction fees on Qnode blockchain are near zero, despite the volume of transaction made.
The Qnode network is completely decentralized because a lot of important functions are carried out by masternodes. But don’t you think that if someone controlled a majority of the masternodes then they could potentially control the QNODECOIN network as well. While this is difficult, it is not impossible, but the individual must appeal to all node owners and buy over 50% circulating supply, to achieve that.
IS QNODECOIN SECURE?
Qnode blockchain offers a secure way to transact without the need of any third-party intermediary.
A good example, if you make a payment through your Visa credit card then Visa makes sure that the transaction is completed in a secure manner. It also records all transactions for future reference.
Sadly, if the security of Visa or other such intermediaries gets breached, then all of its users are at a risk. In fact, there have been many incidences lately where hackers have attacked banks and financial institutions, resulting in loss of wealth for the account holders.
QnodeCoin which is built over blockchain technology offers a secure option by making this process decentralized. Rather than relying on a centralized entity like a bank, QnodeCoin transactions are confirmed by Over 20 servers hosted around the world currently (in 2 just months of launch) and still counting. The network hope to grow quickly over 100, 500 nodes world over.
Since upgrade to X11, the Qnode blockchain hasn’t faced any security issues, and the final supply of the network will be 24,620,000 QNC in an average of 65+ years.
QNODECOIN FUTURE USE CASES
The Quantum Node Group has proposed 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.
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.
This development will also include mobile vending for airtime and data in selected countries (starting in Nigeria and Indonesia).
The Qnode developmental team has earlier launched a mobile wallet during the v1.0. in March, 2020. But, the P2P mobile wallets is yet to be upgraded to QNC (v2.0) at the publication of this article (August, 2020).
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 in 2021–2022, for e-commerce. 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/DEFI SWAP:
QNC will allow users to perform atomic swap with determined cryptos (stable assets) in the nearest future, and users will receive payments in the pegged asset. The QNC network shall handle conversation through atomic swaps between cross-chain crypto assets and fiat in the nearest future. We look forward to great partnerships to implement this. As research is being conducted within the defi space.
DEX INTEROPERABILITY
The Quantum Node Group, project began on the Wavesplatform with tokenization. And it has ever been our ultimate goal to implement DEX interoperability for decentralized exchanges. Our picks are:
- Waves Protocol
Dex-Interoperability has been implemented on Waves Protocol hybrid exchange for storage and trading via a gateway port.
Qnode Core Developers have already deployed this feature on the wavesplatform for 1:1 backing on the Waves.Exchange platform to formally initialize the decentralize feature. A gateway has being developed to enable both blockchain interact seamlessly.
Tokenization on Waves Protocol
Name: QnodeCoin
Issuer: 3PQhZFZThfrYdTxNSkSLBsGeBgHAppHUsNm
Asset ID: 4wLYwGEYPnhV8d3EFbmkbzGKyLKSZmaZUqkDAXumidQv
Supply: 24,624,000 QnodeCoin
Re-issuable: False
DEX: Waves.Exchange
Main-Net: dev.pywaves.or/assets/qnodecoin
Gateway: wavesgw.qngnode.cc
Lastly; Its the right time to invest in the non-ico project: Qnode Blockchain
**Disclaimer:** Quantum Node Group (now Qnode Protocol) 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. Also Crypto-currencies are inherently risky and investors and users must remain vigilant and take responsibilities for their investment actions.
