Update on Qnode.DeFi — The First Algorithmic Inter-chain Protocol with X11
It was early December, 2020 that our dev-team proposed an algorithmic governance layer for the Qnode blockchain. Our development was 100% successful and completed poised to deployment on the ethereum network. We have performed a full audit of our smart contract on the Ropsten Testnet and on Uniswap. But just prior to mainnet release, we were held back due to reasons neighboring on recent miners fee hike on the ERC20 Platform. We had halted the developments and unanimously decided to move to the Binance Smart Chain for convenience of community and network fees.
We have shown our commitment in every sense to build without pressure and project was built solely on bootstrap (meaning team funding only). On the DeFi layer, we seek to raise funds for a faster track in project goals. The previous defi introduction published on 👉 December 3, 2020 has been modified as follows:
3 KEY FEATURES OF QNODE.DEFI LAYER COMING TO BINANCE SMART CHAIN
#1. The Algorithmic Bridge
This is where it begins. Qnode Blockchain is a standalone X11 algorithm that enables hardware mining and masternode tier for security of the network. The algorithmic life time of the Qnode blockchain averages 65 years and a few weeks, which will hit a final & calculated supply of 24,624,000 QNC. At the point of this publication, the network has over 82 masternodes and a network of miners. It’s currently forging 50 QNC per block with a maximum of 288 blocks per day.
In developing the governance layer on Decentralized Finance, below was how we came 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):
Inter-chain Defi Ratio is the algorithmic backing ratio of QND:QNC.
Let IDr Formulae:
IDr = (0.000013% x QNC Supply) - ACN.
where QNC supply = 24,624,000 QNC
let 0.000013% = Pam (Percent of algorithmic multiple).
let ACN (Allowable Constant of Negligible Decimal) = 0.000112
therefore, 1 QND = 3.2 QNC
#2. Total Defi Supply (TDs):
TDs = The Total Defi Supply that is mint-able in the smart contract.
TDs = QNC Supply/IDr
Where QNC Supply = 24,624,000 QNC
Where IDr (Interchain Defi Ratio) in QNC = 3.2 QNC
therefore, TDs = 7,695,000 QND
The approximate and maximum supply of Qnode.Defi (QND) is calculatively fixed at 7,695,000 QND
#2. 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 allow for dual chain iteration between Qnode Blockchain and Defi contract via the x11 algorithmic bridge at 1 QND = 3.2 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 1562.5 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 Pancakeswap, Julswap, etc. This window of opportunity is open and can be expand on syrup pools also.
#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 incentivize 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 <=> 1562.5 QND (minimum per swap)
- 1ST HALVING: 2,500 QNC <=> 781.25 QND (minimum per swap) from height 210241 blocks
- 2ND HALVING: 1,250 QNC <=> 390.625 QND (minimum per swap) from height 420481 blocks
- 3RD HALVING: 625 QNC <=> 195.3125 QND (minimum per swap) from height 630721 blocks
- 4TH HALVING: 312.5 QNC <=> 97.65625 QND (minimum per swap) from height 840,961 blocks
Hence it will require an approximate 65 years to exhaust the Qnode Blockchain.
SUPPLY TOKENOMICS & DISTRIBUTION
The Inter-chain defi shall only mint a total supply of 7,695,000 protocol tokens along with Qnode (x11) Blockchain & in accordance with its smart contract.
- A total of 3,750,000 QND of the mint-able supply is allocated for crowd funding in two phases of sales at $0.10 & $0.30 respectively.
- Firstly, 1,875,000 QND is allocated to private sales, plus 30% (562,500 QND) bonus for every address or users that interacts with the contract.
- A second 1,875,000 QND is allocated to phase 02 sales, plus 20% (375,000 QND) bonus for every address that participates.
NOTE: A total of 937,500 QND is to be emitted to all sale participants as bonus during sales).
- Marketing Airdrop campaign will distribute 625,000 QND to first 13,000 participants freely. And in addition, a shared pool of 200,000 QND for all affiliates. To be distributed after 120 days governance period.
- The Governance layer shall hold 90% of 2,182,500 QND (i.e 1,9642,500 QND) in reserve & locked for inter-chain bridge iteration with the Qnode Blockchain. While, 10% of the same (218,250 QND) shall be in lock for team. Qnode.Defi (QND) will be available via the x11
algorithmic bridge at 1 QND = 3.2 QNC (forever) for onchain mining (i.e masternodes block earnings) after the initial 120 days governance period from launch.
At the point of this publication, we have made over 80% progress with developments on the Binance Smart Chain (BEP20) platform.
APPLICABLE WALLETS AT LAUNCH FOR THE PROTOCOL ARE:
#1. Trust wallet
#2. SafePal Wallet.
#4. Julwallet (when launched)
PROSPECTIVE TARGET EXCHANGES
#2. BITSTEN (CEX)
#4. BITMART OR BINANCE (Upon capping public sales)
- Algorithmic Mining
- Onchain Mining (masternodes Block Rewards)
- Governance base Yield farming.
- Crypto Loans (proposed).
We trust to meet and fulfill all developmental goals of the project. And soon we shall make announcement concerning Marketing & Airdrop release. Official launch is scheduled for March 30th 2021.
Thanks for staying.