On 31stof March, QLC will release Go-QLC v1.0. The community members will be able to download and access the official version. But what is it all about? Altcoinbuzz provides a unique overview.
The product’s key components concenter around the idea of facilitating payments. The users will benefit from the Global SMS Billing system, helping the Montnets Group and its clients reduce tens of billions of USD operational costs. QLC holders will be the first ones to take advantage of this ground-breaking technology.
Go-QLC will offer some unique features, like public chain attached staking contracts. These include token mintage contract, voting power contract, and Confidant usage contract.
A QLC holder can stake their Nep-5 QLC to deploy contracts, get access to various applications, functions and at the same time receive Q-Gas. The latter is what the company describes as “the fuel token.” So what happens is that once a communication service provider deploys their service on Go-QLC, Q-Gas will be the one ensuring that the transaction is seamless.
QLC holders can sell off their earned Q-Gas to carriers for profit using the market function in QLC Chain Wallet or supported exchange. QLC Chain major is not only about clearance. Its other advantages include:
- distributed security (e.g. digital ID authentication, privacy encryption and on-premise storage)
- distributed billing (e.g. trusted billing, anti-fraud billing and phone bill payment)
- P2P addressing (digital identity and chord network optimization based on IPv6) .
Ultimately, you need Q-Gas when using such services as billing, P2P addressing and the like.
Getting Q-Gas
There are two ways of acquiring “the fuel”. One is for QLC holders to stake their NEP-5 QLC. In such a case they will receive Q-Gas to their Go-QLC wallet on a daily basis.
It is also possible to stake QLC for voting power. Staking NEP-5 QLC will acquire voting powers on a 1:1 ratio. Those who own enough of voting power will become a master node confirming the transactions on the network.
Another way of getting Q-Gas is becoming a QLC Chain miner. Miner nodes will earn Q-Gasby competing via proof-of-work. Miners will share 3% of Q-Gas total circulation annually as a reward.
Here is how to mine:
- By staking 1 million QLC
- By gaining more than 1% voting power within the whole network
- Voting power is converted from staked QLC at a 1:1 ratio
- Miners-to-be can advocate other QLC Holders to delegate voting power to them
- QLC holders can delegate voting power to others. However, the right to receive Q-Gas remains to the original holder.
Using Q-Gas on an encrypted communication platform
Confidant, one of the most trusted privacy-focused communication platform, consumes Q-Gas. The company promises that
“communication content between you and your counterparty can never be accessed by any third-parties, enabling any individual to reclaim the ownership of their data.”
Confidant will be activated with Q-Gas in your wallet. It is also possible to stake QLC for token mintage. In fact, holders can stake 10,000 QLC for 6 months. They will automatically become qualified for receiving a token.
For those already anticipating a token swap, September is the month when it will take place.
The product will be available via this link.
