Exploring Qbao’s tokens and how they move around the decentralized social network
Filesharing and currency are some of the commonly used conventional services that are getting replaced with highly evolved decentralized peer-to-peer technologies. Now is the time to use the latest blockchain-based virtual equipment and related machines to develop feature-rich apps for a range of web services such as blogs, social networking, and exchanges.
In today’s highly evolving, always-on ecosystem of trading bitcoins and other digital currencies, there is a need of having a trusted decentralized network. A network that seamlessly overcomes the issues related to data mining and privacy violations—something that centralized social networks face every now and then. That is where Qbao comes into play.
Qbao — making social networks decentralized and reliable
Qbao is based on Qtum—a hybrid open-source blockchain application platform that combines an account abstraction layer and specific fork of bitcoin’s core including the Proof-of-Stake consensus and the Ethereum Virtual Machine. This Qtum-based social network has different applications of mobile terminals and includes several web systems, a desktop, and a browser plugin. Ultimately, Qbao has the vision to evolve as the WeChat of the entire Qtum world—a social network that has its own complete ecology.
Before Qbao and the advent of decentralized social networks, there were centralized social channels where the creators or admins played the double roles of both mediators and managers. By giving two roles to a single person and centralizing the authority, such social channels often gave other stakeholders nearly no clear right of speech.
However, Qbao is the social network where all the users are totally equal and confirm to a well-defined decentralized autonomous protocol. In such social channels, every member enjoys an equal status; here, everyone jointly governs, owns, and shares the network.
Having a decentralized autonomous protocol, Qbao is designed to serve global blockchain users and the entire Qtum community. This social network empowers people to experience a whole new generation of sophisticated blockchain technology
and other decentralized applications (DAPPs) that are based on Qtum. Finally, for monetizing every phase of its working, Qbao issues a specific token, known as QBT, and is completely based on Qtum. Qbao lets its creators, users, and other partners maintain the entire social network by using more reasonable, equal profit-sharing ways. Because of this profit-sharing setup only, Qbao’s social network is evolving rapidly.
Why has Qbao chosen Qtum?
Qtum—a public blockchain built and maintained by Qtum Foundation—is compatible with EVM’s smart contract and the UTXO account. Because of this, Qtum provides completely safe cryptocurrency experience for Qbao’s decentralized social network and can deliver excellent computability with DAPPs and other massive third-party smart contracts.
A powerful foundation
Qbao’s foundation is laid on MPOS consensus mechanism and an autonomous protocol. Based on this cutting-edge technology, Qbao is able to create a truly decentralized, powerful network that is owned, shared, and governed by all of its members.
Strong community support
Qutum is managed and supported by a robust team of technicians. Such massive support has actually streamlined and accelerated the development of Qbao. By experiencing powerful community support, this decentralized social network has pushed itself rapidly to obtain a fission growth.
QBT—revolutionizing digital currency
All the application scenarios of Qbao need the Qbao token, which is also known as QBT. This token is Qbao social network’s core and is based on Qtum. The usage scenarios of QBT include the following ones:
- A wallet supporting different cryptocurrencies such as bitcoins, litecoins, and ethereums
- A robust social network
- Peer-to-peer decentralized communication that remains encrypted
- Knowledge payments
- Payment clearing and gateways
- A DAPP store
- Product and promotions engine
- A full-fledged community of user-generated content
- Digital assets exchange
- Skin markets and emoticons
Why is QBT a success story in the making?
- Having a decentralized autonomous protocol, QBT is embodying the right of speech. By this, people can easily participate in the interest shares and governance of the entire social network fairly.
- Through QBT, people can simply obtain a number of value-added social services; for instance, emoticons, skin markets, and P2P communication.
- QBT can even establish a complete ecological system that can include knowledge payment, trust social, and massive DAPPs. With such an ecosystem, not only the creators or partners but also the end-user can be benefited.
- By using QBT, content suppliers and users can easily form a robust mode of corporation; such coordination and corporation bring different end-users closer to each other.
- QBT can simply enable the social network’s users and other internet advertisers to reach fresh new avenues of advertisers, users, and interest allocation. With such a setup, the users can easily obtain multiple benefits by sharing advertisements via QBT.
How will QBT move around different Qbao application scenarios?
A wallet that supports various digital assets
Qbao introduces a fully decentralized wallet supporting a number of digital assets. For all those who are unaware, wallets are meant for safely keeping and owning tokens and other DAPPs on blockchains. Which is why, the first version of Qbao wallet will let users collect and transfer all the tokens supported by Qutum; these tokens include Vevue, Bodhi, Energo, Medibloc, and Ink.
With Qbao wallets, the purchased tokens can be kept safely. In its future versions, the Qbao wallet will seamlessly support other digital assets such as BTC. User transactions will be truthfully recorded within Qtum’s production network, and they will never get tampered. Because of this, Qbao’s wallet function is almost always foolproof.
The QBTs are used for setting up a Qbao wallet.
Decentralized P2P–encrypted communications
Analyzing the current social networks such as QQ, Facebook, Twitter, and WeChat, they all have a centralized database. That is, the messages sent by the users are preserved in the database of the social network—this finally means that the network’s admins can review and filter the messages, and that is when they get the God-Mode view and user privacy is compromised.
Nevertheless, that is not the case with Qbao as it will provide a complete P2P–encrypted communication service where every message sent by the user will be encrypted; and none but the receiver can decrypt the messages. So the privacy on such systems is nearly unbreakable.
Users of this P2P–encrypted communication network will need to purchase its services with the help of QBT.
A social network that is built on trust
In every social network, the most important factor remains credibility. For instance, in WeChat, all the users who are marked with VIP will never receive false news. This VIP mode has become tremendously beneficial for preventing network violence and malicious slander in a social network.
This social network will offer a number of private social functions that operate as free groups. The users will be able to establish specific QBT as thresholds for joining the private social contact. By shelling out QBTs, users will rest assured about the group’s privacy and the impeccable quality of sociality.
In Qbao, all the users will easily use QBT for buying the “VIP” mark and, thus, preventing the growth of fake users.
Qbao will be offering knowledge payment mechanism just like other knowledge payment products such as Zhihu Live, Iget, and Fenda. In this mechanism, a few key opinion leaders in the sectors of blockchain and investment will be invited by the users for a quick FAQ or a discussion.
The opinion leaders will be paid a specific amount of QBT for answering some technical questions. Likewise, the users who are attending the discussion event will have to pay a few QBT tokens. So it is a win-win situation for everyone—the moderators, the listeners/audiences, and the speakers.
So with QBT, users will seamlessly purchase knowledge and get benefitted.
Clearing and payment gateway services
Sometimes, it becomes more important than ever to link cryptocurrency with the real-world economy. During such times, the digital-currency holder will need well-defined payment gateways and clearing services. Qbao is fully committed to developing a full-fledged ecosystem of Qtum by raising the number of Qtum applications along with the tokens.
This move helps both offline and online merchants provide robust payment services of digital currencies. So Qbao will develop powerful payment gateways of the Qtum platform that can provide a well-defined clearing service allowing merchants to carry out clearing and receive Qtum.
Merchants will need QBTs to establish a strong link with the payment gateway of other tokens and Qtum.
A DAPP store
A public blockchain’s value is determined by people who can leverage it. Now, the number of people using a blockchain is analyzed by the amount of DAPPs present on it. That is, when there are more DAPPs putting the value on a specific blockchain, there will sure be more users; and more users on a blockchain will guarantee its success.
Now, the main aim of Qbao will be to establish a powerful gateway for Qtum. Qbao is all set to establish a complete DAPP store; this will allow the partners of the Qtum blockchain community to not only publish DAPPs but also issue a number of smart contracts within the store.
If developers wish to release a powerful smart contract that can be used by other users, they will need to invest a specific amount of QBTs.
Skin market and emoticons
Today, the young internet users heavily rely on emoticons and skins that have a high demand within the social network. So if the users are younger, they will sure need a stable demand of skins and expressions. For example, the iPhone X’s key selling factors remain Face ID and emoji packages.
In Qbao, the development team is dedicated to establishing independent skin market and emoticons by defining a range of specifications. This, further, will allow users to setup and submit their own emoticons. These emoticons and skins can be purchased by using QBTs.
QBTs will be used for buying cool-looking skins and emoticons.
Product promotions engine
Qbao will evolve and will increase its user base, and its flow will be more valuable then. All the advisors having different advertising requirements can purchase the space from specific ad agencies. In short, they can use Qbao as a promotion engine to display their own products/services.
Also, Qbao is planning to integrate different applications on Qtum for giving token usage and application scenarios to promote their services and products via product promotion engine. That is, the engine will even be used for Qbao’s own promotional purpose so that it attracts more users.
Advertisers will need to purchase an advertising space by giving QBTs.
Digital assets exchange
Just like Binance, Qbao develops a definite quotation function of different digital currencies such as bitcoins and Qtum. In the coming time, Qbao will plan to support more and more of the Qtum-based tokens along with a range of other digital currencies too.
In a way, Qbao will offer a complete digital-currency market and other transactional data for letting users grab the most exciting information related to cryptocurrencies. Qbao will support different decentralized exchange protocols making the platform highly secure and convenient to use.
QBTs will be used for releasing fees of any smart contract–based transactions on the exchange.
User generated content community
It is very important to have the support of user generated content (UGC) for any social network. With the help of UGC and many key opinion leaders, the entire social channel can have enough activity. So for the whole Qtum community, Obao will work to establish full-fledged UGC.
With its own UGC, the Qtum community will manage to improve its activity and discussion topics. And the UGC for Qtum will be created on the basis of the QBT system only. Compared with other previous-generation centralized systems, the fully open-regulation engine is driven through different algorithms and even supervised and shared by a lot of community members.
The team will require QBTs to push the UGC content.
The QBT token — creating the next big digital value
The Qbao Foundation issues the QBTs that are based on the QRC–20 standard. These Qbao tokens are the core factors that drive this social network and will be applied in the DAPP store, Qtum merchant payment, P2P cryptographic messages, and skins and emoticons.
The total limit of issuing QBTs is set to 100 million, and these tokens will be distributed as follows.
- PreICO and ICO: 51,000,000 QBT—51 percent
- Team: 20,000,000 QBT—20 percent
- Early Investor: 12,000,000 QBT—12 percent
- Marketing: 12,000,000 QBT—12 percent
- Vulnerability Rewards: 5,000,000 QBT—5 percent
The total amount of QBTs sold will be 51 percent of the total amount of QBTs issued; that is, 51 million QBTs will be sold in the crowdsale phase. The goal of this ICO is to raise 1 million Qtum tokens; the arrangement for that is given below.
PreICO: 100 thousand Qtum
While Qbao will be in the development phase, the industrial leaders along with other qualified individual investors add to the social network’s development. The contributions made on the platform will be seamlessly exchanged into QBT at a specific price and discount.
Presale: 200 thousand Qtum
From November 15, 2017, Qbao enters the presale stage that will aim to raise 200 thousand Qtum.
Crowdsale: 700 thousand Qtum
Once the presale stage is over, Qbao enters the final crowdsale stage that will be planned for raising 700 thousand Qtum.
Terms and conditions to participate in the pre-crowdsale and crowdsale phases:
- For being qualified, investors should fill the KYC and conform to the stated needs.
- Qtum has only been supported in the presale stage.
Tokens that are owned by the team
- The team will own 20 percent of QBT that will be unfrozen gradually within a four-year period.
- Once the ICO is finished for the first six months, 4 percent QBT will be unfrozen.
- After 1 year, again, 4 percent QBT will get unfrozen.
- Finally, 4 percent QBT will be unfrozen each year for the next three years.
- Once the ICO is finished, the QBT will get offered immediately.
- The QBT earmarked for business endorsements will chiefly be leveraged for promoting growth and application of the Qbao community.
- A program of Qbao bug bounty will be established for rewarding a group or an individual who finds security issues.
Using the raised digital funds
The Qbao Foundation will hold ETH, QTUM, and bitcoins that are obtained during the crowdsale phase; the fund will be allocated using a five-year plan. Here is the breakup of the way funds will be allocated.
Development expense: 40 percent
Qbao team will apply the allotted funds in developing backend team, Android team, iOS team, big data statistics team, technical framework team, project management team, maintenance team, design team, testing team and operations team. With these teams in place, Qbao will be ready to deliver excellence in terms of security and scalability.
Marketing expenses: 30 percent
In today’s digital era, a good application becomes great when it has the right promotion and marketing edge. That is precisely why Qbao team will allocate a third of its raised funds in planning and executing different marketing endeavors. Furthermore, the team will take part in a number of blockchain initiatives for promoting Qbao products worldwide.
Operation expenses: 10 percent
Every good product needs an exceptional operation. Which is why, Qbao team will invest the acquired funds for establishing dedicated operations and customer service teams. With the support of these teams, Qbao will deal with investors’ queries, accelerate the product-development tasks, and realize the core essence of the existing blockchain.
Legal expenses: 15 percent
As Qbao is an international social network, it has to have a powerful legal support. This is the main reason why a portion of the raised funds is allocated to making the product legally more stable.
Office expenses: 5 percent
Once the crowdsale finishes, the team will first invest in expanding the office space and adding key office equipment. Because of this, Qbao team has earmarked a small portion of the acquired funds from the budget.
Want to know more about Qbao?
For finding more on Qbao and its tokens, go through http://www.qbao.com/en/home.html. Here, you may read about Qbao’s interesting journey of its existence or about its parent company or about its energetic corporate culture.