Quantum1Net: The Why, The How, The What! Part #11

 In Q1N Q-Coins, Quantum1Net

Minting Q-Coin

The main incentive for Node Holders to join the network and contribute toward the goal of a Decentralized Service Platform is the ability to earn QCoin.

The idea behind QCoin minting is similar to that of Bitcoin and Ethereum’s mining: and that is to ensure that cooperative participation is a more rewarding course of action than uncooperative participation.

QCoin can be spent on the network or exchanged for other currencies. The amount of data that a user can use on Quantum1Net depends on the QCoin balance of the user’s account.

When a user do requests for some data over Quantum1Net, for example by browsing a website , a number of things happen. 

First the client software create a secure data channel in to Quantum1Net through a service node, and do a GET request for the website, the GET request is routed with a minimum of one jump, the final Node at the last Jump works as a Gateway Node and if the website is based on the clearnet, exits the GET request in to clearnet to be retrieved and relayed back to the requester.

All Nodes involved in the transfer of GET request are now eligible for mining new QCoins.

The probability of gaining a QCoin, or part there of, is dependent on the minting_rate, which is a variable related to the quantity of available shared resources and data traffic in the network.

The network will always try to keep at least 30 per cent of the total bandwidth capacity to cover disconnecting and connecting nodes in the network.

So when the free bandwidth capacity drops below 30 per cent of the total bandwidth capacity the minting_rate will go up and minting of more QCoins will be allowed, and thereby more QCoins will be awarded.

It works the other way around as well. When there are too many Nodes providing capacity, the minting_rate will go down.

This happens automatically, and the effect is to create more incentive for the Node Holders to provide capacity when the overall spare capacity is low, and less incentive when the amount of free capacity is high. 

The network will balance itself in a way that’s completely independent of the price of QCoin. By adjusting the minting_rate according to the amount of free available capacity on the network, users and services using Quantum1Net are charged at the optimum rate.

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This dynamic pricing translates into very competitive prices for the Decentralized Service Platform. 

Everyone with a suitable device and sufficient bandwidth is welcome to join Quantum1Net and become a Node Holder and contribute to the network – including data center owners. 

To minimize the risk of centralization, however, the use of huge minting rigs will be economically disadvantageous compared with running multiple smaller nodes. 

This is risk is negated by the micro and macro signing scheema, that makes it possible to control incentives both with local and with global states. 

This to ensure that the Node Holding incentive is balanced globally, an area with low Internet throughput will be as interesting to run a node in as in New York. 

 

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