QWALLET and QPOOL crowdfunding
The QWALLET fundraiser raised nearly 100B QU to support Qwallet development, including server infrastructure, and future liquidity pools, with token distribution for supporters.
🎉 Qsilver Fundraiser Update: QWALLET Success Qsilver on X: ”WALLET fundraiser is closed! Almost 100B QU was raised!! QWALLET tokens will be sent out today. I thank the Qubic community for the extreme level of support. $QUBIC $QWALL.”
Qsilver · Apr 30, 2024.
Introduction
As many of you know, I discovered Qubic late last year and have been contributing to the project since then. Over the months, generous donations have supported the results I achieved, including the unofficial whitepaper, archive server, smart contract testing, and a recent wasm module derived from low-level C code. This module enables the creation of a cross-platform wallet that can rapidly incorporate new features, ensuring all supported platforms are updated automatically with changes to the C code.
Current Challenge
However, I am not a UI developer and lack graphic design skills. Thus, I used prior donations (about 6 billion QU) to hire graphic and UI developers for Qwallet and to cover server expenses. Significant progress has been made, but it is not yet complete, and I am running out of personal funds to maintain the current pace. I am not charging for my time; all funds are used for out-of-pocket expenses that enhance the overall value of Qubic.
Qwallet Goals
The goal for Qwallet is to be an easy-to-use, cross-platform solution (Windows, macOS, Unix, Android, iOS) that supports smart contracts like QX. Key features include:
- Industry-standard 24-word seed phrases.
- Prevention of transactions to invalid addresses.
- Automatic resending of failed transactions.
- Integration of the archive server.
Additionally, there will be a qsilver.org website featuring richlists, orderbooks, and an explorer. Eventually, the aim is to develop a decentralized infrastructure supporting millions of users. Everything will be open source, providing a good reference implementation for others to learn about Qubic.
Supporting Qwallet
If you want to support my efforts through pure donation, you can send funds to BUCKSNVFUWFLRFTUTMJVJVQBIEKCNLCWGGWFIAKSBGCAKYIZAGCPPARAESTF. These funds will cover out-of-pocket expenses.
For those who prefer to receive something in return for their support, you can send funds to QWALLETSGQVAGBHUCVVXWZXMBKQBPQQSHRYKZGEJWFVNUFCEDDPRMKTAUVHA to receive an allocation of QWALLET tokens. Half of the 67.6 billion QWALLET tokens will be distributed among addresses that send funds before May 16th. The remaining tokens will cover expenses and incentivize the decentralized infrastructure.
You can make multiple transactions, which will be combined into a single total. One million QU is set aside to cover the token transfer fee, and the rest will grant you a proportional share of the 33.8 billion QWALLET tokens. Once QX trading is live on mainnet, you can trade QWALLET tokens, with a minimum price of 1 QU per token.
QWALLET Token Utility
Aside from trading on QX, what value does the QWALLET token offer? Initially, a paid subscription model was considered, and this remains a possibility. Although Qserver has been optimized to provide nearly full service to nonsubscribers, value-added services could eventually be offered for a small fee, similar to Metamask. Long term, a wallet for millions of users could generate fees, with QWALLET token holders receiving 100% of those fees, as I will not take any profits. I will personally receive some QWALLET tokens as well.
QPOOL Liquidity Pool
Tangible revenues will come from the QPOOL liquidity pool for QWALLET. Half of the raised funds will be allocated to this pool, with the other half covering expenses. This means that 2 QU needs to be raised for every QU of expenses.
When the QPOOL smart contract is ready, the current market price for QWALLET will fund the initial liquidity pool, using half the raised funds and the matching value of QWALLET tokens. Once the LP is created, users can swap QWALLET for QU, earning a trading fee. Over time, the value of each LP will increase, providing passive income. Users can use QWALLET tokens to get a share of the LP or swap them for QU. While liquidity pools can be complex, they are becoming standard practice, with examples like Uniswap, Curve, and Balancer.
The development of the QPOOL SC will start once Qwallet is stable. It is a critical component for incentivizing Qservers and supporting the QWALLET token's value. Having an industry-standard liquidity pool SC for Qubic will significantly enhance its value.
These are my goals and specific plans for improving the value of Qubic.
Thank you for your support.
Qsilver
tl;dr
Fundraising ends on May 15th.
Send more than 1,000,000 QU (in one or more transactions) to QWALLETSGQVAGBHUCVVXWZXMBKQBPQQSHRYKZGEJWFVNUFCEDDPRMKTAUVHA to receive a proportional share of the 33.8 billion QWALLET tokens from the total amount sent over 1 million QU.
Trade QWALLET on QX as soon as QX is trading on mainnet.
Funds will be used to develop Qwallet (including server infrastructure), QX UI, and QPOOL SC, with half allocated to the liquidity pool for QWALLET.
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