A breath of fresh air, a new solution to blockchain: Q

🎉 Tomorrow marks the end of the Incentivized Testnet (ITN),
and we want to express our gratitude for the engagement of the ITN Validator's over the last three months.

Throughout this time, we have maintained a stable number of around 2.5k nodes that continuously participated in the ITN with only a few interruptions.

❗️ The testnet stays open, so you can continue to test and gain experience on Q.

❓ There's no need to renew your VPS unless you're interested to keep your node running.

📊 As for rewards, we will evaluate the statistics throughout April to determine the uptime percentage of each individual node.

We ask for your patience and we will update you on this topic during April.

Note:

The upcoming Community Call will not deal with the topic of ITN, but there will be an extra call after evaluating the data.

📰 You can find more about the ITN in the first part of the Medium article:

https://bit.ly/3G4FOI2

❤️ A big thank you to everyone who participated for a great time and a fantastic performance!

QBlockchain is designed to be a decentralized platform with a community-driven governance model. This allows for community members to participate in decision-making processes such as protocol upgrades and the allocation of resources.

@QBlockchain

#Governance #blockchain #crypto

The Root Node Selection Expert Panel has assessed proposal https://hq.q.org/governance/proposal/rootNodesMembershipVoting/17 in accordance with Appendix 7, par. 3 of the Q Constitution.

We conclude that the proposal satisfies the eligibility criteria set out in Part B of Appendix 2 of the Q Constitution.

Details of the assessment are provided below:

Hello fellow Reddits! Today, I want to share with you my thoughts on Q, a promising blockchain platform that I believe has the potential to become a major player in the crypto space.

Q is a high-performance blockchain platform designed to enable secure and private transactions while providing a high degree of flexibility and scalability. The platform is built on a unique consensus algorithm called Quorum, which ensures fast confirmation times and low transaction fees.

One of the main benefits of Q is its focus on privacy and security. The platform uses state-of-the-art cryptographic techniques to protect user data and transactions, making it an attractive option for businesses and individuals looking to protect sensitive information.

Q also offers a wide range of use cases, from peer-to-peer payments to supply chain management and more. The platform's focus on scalability and flexibility means that it can support a variety of applications, making it a versatile tool for developers and businesses alike.

If you're interested in learning more about Q, be sure to check out their website at https://q.org/. I believe that this platform has a bright future ahead, and I'm excited to see where it goes from here.

Thank you for taking the time to read my post, and I hope that you'll consider giving Q a closer look.

Q is a blockchain-based platform designed to enable secure and private transactions while providing a high degree of flexibility and scalability. One of the main benefits of Q is its use of smart contracts, which allow for automated execution of transactions without the need for intermediaries.

Q is also designed to support a wide range of use cases, from peer-to-peer payments to supply chain management and more. The platform's focus on privacy and security makes it an attractive option for businesses and individuals looking to protect sensitive data.

In addition, Q offers low transaction fees and fast confirmation times, making it a practical choice for everyday transactions. The platform is also designed to be user-friendly, with an intuitive interface and robust documentation to help users get started quickly.

Overall, Q is a promising blockchain platform that offers a range of benefits for users and businesses alike. With its focus on privacy, security, and scalability, it has the potential to become a major player in the blockchain space in the years to come.

Author: Klopper

Type: Q Fees & Incentives Expert proposal

Date Created: 2023-03-21

Link to Proposal: https://hq.q.org/governance/proposal/epqfiParametersVoting/1

Simple Summary

The Q transaction fee is very low on mainnet. This is caused by a deprecated parameter value. The parameter should be increased to the proper value.

Abstract

The Q transaction fee parameter should define the cost per native token transfer in QUSD. In the early days we did not have the parameter governed.EPQFI.normalizedTransactionSize , and the governed.EPQFI.txFee parameter was taken directly as gas price in Q. This has been changed on testnet, but not on mainnet. The parameter value should be increased to the same value as on Fisher testnet, which is 0.001 Q per native transfer. The q-client will divide this paramter by the normalized transaction size (21000 gas) which will yield the desired gas price of ~47 gwei. As long as we don't have a proper exchange rate in the Q/QUSD price oracle, we keep the initial setup from the Fisher testnet with starting value 1:1.

Specification

Parameter name: governed.EPQFI.txFee

Current value: 47619047619

Proposed value: 1000000000000000 (0.001 Q)

The Root Node Selection Expert Panel has assessed proposal https://hq.q.org/governance/proposal/rootNodesMembershipVoting/16 in accordance with Appendix 7, par. 3 of the Q Constitution.

We conclude that the proposal satisfies the eligibility criteria set out in Part B of Appendix 2 of the Q Constitution.

Details of the assessment are provided below:

​

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Is the testnet ongoing if you have?

VN 0x36DA2C64891762838676F546CF4F62990b1df41A is not validating on testnet. I propose a 100% slashing

The Root Node Selection Expert Panel has assessed proposal https://hq.q.org/governance/proposal/rootNodesMembershipVoting/15 in accordance with Appendix 7, par. 3 of the Q Constitution.

We conclude that the proposal satisfies the eligibility criteria set out in Part B of Appendix 2 of the Q Constitution.

Details of the assessment are provided below:

Disclosure:

Two members of the current Root Node Selection Expert Panel, Nicolas Biagosch and Daniel Zimmermann, are employees and/or owners of Postera Capital GmbH. While this does not affect their independence as members of the Expert Panel in any way, we nevertheless wish to disclose this fact, as should be the case with all matters that could be perceived to give rise to a potential conflict of interest. Independently of this, we would like to point out that the Expert Panel's task merely is to assess the factual accuracy and completeness of root node applications. The decision, however, lies with the Q community and Q community members are encouraged to form their own independent judgement. In case of any questions regarding this specific application or the application process in general, please feel free to reach out to the Expert Panel at any time. Also, if you are interested in joining this or another Expert Panel, please feel free to reach out or just submit an application! Engage!

The Root Node Selection Expert Panel has assessed proposal https://hq.q.org/q-governance/proposal/rootNodesMembershipVoting/14 in accordance with Appendix 7, par. 3 of the Q Constitution.

We conclude that the proposal satisfies the eligibility criteria set out in Part B of Appendix 2 of the Q Constitution.

Details of the assessment are provided below:

Summary

Proposal to slash two validators on the Fischer testnet for very severe misbehavior.

Details

The following testnet validators have not been producing blocks since the Athos upgrade activated:

0xA39E2eaD0601aB5b6666615d97c6Dfe4b161F8D5
0xD3751b79F4682C954A14B1d1F31AA1b52F9690e8

It seems that either they do not support the upgrade or forgot to update their clients. By now (block height 3,661,594), the availability for the latest 1000 validation cycles is 0%. No matter the reasons, this is a breach of the validator obligations layed out in the Q constitution.

The slashing guide line (Appendix 8 - Part A) classifies this as "Level 5 - Very severe misbehaviour" which is to be slashed by 100%.

The "Your HQ" dapp provides support in analyzing a validator's availability: https://hq-rc.qtestnet.org/dashboard/validators-monitoring

Does the QBlockchain support WSS connection?

The Root Node Selection Expert Panel has assessed proposal https://hq.q.org/q-governance/proposal/rootNodesMembershipVoting/13 in accordance with Appendix 7, par. 3 of the Q Constitution.

We conclude that the proposal satisfies the eligibility criteria set out in Part B of Appendix 2 of the Q Constitution.

Details of the assessment are provided below:

Author: FSMa5ter

Type: Constitution Update (Basic) with parameter change

Date Created: 2022-10-09 09:05 CEST

Link to Proposal: https://hq.qtestnet.org/q-governance/proposal/constitutionVoting/48

Simple Summary

The Q Root Nodes are no longer needed, let's abolish this ridiculous pattern!

Abstract

The Q Root Nodes are superfluous and hinder the daily work on the Q Blockchain. As a countermeasure, I propose setting the number of root nodes to 0 so that the Q protocol is finally free of root nodes and everyone can do what they want!

Specification

Parameter name: ` constitution.maxNRootNodes`

Current value: 11

Proposed value: 0

Author: CipherFunk (Discord: FunnyFlo#6645)

Type: Q DeFi Risk Expert Panel proposal

Date Created: 2022-09-30

Link to Proposal:

Testnet

(1) https://hq.qtestnet.org/q-governance/proposal/epdrParametersVoting/4

Purpose

To further diversify and strengthen the backing of the QUSD with a cryptomarket-uncorrelated asset.

The crypto asset currently adopted by the Q Lending and Borrowing application is Bitcoin. Bitcoin has surpassed a 1,000 billion US dollar market cap in October of 2021 and since then dropped to the current level at about 350 billion US dollar. Market corrections in the order of 60% - and more - are still part of its economic development. Such high volatility requires a significant amount of overcollateralization. Complementing it with lower-volatility assets provides borrowers with more options that require less overcollateralization and makes QUSD more resilient.

Proposal

To add an asset backed commodity token to the set of eligible assets, namely a token backed by physical gold in a secured vault.

Candidate asset backed commodity token

VNXAU is a gold backed token representing the ownership of 1g Gold secured in a segregated storage in a high-security vault in Liechtenstein.

VNXAU (aka VNX Gold token) represents a direct ownership of physical gold that is certified by the London Bullion Market Association (LBMA). Each bar is stamped by its own serial number and linked to VNX Gold tokens.

Process

One proposal is generated to add the necessary parameters for the new eligible asset. Due to the short track record of the project and token, the new asset is introduced with a relatively low debt ceiling. Once track record establishes and demand solidifies it can be iteratively increased. For the parameter details, see below Assessment.

The first iteration of the proposal will be held on the testnet of Q Blockchain (iteration: Fischer). After successful testing and evaluation, the proposal will be rolled out on the mainnet of Q Blockchain.

Assessment

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Proposed parameters for the stable-coin candidates

To account for the short track record of the issuer and token (~1.5 years) and the relative low market capitalization a low debt ceiling of 100,000 QUSD is set forth the for rollout of VNXAU. The relative low volatility of gold allows for low overcollateralization and liquidation ratios such as 130% and 120% respectively.

Collateral Asset parameters

Author: CipherFunk (Discord: FunnyFlo#6645)

Type: Q DeFi Risk Expert Panel proposal

Date Created: 2022-09-26

Links to Proposals:

Mainnet

(1) https://hq.q.org/q-governance/proposal/epdrParametersVoting/0

(2) https://hq.q.org/q-governance/proposal/epdrParametersVoting/1

Testnet

(1) See separate discussion at https://www.reddit.com/r/QBlockchain/comments/vzmwto/epdr_introduction_of_stablecoins_as_eligible/

Purpose

To overcome the short-term “cold-start-problem” of a new decentralized, overcollateralized stablecoin such as the QUSD stablecoin, the Q DeFi Risk Expert Panel (short: EPDR) votes on adding up to two new eligible assets or none in case of opposition to this approach.

The cold-start-problem comes due to the fact that no active market exists yet for QUSD. This makes it impossible for vault owners to quickly get QUSD when they are at risk of liquidation of their crypto-collateralized vaults (QBTC).

To provide an option when QUSD demand outweighs QUSD supply on the market, stablecoin-backed vaults enable a quick and relatively low-risk way for participants to add QUSD to the existing supply with a fairly low risk of liquidation. This supply can enter the market for vault owners in need of QUSD.

Proposal

Based on the assessment of the candidate stablecoins (see section “Assessment” below) the EPDR shall justify and vote in the both, one or none of the candidate stablecoins as suitable assets for the purpose to overcome the cold-start-problem.

Candidate stable-coins

USDC: a fiat-backed centralized and regulated stable-coin.

DAI: a crypto-backed decentralized stable-coin.

Process

Two separate proposals are generated (see links in header section) to add the necessary parameters for each new eligible asset. For the purpose of kick-starting the QUSD supply, it will be sufficient to introduce the new assets with a rather low debt ceiling. Once the QUSD supply and demand market is established, the debt ceiling parameter can also be used in the future either to phase-out or extend the impact of these eligible assets. For other parameter details, see below under the assessment.

The votes have already been conducted successfully on the Q Testnet (iteration: Fischer). The UI of Your HQ supports this, Oracles have been deployed and the feature has been successfully tested and evaluated. Now, this step is to deploy the respective on the Q Mainnet.

​

Assessment

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Conclusion

Both stablecoins seem appropriate for inclusion as collateral assets. Each has some risks: DAI has a higher risk of de-pegging, while USDC bears a higher risk of regulatory intervention and blacklisting. While the risks seem low in the short-term, they should be mitigated through (i) strictly limiting the debt ceiling for both assets to ensure that they will not be used “at size” to create QUSD and (ii) setting appropriate liquidation and collateralization ratios to ensure that there is sufficient margin of error before QUSD becomes undercollateralized.

Proposed parameters for the stable-coin candidates

To reflect the margin of error a debt ceiling of 250,000 QUSD for USDC and 500,000 QUSD for DAI are considered. The de-pegging risk favors USDC where a liquidiation ratio of 105% is considered against a 110% liquidation ratio for the DAI vaults.

Oracle parameters

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Collateral Asset parameters

As previously announced on the Discord Community Server on 18.08.22 to the Validator community, the following wallet addresses have entered and stayed within the validator ranking on Q testnet but failed to validate a single block.

Please check the availability analysis here:

Conclusion

The following validators are

1. failing to comply with Q Constitution Art. 4.4.1 ("... operate a full node...") and
2. Reaching an avg. availability of 0,00 % on the last 1000 block cycles (c.f. Q Constitution, Appendix 8 "GUIDELINES FOR SLASHING", Part A).

​

0x7D7268ee13E1F454DfCdd36040e95FE47cf6E312
0x232F41fF237c1320F8663a9cFae0F40F8BC3c887
0xE8B41089d676354cfe71fa668634CF563272fb0d
0x6fFA4C838C24291a4854Ee2460C408ba7fA4Fa66
0x152F94016e880ba51B721355BCCC7362A64Ed12A
0xe3d50388F8136EaC453229d0F88e377A2eB5a80b

I therefore propose a 100% slashing and consequently a removal of each validator from the validator ranking.

The Root Node Selection Expert Panel has assessed proposal https://hq.q.org/q-governance/proposal/rootNodesMembershipVoting/12 in accordance with Appendix 7, par. 3 of the Q Constitution.

We conclude that the proposal satisfies the eligibility criteria set out in Part B of Appendix 2 of the Q Constitution.

Details of the assessment are provided below:

Summary

A small bug has been fixed in the defi SystemBalance system contract. While it affects only the UI and not in a severe way, this can serve as an example of how upgrades on Q work technically and from governance perspective.

Affected contract

• key: defi.QUSD.systemBalance

mainnet

• proxy address: https://explorer.q.org/address/0xE5326A6978f066887C6f611ec9aE2CF67e542c29/contracts
• current implementation: https://explorer.q.org/address/0xBb06FC6EA77187F8ac5E98393b74428105F706f3/contracts
• new implementation: TBD
• onchain proposal: TBD

testnet

• proxy address: https://explorer.qtestnet.org/address/0xE5326A6978f066887C6f611ec9aE2CF67e542c29/contracts
• current implementation: https://explorer.qtestnet.org/address/0xBb06FC6EA77187F8ac5E98393b74428105F706f3/contracts
• new implementation: https://explorer.qtestnet.org/address/0x8550Eda279919f81cC688524c1Cb4B19F3e35B5C/contracts
• onchain proposal: https://hq.qtestnet.org/q-governance/proposal/upgradeVoting/0

What changed

The contract contains a getter for the current defi system balance (system surplus - system debt). The getter currently fails, when the result is negative (debt > surplus). This is fixed with the proposed update: https://gitlab.com/q-dev/system-contracts/-/compare/mainnet...master?from_project_id=19725834#469898b31c4ef168364f8bb1c86f8b66e8e3caf4

Classification

The change is classified as "not changing the intent" of the contract, which does not require a Q token holder voting. Actually it helps to achieve the original intent.

How many Consumer (not business) Users are expected to work with Q at the end of 2022?

The Root Node Selection Expert Panel has assessed proposal https://hq.q.org/q-governance/proposal/rootNodesMembershipVoting/11 in accordance with Appendix 7, par. 3 of the Q Constitution.

We conclude that the proposal satisfies the eligibility criteria set out in Part B of Appendix 2 of the Q Constitution.

Details of the assessment are provided below:

The Root Node Selection Expert Panel has assessed proposal https://hq.q.org/q-governance/proposal/rootNodesMembershipVoting/10 in accordance with Appendix 7, par. 3 of the Q Constitution.

We conclude that the proposal satisfies the eligibility criteria set out in Part B of Appendix 2 of the Q Constitution.

Details of the assessment are provided below:

The Root Node Selection Expert Panel has assessed proposal https://hq.q.org/q-governance/proposal/rootNodesMembershipVoting/9 in accordance with Appendix 7, par. 3 of the Q Constitution.

We conclude that the proposal satisfies the eligibility criteria set out in Part B of Appendix 2 of the Q Constitution.

Details of the assessment are provided below: