QBaan Quick Summary

The Qbit is:

  • A digital currency based on blockchain technology similar to bitcoin but with significant differences.
  • A digital currency that can regulate its own money supply automatically without human intervention so that the QBaan experiences no significant inflation or deflation.
  • A foundational system for building economic infrastructure that provides legal contracts with built-in programming logic. Contracts can execute themselves by collecting payments, making deposits, sending emails, and so forth.
  • A decentralized, distributed asset exchange system that enables customers to buy and sell digital currencies with no third parties involved.
  • An economic infrastructure that anyone can use to build new types of currency that are directly exchangeable for Qbits.


Mining

The QBaan system uses proof of work (mining) for producing QBaans. The QBaan Federation is pre-mining the first 100 trillion Qbits and depositing them in an escrow account that is controlled by the QBaan system itself. The QBaan Federation will have no access to the funds in escrow.

This pre-mine is absolutely necessary for the QBaan system to function properly. And it leaves QBaans for miners to mine for themselves. There is no upper limit on the number of QBaans that can be mined. However, the QBaan system itself regulates the number of QBaans in circulation. So the QBaan does not undergo inflation.


Handling Inflation

The QBaan system can monitor its own economy and detect inflation or deflation. When the QBaan system discovers that there are too many QBaans in circulation, it uses a special token called a Qgerand (pronounced QUE-gr-rand) to adjust the currency supply. Qgerands are not money. They are more like a digital version of gold bullion. For more information, please see our white paper.


Handling Deflation

When the Qbit system determines that there are not enough QBaans in circulation, it releases some of the QBaans it keeps in escrow. Everyone who has a Qgerand gets QBaans. The QBaans just appear in the wallets of the Qgerand holders.

For example, the QBaan system may determine that it should disburse 10 Qbits per Qgerand. So a person that owns 5 Qgerands would receive 50 QBaans, 10 for each Qgerand.


Democratizing the Economy

In the QBaan system, new money is released to all stakeholders. Because the Qbaan wallet automatically buys Qgerands for you, everyone is a stakeholder and will receive new money when it is released. 

In government fiat-based central banking systems, new money is always released through debt to banks. Banks lend them money and want to be paid with interest. This gives banks a position of power that they use to concentrate wealth to themselves at the expense of the rest of us.

No one in the QBaan system has the kind of privileged place that banks occupy in government fiat money systems.


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