On Thursday, September 12th, QLC Chain participated in NEO Global Development’s (NGD) English NEO LIVE event. NEO LIVE is an Ask Me Anything (AMA) style community event that takes place on the official NEO Telegram channel. In addition to the English event, NGD also hosts weekly NEO LIVE events in Chinese via WeChat.
QLC Chain chief architect, Allen Lee, and marketing and PR director, Toya Zhang participated in the AMA, discussing the QLC Chain dual-token model, telecommunications services offered by QLC Chain, and more.
The full transcript can be found below:
Adam Yang (NGD marketing content manager): It’s 8pm sharp! Let’s begin!
Hi, everyone, welcome to the NEO LIVE on Telegram. This is Adam Yang from NEO marketing team. Very happy to have you guys here. I will be your host tonight.
Before the session starts, I would like to repeat the background of the NEO LIVE initiative in case that you are new to the group. NEO LIVE is a marketing initiative from NEO Global Development, to bring latest blockchain knowledge and NEO news to the community. It’s one hour live chatting every Thursday night at 8pm (UTC+8) in the NEO official telegram group (https://t.me/NEO_EN). NGD core teams/NEO Eco Project leaders/NEO dev community leaders/pioneering blockchain leaders will be invited to share latest technological development, industry insights with the community members.
Our guest today is Allen Lee, Chief Architect at QLC Chain, and he is responsible for programming and improving various technologies offered by QLC Chain.
Allen has more than 10 years of experience in the telecommunication industry, one of the earliest developers in the 3G/4G wireless system and in 3G/4G virtual SIM globally. Previously, Allen worked at Huawei Technologies for 7 years and had a startup offering a virtual sim product for 4 years. He has rich experience in the telecom field and an extensive understanding of Blockchain technology.
Allen, would you like to say hi to everyone here?
Toya Zhang (QLC Chain marketing and PR director): Hi, before the AMA starts, in case people don’t know yet. The team will be choosing 5 random questions asked during the AMA to receive 1,000 QLC each.
During the AMA, we also invite everyone to tweet about any highlights mentioned in the AMA they feel most excited about and tag @QLCchain in their tweets. The team will then choose 10 tweets which will receive 1,000 QLC each.
Allen Lee (QLC Chain chief architect): I saw some one talk about the dual token model. It is interesting topic because QLC worked with NEO for almost two years. We learned many things from NEO. I am glad to share some opinions from our perspective.
First of all I want to thanks NEO community’s invitation for this AMA.
Nice to e-meet you here, NEO family.
Adam: QLC Chain is the public chain for Network-as-a-Service (NaaS). QLC Chain supports each account to have its own chain of ledger integrated with telecom service capabilities, named the multi-dimensional block-lattice structured ledger.
QLC team have come a long way with us. QLC Chain and NEO have completed the cross-chain operation, people can stake the NEP-5 QLC to gain QLC Chain native Q-GAS. It’s a Dual-Token structure, I believe Allen will explain more in details.
Allen, the stage is yours now.
Allen: Got it, Adam. Thanks Adam for organizing this AMA event so I can represent QLC which is one of earliest NEO chain based project. I saw there are many questions about QLC Chain. Before I give the answer, please let me introduce QLC Chain’s progress to everyone.
The QLC Chain project began at the end of 2017, we focus on the blockchain based network solution through the NEO platform. At the original design we work with NEO to resolve the communication problems such as billing, security, and IoT. NEO is an excellent platform for network DID asset storage, and QLC uses another independent chain for billing and security.
In Q1 2019, we launched QLC Chain, and Q2 2019, we finished the cross chain interoperation with NEO MainNet. So QLC and NEO are almost ready to provide communication industry blockchain solutions globally.
I have talked with Da Hongfei. We are pitching some potential partners in Europe to support the communication especially for 5G/IoT scenarios. So far, we have finished following solution to global wireless carriers to adopt our token QLC and QGAS. of course NEO is also be supported.
Confidant (https://myconfidant.io/), this app is your confidant that helps you stay in touch with the ones who matter. It features encrypted messenger, encrypted email, user self-generate accounts, encrypted storage to maximize the personal/business communication security. Better than Telegram.
Confidant can also work as a full node of QLC Chain and earn QGAS.
Confidant will support email data encryption and reward users with QGAS while decrypting email data, back-up email data, and the encrypted search will burn QGAS. Third-party providers that provide back up will need to stake QLC.
Q-Wallet (https://qlcchain.org/project/products/wallet) The best cryptocurrency wallet that supports NEO, QLC, ETH, EOS, and QLC Chain native token QGAS at the same time.
The Q-Wallet also features an OTC market, for people to trade directly. In the near future, more functions will be added, for example a multi-currency staking pool, and people can top up their mobile plan with their staking revenue via the built-in OTC market. QGAS will be burned as a facilitation fee for this process, and holding QLC will become the threshold for other types of tokens to access the top-up business.
Besides we have the solution for inter-carriers A2P SMS billing/settlement, and A2P SMS 2FA authentication that is more secure than traditional SMS authentication and Google authentication.
We also are ready to launch QLC SIM card that support QLC blockchain ID. This kinds of SIM card can be programmable into different IoT devices to empower the IoT data security and exchange in the 5G era.
In Q3 2019, we issued our QGAS, QLC project start the dual token model that is inspired by the NEO project.
QGAS will be the first communication utility in blockchain globally.
I can send some picture to show our token model in Confidant use case to help everyone understand QLC project more clearly
Our QLC is only registered on NEO MainNet so far. So, NEO is also supported on our communication service.
OK, the basic progress of QLC project introduction is finished.
Adam: That’s great! Thanks a lot for the sharing. Appreciate Allen’s comprehensive intro and pictorial illustrations.
We will have the Q&A now. There are lots of questions above already, do you want to address any of them first, Allen?
When you do, would you mind to number them so we can keep track?
For anyone who wants to ask new questions, to make it easy for the team to trace the question, please kindly number your questions, following the previous. Please keep the questions about NEO and QLC Chain, we will remain the right to select the questions. Also the team won’t make comments on the token price.
Q1: Is it possible to add stable coins to the Qwallet? Like TUSD, and the new digital Chinese RMB?
Allen: Stablecoins will be supported in Qwallet. Qwallet has supported the ERC-20 token, so the ERC-20 USDT has been supported. Actually, it is helpful to carriers to adopt blockchain through stablecoins. So the QLC Chain based inter-carriers communication settlement platform will also support carrier alliance issuing their stablecoin.
Q2: What is the teams plan to burn QLC tokens? The maximum circulation of QLC is 240 million, but there are 600 million QLC. Why do we need this reserve, and where is the guarantee that the QLC will not move?
Allen: The burning of QLC is according to the QLC token model. In our dual token model, you can find that QLC represent for the communication resource in network. From this perspective QLC volume is very small to trillions of communication industry.
So, token burning is not a proper solution when QLC holders claim more and more communication resources. However, QGAS have the burning mechanism when communication service is occurred.
Q3: Are you considering the European PSD2 directive for the rollout of the sms-anti-fraud system? Can it be added to the testing of sms-anti-fraud system, or a beta version on the roadmap?
Allen: Yes, we are preparing a proof of concept with our partners who are influential in the European communication industry. We will update the roadmap for this adoption at the appropriate time. If you have the connection with carriers resource, please don’t hesitate to contact me.
Q4. If QGAS is used for telecom services payment, what is QLC for?
Allen: Good question. Actually I have give the answer in the pictures I sent before. QGAS will be used for the communication service consumption, while QLC is the communication resource provider quality certification and guarantee. It is different.
Q5: Can you confirm that Montnets will buy tokens from the market and not from the reserve? When will this start?
Allen: We are developing the SMS settlement platform for them, the purchase execution will start after platform is deployed. The QLC token will be bought from market not the reserve.
Q6: What are the advantages of using QLC Chain?
Allen: QLC chain is designed for the telecom industry. For the communication industry adoption, we must resolve the TPS/privacy/ledger inflation problems. So, QLC Chain has supported the feature to fulfill the requirement. QLC TPS can reach to 7k, transaction can be encrypted and ledger can be clipped account chain model. These are our advantages. Meanwhile, QLC has completed the bridge with NEO to enhance the asset security in different carrier networks.
Q7: What’s the synergy between NEO and QLC Chain if both are public chains?
Allen: Good question, NEO is a good asset platform to communication service provider. Whereas, QLC Chain is mainly used for the communication service billing and security. For example, if one carrier wants to use blockchain, they can claim their subscriber’s asset on NEO chain, and at the same time use QLC Chain to finish the bill generation and communication data protection.
Q8: What exactly are QLC Chain’s use cases? Can you please provide a simple example of how QLC works? What would be the typical use case? Must QLC customers already be into blockchain?
Allen: The typical use case is inter-carriers communication settlement. QLC Chain supports the roaming contract management automatically. It helps the carriers to improve the revenue and protect them from fraud, such as the SMS grey router problem.
At the same time our sim card with blockchain ID is another use case to carrier’s IoT solution. It helps carriers build the IoT data security chain from E2E.
We also launched the top-up service for carriers subscribers to help them finish the plan distribution globally. There are many other use cases, you can stay tuned through our community.
Q9: Any technology development milestones in the future?
Allen: By end of Q3 2019, QLC Chain will support the Proof of Work (PoW) consensus for QGAS mining.
In Q4 2019, QLC Chain will support the confidential transaction.
In 2020, QLC Chain plans to support the fast DHT algorithm to improve the scalability further, and to support the cross chain inter operation with other platforms.
Q10: Read NEO has a partnership with CertiK? What will they do for NEO?
Allen: This question should be answered by Adam.
Q11: Can you give us some statistics for QLC Chain? Maybe information on consensus nodes, TPS, scalability, decentralization, or future plans?
Allen: So far we have 276 full nodes, TPS can reach 7,000 in peak, you can find the performance on https://explorer.qlcchain.org/.
Q12: How well is QLC Chain funded? How many full-time developers work for QLC Chain?
Allen: We have enough money to develop QLC Chain project for more than 10 years at least. So far, we have more than 20 full time developers working on QLC Chain project.
Q13: Hackers are always studying the latest strategies to break systems. How will QLC and Confidant will stay up to date on security? How will it be possible for QLC Chain to partner with new Giant Telecommunication as partners? Is there is a road map/proper plan?
Allen: Security and privacy in communication industry are becoming more and more important. The essential reason is that original protocol architecture lacks much consideration. At the same time, data is also abused because of the advertisement business model.
Our solution is to focus on the encryption locally at the early stage. We will accumulate the necessary technology to solve this problem, that is when giant telecommunications partners will be able to see our advantage. Actually this topic will be discussed in three days (or more) from now. Please stay tuned to for continual updates on QLC Chain progress.
Q14: Binance exchange usually provides listing of fuel tokens of its projects. There was just one exception – VTHO. Did you negotiate with Binance regarding listing QGAS?
Toya: We can’t comment on Binance’s decision. They don’t disclose the criteria of choosing a token. I think we can give QGAS more time to showcase its value on other platforms first.
Q15: Does the team sell QGAS to carriers? If so, at what price?
Allen: As Allen mentioned, the Montnets purchase hasn’t started. Glad you asked the market place of selling QGAS, Qwallet is the place. We created this OTC market place for enterprise users, and of course more scenarios. Qwallet supporst QGAS/QLC and QGAS/USDT now. We will notify the community when large amounts of sell orders are created there.
Q16: Once QLC migrates to its own blockchain, will there be more projects onboard that are based on QLC Chain?
Toya: Now, considering we have completed the cross-chain between NEO and QLC Chain, the token swap plan is postponed – don’t want to add unnecessarily complexity yet.
Regarding more blockchain project on QLC Chain, yes, that’s our plan. The chain has supported token mintage, and other telecom service-related applications are welcome. We will have SDK ready by then. So far, we are waiting the mining role to be ready and the chain will be more secure.
Q17: In terms of the environment. How is QLC impacting the natural ecosystem (including SIM creation)? Does QLC Chain combat pollution? We want a super great use case 5g blockchain, but we also want to preserve our planet.
Toya: Not sure I understand this question correctly, are you worrying about the energy waste of mining? If so, QLC Chain’s mining is more eco-friendly. We will disclose the mining algorithm after the first run of test finished.
Q18: Will there be a QLC/USD paring on Binance?
Toya: We haven’t discussed with Binance about this new trading pair. To facilitate the QLC trading with fiat, we will be developing the OTC market on our platform.
Q19: Due to low volume, the majority of the community has been worried about delisting from Binance. What is your vision about the potential of a delisting?
Toya: About Binance, they don’t have an explicit rule or criteria of list or delisting a token. Volume is one thing they are looking at.
However, we met with CZ and He Yi, we all agreed that QLC is a legit and valuable project.
Q20: What’s the security protocol for staking through your platform? How do you cover or prevent hacks from happening?
Toya: Our Staking Contract is completed by an 2-2 multi-signature, with both the staker’s private key and QLC official key that the staked QLC could be unlocked. The smart contact guarantees the staked QLC can only be returned back to the right address that made the staking.
Q21: The requirement for 1 million QLC to launch a node is a little big for the average follower of the project. Are there any plans to lower that amount, say to 700,000?
Toya: Indeed, we are revisiting about the qualification of being a miner. We are releasing some new plan soon, especially explaining the auxpow and multi-algorithm mining.
Q22: 5G and electric cars are right around the corner. Will QLC Chain be involved in tracking systems for electric car, or for road fee billing systems?
Toya: The softsim would be one example of how we are engaging, the unique ID for IoT, also for future roaming, like a car running from carrier A’s coverage to carrier B’s coverage.
Q23: How can we as a community assist in more users adopting QLC?
Toya: So, QLC adoption is to B (network service providers) and to C (Confidant). Let’s help spread the word for QLC Chain and Confidant.
Adam: It’s really a wonderful discussion going on here tonight. As we are half an hour behind schedule, we will not take any more questions for the Q&A session.
I really don’t want to disturb the vibe here but we have to.
I believe Allen and Toya will be available through multiple channels if anyone wants to reach them after this session
Allen: Thank you, everyone!
Toya: Thank you all, we will randomly choose 5 members to receive the 1,000 QLC rewards.
Adam: Thank you everyone for your time and participation.
Note: Some edits have been made for formatting and readability. The full conversation can be found at https://t.me/NEO_EN/23400.