Full description of QAO
QAO (Qualified Autonomous Organization) is a native
Cryptocurrency (?) Token (?) of the
Decentralized (?) ecosystem RareChain created on the basis of the Ethereum platform. The migration to its own
Blockchain (?) is ultimately planned. The team plans to revolutionize community-driven asset management so the team developed the proprietary technology with this goal in mind.
RareChain technologies
The core and the main product of the chain is its API devised to work as an index strategy creator that is programmed individually catering to the needs of each customer in the system for the management of their strategies and the creation of their own algorithms. The analysis of user-based trading data will follow then for the comparison with the optimizable AI in order to adjust the API weighting method in real-time.
AI capabilities empowering users include optimization of indices, simultaneous analysis of numerous markets, exploration of index and market correlations, the performance of automated tech analysis, analysis of index, and market fundamentals. The indices are divided to be segmented in diverse baskets depending on their composition, developed, advanced, and emerging.
RareChain platform and products
The main product created by the RareChain team is API that offers such features as multi-exchange data, multisig accounts, compare data, watchlists, and some more. it helps to solve such tasks as automated risk management, the building of algorithms, a backtest strategy, and others. The technology enables exclusive algorithm creation. The list of APIs available through RareChain API includes Yahoo, Aragon, Polygon, IEX Cloud, Intrinio, and others. The created indices are entirely transparent.
After the deployment of an index, its performance can be backtested and tokenized via either collateralized or non-collateralized token creation. In the first case, users can deploy a collateral-backed token on the Ethereum network automatically via API when they specify the requirements. For the creation of a non-collateralized token, the deployment occurs without collateral but with the fixing of the
Exchange (or Cryptocurrency exchange) (?) price.
The members of the community can get QAO for
Staking (?) so that they could earn fees from RareSwap. RareSwap is a product developed by the in-house team that optimized the facility for the terms of the ecosystem, so it employs indexes created through the RareChain API. RareSwap is going to work as an automated market maker that works just in the same way as other automated decentralized solutions.
The tokens can be staked with duration and without duration. When the first variant is employed, it’s possible to unstake tokens within a day. Otherwise, the period can last from 1 week to 10 years. In this case, the duration multiplier is used. Along with the number of staked tokens, it determines the voting weight and the size of rewards.
The platform also has RarePool that provides the service of automated staking for the members of the platform. Any user can become a liquidity provider and be rewarded depending on the share in the pool.
Voting is the main governance mechanism of the system. It is enough to participate in staking to be eligible for voting. Those who need to initiate a vote should stake 1,000,000 QAO. For a voting quorum, 10,000,000 QAO is needed. 51% of tokens that voted for Yes is needed to pass the proposal.
RareChain tokens
QAO was created with a goal to serve as a governance token for RareChain that is used for voting to manage it efficiently and make the platform fully decentralized. It also manages a next-generation API. Using voting and staking, the platform hopes to form long-term loyalty to the protocol.
Along with QAO, the RareChain platform also has its own stablecoin RARE that is pegged to an index called iSmartAlpha based on more than 1000 assets that include not only cryptocurrencies. The pegging mechanism is entirely decentralized and combines the practices developed by Maker and Synthetix. There are bonds, stocks, commodities, ETFs, and other indices in that list. RARE also functions as a proof-of-concept for the ecosystem’s API on which iSmartAlpha is founded. The RARE token is managed via the QAO token.
At the initial stage, the RareChain project allocated 4.5 trillion tokens to the liquidity pool and the same amount to Burn. These funds are going to be locked forever. They are reserved to the decentralized exchanges such as Uniswap, Suchiswap, 1inch, etc. thus removing the way to access any starting liquidity from the pools for the members of the team.
QAO Locked Treasury will get 1 trillion tokens annually for the first 4 years. These funds are managed by the community votes. The 4-year long minting process is needed for self-sustainability.
With the launch of QAO, the platform mints 100 million QAO per day. The initial supply is 10 trillion QAO. The system presents an elastic supply provided with a well-thought deflation mechanism. This is a decreasing minting multiplier that is adjusted on a monthly basis.
The allocation of the minted tokens is the following. 45% goes to holders of open RARE positions, 45% to liquidity providers on RareSwap, and 10% to the RareChain API’s users.
RareChain fees
The fees received from RareChain API are distributed between QAO treasury and QAO token holders who get 10% and 90% correspondingly. The minimum staking amount at RareSwap is 0.01 ETH with a fee of 10% offered. Half of the rewards fees are allocated for QAO stakers. The swapping facility incurs 0.3% fees on trades and follows the scheme mentioned above for its redistribution between QAO treasury (10%) and QAO token holders (90%). The platform also plans to introduce synthetic assets and derivatives trading.
RareChain security
Smart contracts are audited for security purposes to make the platform secure. For instance, in May 2021, a smart contract code review was performed by the auditing company TechRate. In June 2021 the company Hacken performed the same task to make sure all functions properly and errors are excluded. As a result, no critical severity issues were found.
RareChain team
RareChain is a decentralized community, governed by a voting mechanism. The official sources don’t specify any names and don’t reveal the members of the team.
- Exchange symbol (?): QAO
- Cryptocurrency type (?): Token (?)
QAO for developers
QAO social sites
Source: NOMICS
