ICO Alert Report: Qlink
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ICO Alert Quick Facts
- Tokenizing the telecom industry by creating the first decentralized mobile network
- ICO sold out; visit website for more info
- 224,000,000 / 600,000,000 tokens sold across pre-ICO and ICO
- Decentralized WiFi, SMS, and billing on the platform
- Users get rewards for sharing unused network assets
What is Qlink?
Qlink aims to build the world’s first decentralized mobile network, which will extend network coverage, reduce the cost of telecom infrastructures, and reward users for sharing unused network assets. By utilizing blockchain technology, Qlink applies digital identities to telecom assets, repackages those assets, and records the usage footprint of each asset to a distributed ledger. Additionally, Qlink aims to launch applications designed to allow peer-to-peer sharing of assets, including WiFi, mobile data access, and enterprise-to-peer SMS. While improving the efficiency of existing networks, Qlink plans to launch its custom base station, including a model suitable for vehicle installation. By utilizing the ideal resources of the network equipment, these base stations will allow users to become part of the crypto economy, and at the same time, create a decentralized solution to cover network black spots. Qlink and Cenntro Auto Group signed agreement to cooperate in IoV development and base station deployment.
— Toya Zhang, Head of Marketing and PR
Q&A with Toya Zhang, Head of Marketing and PR
ICO Alert: How does the Qlink token function within the platform and why is it needed?
Toya Zhang: Qlink token — QLC is the utility token for Qlink ecosystem. QLC is required when registering telecom asset on it, and telecom asset access shall be purchased by QLC. Qlink aims to construct QLC as the currency for the whole telecom industry and other industries built upon telecommunication technologies.
QLC circulates between content providers, asset owners, and users. QLC tokens are used to pay for WiFi access, mobile data access, E2P SMS packages, and registration of content on the Qlink Chain, along with rewarding users for viewing the sponsored content.
ICO Alert: Are there other competitors in the space that Qlink is a part of? What is the context of the industry as a whole and how is the target audience?
Qlink: Qlink is the world’s first decentralized mobile network, first of its kind in this industry. Existing telecom service operators are rather centralized, the network is insecure and has a lack of flexibility. Firstly, existing network is not efficiently used, meaning that there ismassive potential to achieve, for example, the unused SMS, data and WiFi. Secondly, the rural areas or urban area during peak time are not sufficiently covered. At the same time, telcos return over investment (ROI) is decreasing because of high infrastructure maintenance, software, and hardware upgrades.
Qlink aims to improve the efficiency of mobile network coverage to target audiences, including all network accessors by enabling individuals to provide mobile network services.
ICO Alert: What are “telecom assets” and how is Qlink using smart contracts to transfer these assets between users?
Toya Zhang: A telecom asset is broadly defined as a telecom service, which is owned by users or carriers. Examples of telecom assets are WiFi hotspots, SMS packages, mobile data, or hardware used to create network coverage, such as a router or base station.
Qlink also allows a variety of telecom assets to be registered, authenticated, and traded on the Public Chain and Qlink Chain. Qlink will allow asset owners to register their rights to access certain telecom assets on the Qlink platform. The owners can then share and transfer the usage rights to other users through smart contracts. By sharing telecom assets on Qlink, owners can collect rewards in the form of QLC tokens.
ICO Alert: How will Qlink’s framework allow for WiFi sharing?
Toya Zhang: Qlink will enable the registration of WiFi hotspots through the Qlink app as a digital asset on the Public Chain. This will allow WiFi sharers to receive QLC tokens as payment for allowing access to the hotspot through the execution of a smart contract.
Qlink will support the P2P transmission of passwords between WiFi hotspot sharers and WiFi network users, ensuring that WiFi passwords are securely transferred from one party to another.
Qlink will support the authentication of WiFi keys through the blockchain consensus mechanism. If a registered WiFi hotspot, password, or SSID configuration has changed, the asset will need to be re-registered on the Public Chain (with at least six confirmations), and new passwords will need to be broadcast.
ICO Alert: Why is Qlink building their own DPoS blockchain versus building on top of another DPoS chain that already exists?
Toya Zhang: The Qlink Chain is being developed specifically for the telecommunication industry, based on the industry’s unique requirements. The Public Chain supports the registration of telecommunication infrastructure as digital assets in various scenarios, whilst the Qlink Chain provides billing and operational support.
To accommodate the requirements of the mobile network business, the Qlink Chain will adopt a Delegated Proof-of-Stake (DPOS) consensus algorithm to generate billing data and create a ledger of content accessed by users. This algorithm supports high frequency and concurrent transactions with low fees. Qlink users will be able to deploy smart contracts seamlessly between telcos, content producers, IoT terminals, and enterprises.
ICO Alert: What is the network effect that Qlink needs to achieve in order to be successful? How does Qlink plan to achieve this network effect?
Toya Zhang: Qlink proactively builds partnerships with players in the ecosystem. On December 11, Qlink signed a cooperation agreement with Cenntro Automotive Group, partnering in blockchain based Internet of Vehicles development.
Qlink team also join hands with Onchain to develop the public chain dedicated for the telecom industry, which will be an open source platform for all players who would like to adopt the technology by building their businesses on top of Qlink.
ICO Alert: Does Qlink have any plans to partner with current telecom providers in order to expand its reach and grow the network quickly? Could a current telecom provider copy this concept and harm the adoption of Qlink?
Toya Zhang: Partnerships with current telecom providers are possible, however, not necessary. As a complement to existing telco services, Qlink offers a blockchain-based trusted sharing economy by improving the efficiency of network coverage.
Current telecom providers adopting the Qlink model would require many hurdles, for example, the alliance to be built, the investment on hardwares, and infrastructure revamping. Qlink will strive to develop an innovative platform which integrates blockchain and is deployed on a decentralized network. Qlink will build a more transparent and trustworthy international data and digital content billing platform that will benefit users, carriers, digital content distributors, and IoT companies globally.
Similar to the Internet age, a digitalization doesn’t mean having a website, but to adopt the technology from the foundation.
ICO Alert: How far along is the project today and when can contributors expect to use the platform? What does the full roadmap look like for the rest of 2017 and 2018?
Toya Zhang: We have already completed the pre-sale on December 4, selling out in six days and raising 350,000 NEO, and the crowdsale on December 22, selling out in four minutes, raising 10,000 NEO.
Phase One — End of Q1 2018
Qlink will develop the WiFi sharing protocol and E2P SMS application and deploy to the Public Chain. WiFi sharing will target individual users, whilst the E2P SMS application will bring enterprise clients onboard. Qlink will first roll out the E2P SMS service to Android users, whilst the iOS version is undergoing research and development. Qlink aims to publish the code for these applications to GitHub by the end of Q1 2018. The launch will also include the Qlink mobile and desktop app.
Phase Two — End of Q2 2018
Qlink will develop the mobile data access and content distribution protocol and deploy to the Public Chain. Qlink aims to publish the code for these applications to GitHub by the end of Q2 2018. The launch will also include enhanced versions of the Qlink mobile and desktop apps, along with the Qlink Gateway.
Phase Three — End of Q4 2018
Qlink will launch the Qlink Chain, which will be co-developed by Onchain, and will also launch the Qlink BaseStation. Qlink aims to publish all phase three code to GitHub and debut the BaseStation prototype by the end of Q4 2018. The launch will also include cross-chain protocol.
ICO Alert: As a non-Qlink question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?
Toya Zhang: The market is still exploring and for the next 3–5 years, there will be more mature financial models been built. M&As, sophisticated cryptocurrency investment institutions will be involved and set up protocols.
There was a Pre-ICO that began on November 28, 2017 and ended before its close date of December 7, 2017. The pre-ICO sold out, selling 184,000,000 tokens and, raising 350,000 NEO (approximately $22,000,000 on 12/26/17) across both a “Strategic Investor” and pre-ICO stage. There was a token bonus of 30% during the strategic investor round and a 10% bonus during the pre-ICO round.
95% of funds raised were NEO due to the favorable rate of 1 Ether : 10 NEO that was pegged by the Qlink team. There was minimum of 100 Ether per investor and a cap of 2,000 Ether per investor. There is a one month lockup period for the strategic investor period and no lockup for the pre-ICO period.
The ICO round began on December 22, 2017 and reached it’s hard cap of 10,000 NEO (approximately $620,000) with a pegged conversion rate of 1 NEO : 520 QLC tokens. There were a total of 40,000,000 QLC tokens available for purchase during the ICO.
Token Distribution Information
QLink tokens are tokens built on the NEO blockchain under the NEO NEP-5 protocol. There were a total of 600,000,000 Qlink tokens (QLC) being created with 224,000,000 available across both rounds of the pre-ICO and ICO. Any unsold tokens will be redistributed to token sale investors. Tokens purchased during the pre-ICO and ICO are currently being distributed to contributors.
The allocation of tokens is as follows:
40% (240,000,000): Launch participants (224,000,000), community bonding, token sale related marketing and bounty campaigns (16,000,000).
20% (120,000,000): Qlink development team and advisors (tokens to team and advisors are released over to a 3-year vesting period).
40% (240,000,000): Held as a provision for partnerships, marketing, strategic initiatives, and future QLC expenses.
Allen is a former Huawei software engineer and multiple patent owner. He successfully commercialized the Virtual SIM product and billing system in his previous start-up which supported four million paid users across Asia. He led the team to close multiple rounds of investments from Pine Venture Capital, Alibaba Venture Capital Fund, pre-angel and other investors for a total sum of $30,000,000.
Owen has 10+ years of experience as an internet industry software engineer with diverse experience in areas including SaaS systems, gaming systems, BOSS solutions and blockchain technology. Before his time at Qlink he served as a technical manager for nearly 9 years at two different companies in China.
Chris is a senior 3GPP protocol software engineer and multiple patent ower. He successfully designed, coded and implemented a global virtual SIM system from ground zero. Before his time at Qlink he had nearly seven years of experience as a software engineer.
Susan is a former partner of Rhodium Capital and has over 10 years experience in investment banking across Asia. She is in charge of Qlink’s overall operation, and graduated from the University of Hong Kong with her MBA.
Toya is the former senior PR manager of OKCoin, OKLink and was an early participant in the cryptocurrency industry.
For a full list of team members please visit the Qlink website.