Providing Services to the Qbit Economy

The QFed provides services to the Qbit economy to make it more viable, but also to make money. It uses the money it makes to pay its expenses. Any money that the QFed does not use for these purposes and as savings for future needs is deposited into the QFed’s escrow fund and is disbursed to Qgerand holders when there is too little money in the Qbit economy.

The services that the QFed provides or is planning to provide include the following.

  • Mining - The QFed will be setting up a mining pool that mines the most profitable digital currency at the moment, sells the coins that it mines in exchange for Qbits, and then pays its miners in Qbits. In this way, the QFed makes it easy for new miners to join in the Qbit mining effort and quickly make a reasonable profit. It also creates demand for the Qbit on existing digital currency exchanges.
  • Data Storage - The QFed is developing a decentralized, secure data storage system on a side chain that will enable Qbit holders to both back up their Qbits and to back up their documents and other important data. The Qbit wallet will eventually use this data storage system to simulate bank accounts. The data storage system won’t see any difference between Qbits, Qgerands, documents, spreadsheets, and so forth. To the system, it’s all just data. But the wallet will be able to use your space in the data storage system to get at the Qgerands and Qbits you store there. It will then simulate savings accounts and transaction (checking) accounts, but only within your wallet. Essentially, your wallet is your bank.
  • Banking Services - There are times when Qbit holders need banking services. For example, it would be nice if Qbit users could pay with a debit or credit card that pays out in a mixture of Qbits and the user’s national currency. The QFed is working to provide such services through banks and credit card companies.
  • Investment Services - The QFed is working to create new types of investment services that are both fairer and more humane than those in common use at this time. The QFed will make money on these services, but the goal is to offer a wider range of people the chance to participate in investments using Qbits.
  • Branded Currencies - The QFed can issue virtual bargaining tokens (VBTs) for companies. A VBT is a digital representation of money, specifically Qbits, that is specially branded for a particular organization or merchant. VBTs are not money. They are derived from, purchased with, and backed by Qbits. Therefore, they simply represent money like a discount coupon represents money. By contracting with the QFed to issue VBTs, companies can issue branded currencies to purchase items at their stores. This is a way to encourage buyers to return and to reward frequent purchasers.
  • Dividend-Based Currencies - The Qbit system enables anyone to issue a derived currency and distribute it to whomever they want. Issuers can then use the currencies to distribute dividends to holders of their currencies. For example, a musician can issue a branded currency for an album that he wants to finish and release. When fans buy the branded currency in exchange for Qbits, the musician uses the Qbits to pay for finishing the album. When the album is out and profits come in, the musician can pay dividends to everyone who holds his branded currency. In this way, fans can support independent musicians and receive financial rewards for doing so. This same technique can be used for many different types of businesses.

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