QuarkChain Whitelisting/KYC Process

We thank all the support and patience from our strong and growing community. 

In order to accommodate 70k+ potential investors with a limited supply, we will be using a probabilistic approach to be as FAIR as mathematically possible. 

All the code used in the lottery system will be open sourced before the selection.

Whitelist Process

1. Every profile that passed KYC will be graded on a 100-point scale. As announced before, we will be scoring three main aspects in particular:

      a. The earliest timestamp when a participant joined any of the following Telegram groups (QuarkChain Community, Quarkchain-官方中文社区, QuarkChain News) (30%) - cutoff date: May 4th 11:59:59AM PST

      b. A quiz on your understanding of the product (50%)

      c. A submission of your contribution to the project (20%) - cutoff date for contribution: May 15 11:59:59AM PST

More details for b and c will be announced later.

2. Only people who score >=60 will enter the lottery.

3. In order to assure personal contribution, we will be whitelisting min{# people passed, 5000} people in total.

4. The lottery system works as follows:

      a. We put all the N participants in a list ordered by their join time.

      b. We issue each participant a number of tickets. The number of tickets each participant has is proportional to their final score. In total K tickets are issued.

      c. To be fair, we will be using the blockhash from a future Bitcoin block as a random seed.

      d. We use the seed to generate a number randomly from 1 to K', where K' is the remaining tickets in the list. 

      e. The person who won the lottery is considered whitelisted.

      f. Remove that person and his/her tickets from the list.

      g.Repeat Step d until min{# people passed, 5000} participants are whitelisted.

5. What this process means: 

      a. The fewer people pass the process, the higher personal cap will be.

      b. We prevent people from gaming the system by submitting multiple low score profiles.

      c. Higher score = higher chance. There is no cut-off score. A high score doesn't guarantee whitelisting, and vice versa.

      d. We favor early supporters.

      e. We favor late supporters with solid understanding as well as a passion in our product.

6. Examples:

telegram join timestamp: max 30%

quiz score: max 50%

contribution to project: max 20% (including but not limit to: 5% testnet participant, 10% tech review (+5% for # of likes), 10% youtube (+5% for # of likes), 5% help answer telegram questions, reviewed by core team including Qi)

      a. I joined telegram long time ago, got 0 on quiz, didn't contribute anything -> 30+0+0 = 30 points

      b. I just joined telegram (after cutoff), got full score on quiz, made a youtube video with a substantial viewer base -> about 0+50+15 = 65 points

      c. I joined telegram mid way, got 50% score on quiz, didn't contribute anything -> about 15+25+0 = 40 points

      d. I joined 3/4 telegram, got 80% on quiz, contributed a tech article with some likes-> about 7.5+40+12.5 = 60 points

How to Participate KYC

DEADLINE: May 20th 11:59:59AM PST

A gentle reminder: the KYC will last for two weeks, and will not be closed no matter how many people participate, so rest assured - you don’t need to set an alarm to start the process! We will NOT ask for any ETH during the KYC. Watch out for scam!

1.  To start, find and start a private conversation with QuarkChainKYCBot (@ quark_kyc_bot) in Telegram. (@ quark_kyc_bot or mentioning QuarkChainKYCBot in the community group will NOT do anything.)

2. You will get a SECRET access code. DO NOT share your access code UNDER ANY CIRCUMSTANCE (even to admins)! Otherwise other people may use the code and you may lose your chance to participate.

3. The bot will provide the link and you can follow it to start the KYC process.

The website will not be open until the scheduled time. Please be very careful when filling out the KYC registration form. To avoid spamming our system, after submitting the form, you only have 1 hour to make modifications, by refilling the form using the same access code. Afterwards the form is final and resubmitting won’t take effect on our system for the KYC process.

4. In the future, use /help on the telegram bot to track your Whitelist/KYC progress (not supported yet, stay tuned).

An Overview of Telegram Join Date

Before the cut off date (May 4th 11:59:59AM PST), there were 58712 people who joined our telegram group (QuarkChain Community, Quarkchain-官方中文社区, QuarkChain News).

Based on one's rank (i), one would be getting score = (-i/58711+58712/58711) * 30  for the join-date category.

Early Supporter Score vs Date