FAQ

What is Qwids:

Qwids is an action oriented community building platform, we provide all the necessary tools you need to grow an active community, whether in the crypto world or the regular world.

Who should use Qwids?

Qwids can be used by those organisations, companies or individuals that wish to build, develop and maintain an active community.

What does it cost to use Qwids?

Qwids is free to use with its current features as it stands today, with the future eco system price structure being developed around the platform currency – Q token.

What is the Q token?

The Q token will serve as an ERC20 utility token, creating an initially centralised, community-driven tokenised economy inside the Qwids app and network. The Q Token will over time enable and incentivise the whole Qwids ecosystem of community builders, organisers, members and service providers to operate and co-create unique community-based tokenised ecosystems. It is the fuel, the energy, of the entire Qwids offering and its mere existence which enables all the new and enriched possibilities for communities to take further action towards improved, and collaborative content. The Q token is the key catalyst in our offering to community organisers and service providers and will allow for further access to new and superior tools and products which will help them grow and develop into the types of communities they wish to be.

How many Q tokens are there?

There are 100 000 000 (mintable) Q tokens.

What is the Qwids Treasury?

The Qwids Treasury is structured so as to provide against an unwanted and uncontrollable burst in speculation around the Q token itself. Many tokens available today fall subject to the whims of the market speculators. While this speculative model may serve well to other projects and business models in the space, for the Q tokens to best serve the communities as a fuel source we believe the token must be made stable in price. In order to provide the platform communities and services providers the future ecosystem we have made the decision to not cap minting of Q. This will provide for affordable liquidity and positively impact and further facilitate future development and purposeful growth on the platform.

What can the Q token be used for?

The Q Tokenomics model is a simple to understand method for ensuring that both current and future applications and services will be accessible to all communities residing on the platform.

Where can i buy Q tokens?

Q tokens are purchased by sending Ether (ETH) to the Qwids smart contract, once the contract receives ETH and is concluded, Q tokens are distributed back to the same ERC20 compatible wallet address the ETH was received from.

Is Qwids decentralised? 

Not yet. While the Q token (QWIDS) has started its life as an ERC20 token and will be initially centrally controlled by the Qwids treasury, our long term goal is to decentralise all future development, governance and eventual ownership of the platform. 

The Qwids founders have maintained transparency throughout the development of the platform leaving it up to you as an investor to make a judgment on the potential success of the service. We always encourage doing your due diligence before investing in any token. 

Why should I trust the Qwids team if it’s not decentralised? 

You shouldn’t. What you should do is read the Colour paper, take a closer look at the team, try the Qwids service as both a community at qwids.biz and an individual at qwids.co and then make your assessment whether or not to participate. The control is all yours, and if you still have questions, shoot us a mail at info@qwids.co

Does Qwids actually need a token?

Yes and No. Many times the questions has been raised, “do you actually need a token?” and for two years from 2015 to 2017 we did not think so. It was not until after observing the evolution or devolution of ICO based crowdfunding for a while, in tandem with pitching Qwids to multiple hardline VC type investors that we decided to reach out to the Qwids community to see if there was any interest in crowdfunding Qwids in to the future. It turns out there was interest with just under 400 ETH being pledged after the first out reach. 

At this early stage the Q token is primarily a vehicle to raise seed capital so that we can start to implement all the awesome features mentioned in the Colour paper and that we have envisioned for Qwids and those people that build their community on Qwids. Longterm, the path of the Q token as we currently envision it is to serve as a governance tool allowing those that own the token a voice in the platform development, and of course the Q token will be able to be utilised on the platform to acquire various additional features and also we hope services from the wider ecosystem partners. 

Who’s developing the Qwids Smart contracts? 

Earlier in 2018 we began to test internally, designing and deploying some smart contracts, creating tokens on the test net and main net. Turns out its much harder than we imagined to get everything right and although we learned a lot it was clear we needed outside help. Finding that help was like running backward through a minefield, there’s no shortage of products and services for launching your ICO, where there was a shortage though was in trust. We eventually found a smart contract developer in Gothenburg here in Sweden that expressed an interest in joining the team from the start and had experience launching a successful ICO earlier in the year. 

What does Qwids think of ICOs?

Initially we were sceptical of platform tokens attempting to centrally control all transactions on their platform in their currency, restricting users of the service to being only able to use one token to rule them all. Although very likely a model for the future for many services in the space which has been discussed ad nauseam by many outlets, the Qwids team set out to flip that idea on its head – building a platform where anyone can launch their own token, circulate, distribute and trade with just a few clicks. 

As we watched the ICO space develop as a tool for funding projects that seemed to be primarily geared towards capturing a lot of people that owned other cryptocurrency and then selling them a second layer token. Founders peddling these tokens often stated they had some future potential use case and two types of investors flocked, the type of investor that organises or is part of pump and dump schemes, and the investor that genuinely was interested in the tokens potential, liked the team and wanted to support the project. 

What type of a token is Q token? 

There are the different types of tokens issued on top of existing Blockchains, tokens for application specific protocols, tokens for platforms/businesses granting special rights or access & tokens as securities/equity. The goal of most of these projects, while often centrally managed in the beginning, is to evolve into public open source projects, governed by community stakeholders. This is the ambition of the Qwids token, to evolve in to the fuel and governance of the community of community tokens on the platform, whether that is done on Ethereum, Stratis, Stellar of another provider is not particularly relevant. We are blockchain agnostic. 

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