Public Ownership

One of the main characteristics of consciousness is self-awareness, which leads to having self-interest, usually called the human factor.

As a result, people can create systems with rules, but when things go wrong (as they usually do sooner or later), the owners can change the rules to suit their own interests. This happens everywhere in our culture, from economics and religion to physics.

When there is not enough money, most governments simply print more. When the doctrine of religion does not fit with economics, priests change the doctrine and allow interest on loans. When something does not fit into the model of the universe, scientists introduce dark matter and dark energy just to keep all the previous regalities and grants intact.

What makes Bitcoin unique is that it is the first man-made system where there is no owner who controls the system and can change the rules for personal gain.

Before that, only the laws of physics were such a system. But they are not created by man.

However, it is almost impossible to create a perfect system on the first try.

For example, Bitcoin had a bug that allowed 184 billion BTCs to be created in 2010 due to an integer overflow. The problem was resolved by soft forking, deleting the invalid transaction, and maintaining the 21 million BTC cap.

It was only possible because there were not many users, most of whom read the same forum every day, and because of the involvement of Satoshi Nakamoto himself. Today, such a soft fork would be orders of magnitude more difficult to accomplish.

This example perfectly illustrates the paradox that ownerless systems introduce. On the one hand, someone should control the system in order to develop the project and fix bugs, and on the other hand, this prevents the system from being ownerless.

The simplest solution might be to polish the decentralized system as much as possible before launching it. But designing every possible aspect of the model without the ability to adjust it on the fly only works for the simpler systems, not for a complex platform like Questfall.

For this reason, there are no projects based on smart contracts that are as popular as traditional web platforms. Crypto projects are either too simple or do not implement the main competitive advantage of the blockchain - public ownership.

In Questfall, thanks to the mining approach, we solved this problem by allowing the Team to control the functionality of the platform, while implementing the most important parts of tokenomics as an ownerless subsystem.

More specifically, while the code controlled by the Team that distributes the weekly rewards can theoretically be changed, and the Team can completely take over one of the weekly issues, the amount of QFTs issued in a given week is set in stone in the smart contract whose ownership is burned.

Even further, liquidity ownership in the swap pool is also burned by the users, making it impossible not only to rug pull with unlimited issuance, but also to withdraw liquidity by anyone.

Learn more in the Liquidity Program article.

This approach does not prevent the Team members from being stupid and doing malicious things, but they would not be able to take all the value out of the system at once.

Questfall developers can only tamper with a week's worth of issuance, which will be immediately noticed by users, allowing them to withdraw their assets into stable coins, as the Team will only be able to get a small fraction of the value backing the system.

Making it impossible to take all the money out of the system at once works as the best protection possible. The Team will not even try to perform malicious actions because it is not worth it.

In the long run, it is much more profitable for the Team to get the same amount of money (one week's issue) in 20 weeks through official mechanics than to abuse the system and completely kill its future potential.

We believe that at some point the Team will be made up entirely of employees, and we, like all other Founder NFTs owners, want to ensure that the system is secure against the malicious actions of Team members.

As a result of this approach, while the Team can develop the project by implementing new features and fixing bugs, the core of the tokenomics is decentralized and cannot be changed by anyone, including the Team.

The amount of QFT issued each week, the reward share of various activities, and the liquidity backing the QFT value are set in stone in the smart contracts whose ownership is burned.