Blockchain, Smart Contracts & Web3

General Overview

Leveraging Web3 architecture and blockchain, QolaQ’s decentralized MAP offers a unique solution by enabling a return to the community values of historical mutual aid, while providing Members with full transparency and security via smart contracts:

A. Blockchain & Smart Contracts

Blockchain is an open ledger shared among multiple parties where transactions are recorded in a verifiable and immutable way via cryptographically protected blocks, such that data can only be added but not deleted. This technology also offers increased efficiency of transactions through automation while also maintaining data integrity and privacy. Channels, such as the Stellar network, allow for sharing among a blockchain network and rules can be created that may or may not allow certain users to interact with the blockchain. Smart contracts are coded logic that automate processes and transactions which can be executed on blockchain platforms, keeping a full record of verifiable transactions. Smart contracts can be linked to ledgers from a blockchain and perform operations using information from them.

B. Web3

Web 3.0 (“Web3”) refers to the next evolution of the internet. When the internet was first established, its functionality was basic with little input from users. The first phase of the internet was known as Web 1.0, and it was a one-sided interface in which users could upload information but could not interact with this data. The next phase of the internet, known as Web 2.0, resolved this lack of interaction by creating an experience where users could become more involved with the information online. Web 2.0 has been categorized by large, centralized platforms in which users can be directly connected to the internet via a variety of channels, including posting comments, photos and videos. However, one of the most significant issues with Web 2.0 has been the centralized nature of its architecture. Social media players, as well as other platforms, have vast control over the user’s interactions with the internet.

QolaQ is building our decentralized MAP via blockchain and smart contracts to provide Members with a better total experience and overcome the issues of insurance providers. By moving away from these centralized organizations, Web3 provides a decentralized architecture which empowers users. New technologies have been deployed to support the fundamentals of Web3 decentralization. Specifically, blockchain provides the ability to provide immutable smart contracts and enhanced security. By connecting information to a block, a single line of code which is connected to other lines of code creating a chain, there is no need for Web 2.0 companies to funnel and manage information on the internet.

QolaQ’s Members collectively process and vote on claims with full transparency, removing any conflict of interest. Costs are fully transparent and recorded on the blockchain, with the decentralized approach of the MAP removing significant operating costs and agent commissions typically found with insurance providers. Members are also be able to vote on the governance and decision-making of the MAP. In addition, security and privacy of Members' data can be achieved while delivering fair and impartial participation.

QolaQ Blockchain Architecture

QolaQ achieves the aforementioned benefits of Web3 via the utilization of the Steller blockchain network, which was created by the Stellar Development Foundation ("SDF").

The SDF was founded in 2014 by Jed McCaleb, co-founder of Ripple, as a non-profit organization with the goal of using blockchain technologies to improve access to financial tools no matter the background or location. SDF created the Stellar blockchain network to achieve this objective.

Soroban is the smart contract platform developed by the Stellar network with the goal of providing a toolkit for building decentralized applications on Stellar. Soroban makes it easier for developers, such as QolaQ, to create applications that leverage the features of the Stellar network, such as low transaction fees and fast settlement times.

QolaQ’s blockchain capabilities are built on the Steller network and Soroban. Soroban enables QolaQ to leverage a world class Web3 platform for our Members. QolaQ also fits with Steller’s vision and mission, especially focusing on supporting global inclusiveness, by utilizing the benefits of Stellar's blockchain technology to provide a low cost, accessible, as well as global alternative to existing digital and traditional insurance providers. By utilizing Steller’s network, QolaQ can provide its Members with a platform that is faster and lower cost then other alternatives, which supports QolaQ to make its MAP available to Members who have been excluded by digital and traditional insurance providers and to empower its Members and communities to help each other in times of need and promote global financial inclusion.