Qompass aims to create a blockchain-based gateway to financial markets. Find out how it works today in our review.
What is Qompass?
Qompass is a blockchain platform that aims to provide access to financial markets. The platform uses its native QPS tokens. a token sale for QPS tokens begins in April 2018.
Users will interact with Qompass’s payment platform through the mobile app and the Qompass card. Qompass will have a hybrid debit card and hardware wallet system, where your app functions as a wallet that allows you to load your card at any time.
Qompass was founded in Hong Kong in 2017.
How Does Qompass Work?
Qompass aims to harness the power of artificial intelligence, neural networks, and active leverage while providing “a rich ecosystem of API protocols and applications”. Through all of these products and services, Qompass will “drive financial and capital markets on a global scale”. The website and whitepaper are filled with vague, flowery information like this.
The long-term goal of Qompass, according to the whitepaper, is to “fully blockchainize the $294 trillion global financial markets, restoring trust and eradicating manipulation and corruption.”
That’s an ambitious goal to say the least. So how does Qompass plan to accomplish those goals? Here are some of the core functions of the platform:
- Faster than Ethereum or Bitcoin
- Supports over 30,000 transactions per second
- A self-aware blockchain supported by artificial intelligence
- Entirely customizable and scalable
- Cross-chain smart contract support (smart contracts that work on multiple blockchains)
- Low transaction costs
- Zero bloat
- A secure explorer that prevents anyone from spying on your assets, allowing you to experience true anonymity and privacy
- Total decentralization and anonymity
- Built to support financial transactions and high frequency trading
Qompass also relies on a function called “proof of state”. The primary purpose of Qompass’s nodes is to verify the state of contracts and determine “proof of state”. Instead of following traditional techniques of mining new blocks and burning clock cycles unnecessarily, Qompass requires only licensed nodes to verify the creation of new blocks. Here’s how the whitepaper explains it:
“Rather than waiting for a new block to be mined, state changes can occur at any time, which is verified by trusted actors, and a general consensus approved in less than ten milliseconds, even at a large scale. Any contract can perform actions synchronously without affecting or blocking other contracts, which is owed to the fact that every contract maintains its own separate chain of state. The collective changes of state form a directed cyclical graph which makes up the blockchain.”
There are multiple “trusted actors” involved in this process, including the nodes. The nodes, when combined, create something called the “Qompass Notary Cloud” and C-Chain Ledger Clients.
Qompass will also support smart contracts and smart algorithms. The blockchain will store executable data scripts – i.e. smart contacts – in a tree structure. A tree consisting of smart contracts forms a smart contract chain representing a set of smart contracts that confirm and reference each other.
Qompass’s smart algorithms, meanwhile, use neural networks and artificial intelligence to forecast price movements “even before they actually happen”, explains the whitepaper (isn’t that how all forecasting works?). Through these smart algorithms, traders can “boost earnings up to 100 times.” Qompass claims to offer 100:1 leverage.
Qompass Products and Services
The Qompass blockchain will lead to the ceration of a number of products and services, including:
Crypto Payment Cards:
Qompass will offer cryptocurrency payment cards that are a hybrid debit card and smart hardware wallet, allowing instant access to the blockchain.
Crypto P2P Exchange:
Qompass claims to have partnered with 25 financial institutions around the world to create its peer-to-peer exchange. You can “cash out” your crypto earnings through these financial institutions.
Open API Platform:
Qompass’s API allows banks, financial institutions, and investors to link directly to the platform.
Qompass Trader is an AI-powered platform that will research and analyze trade signals 24/7, then recommend trades for maximum profit.
The Qompass Coin can be used as collateral for loans in other cryptocurrencies or fiat currencies.
Qompass Investment Packages
Qompass will offer a number of different investment packages:
Alpha Package ($1 to $10,000):
Earn up to 100% ROI per month, 40:1 leverage, and pay 25% performance fees to the platform
Delta Package ($10,001 to $100,000):
Earn up to 200% ROI per month, 60:1 leverage, and pay 20% performance fees to the platform
Omega Package ($100,001 and Up):
Earn up to 300% ROI per month, 100:1 leverage, and pay 15% performance fees to the platform
The Qompass ICO (QPS Token) Sale
Qompass is selling its QPS tokens during a token sale beginning on April 6, 2018. There’s a total supply of 33 million QPS tokens, with 20 million available during the token sale.
60% of the total supply of tokens is going to the crowdsale, with remaining tokens allocated for research and development (20%), marketing (10%), advisors (5%), and legal costs (5%).
Qompass claims to have already made partnerships with Binance, KuCoin, Cryptopia, HitBTC, OKEX, and Huobi because all of these are listed as “expected exchanges” on the official Qompass website. However, we can’t find any evidence that these exchanges will list QPS tokens at any point in the future.
Qompass announced an airdrop for its QPS tokens on the Bitcointalk.org forums on March 21.
Who’s Behind Qompass?
Qompass is led by Emmanuel Lim, an entrepreneur with 30+ years of experience in cryptography and data encryption. He’s the CEO of Qompass. Other listed members of the team include Selena Neskovic (CFO) and Vladimir Okhrimenko (CTO).
Lim, the CEO, has limited information available online. His LinkedIn page has just two entries prior to creating Qompass. He worked in “Cyber Security” at Standard Chartered Bank between 2005 and 2015, for example, and received a Master’s Degree in Computer Science from the Singapore Institute of Technology between 1987 and 1992. It’s difficult to find additional information about any other members of the team online. The CTO, for example, has no work experience on his LinkedIn profile aside from his CTO position at Qompass.
In any case, Qompass was founded in Hong Kong in 2017.
Qompass ICO (QPS Token) Conclusion
Qompass is a blockchain technology that aims to disrupt financial markets by “blockchainizing” multiple types of financial activity – including payment processing, debit card transactions, and more. The Qompass mainnet launched in Q1 2018, with a token sale for QPS tokens beginning on April 6, 2018.
There’s some unusual features about Qompass online. The website and whitepaper – at least, the English versions – don’t do a great job of explaining the unique features of the platform. Both the website and whitepaper are filled with vague, flowery language about “transforming global financial markets” and “using artificial intelligence to revolutionize crypto investing.”
It’s also unusual that Qompass is offering “investment packages” that promise returns of up to 100% to 300% per month (yes, per month).
In any case, you can learn more about Qompass and how it works by visiting the platform online today at Qompass.io.