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becoming_a_minter

Becoming a Minter

The becoming a minter process has been slightly modified

please read below as the minter process is changed slightly from original ideas

In order to become a minter on the QORT network, a user will need to be 'sponsored' by a founder or level 5+ minting account.

This process will take place by the founder or level 5+ minter issuing a 'reward share' transaction to the newbie that wishes to become a minter. (This process will take place automatically by the level 5+ account issuing a 'sponsor new minter' via the QORT UI. The explanation of the process is to show what is happening in the back end, it isn't necessary for the users to fully understand it, as the UI will make it very straightforward.)

As the required number of blocks go by, the people in 'reward share' situations, are checked for 'online status' where they issue a timestamp that is verified by other members on the network in 5 min intervals.

All users in the reward shares will be counted as online. Initially, 5 days in blocks of online verification, is required in order to enable minting at level 1.

There will only be a certain amount of 'reward share' transactions for creation of new minters that will be possible at any given time. Thus, a limitation of the creation of new minters is created.

As a user is initially enabled at level 1, they can then issue a reward share transaction to one of their own addresses for 'free' (without a fee) at which point they are enabled and included as a minter, and are able to obtain their shared portion of their group's percentage of the block reward.

becoming_a_minter.txt · Last modified: 2020/01/18 14:32 by gfactor