Qortal Project

The future of blockchain platforms

User Tools

Site Tools


becoming_a_minter

Differences

This shows you the differences between two versions of the page.

Link to this comparison view

Both sides previous revision Previous revision
becoming_a_minter [2020/03/08 19:51]
gfactor
becoming_a_minter [2020/03/11 22:47] (current)
crowetic
Line 11: Line 11:
 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. 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.+All users in the reward shares will be counted as online. Initially, 5 days (or specifically,​ 7200 '​online ​blocks'​) ​of online ​blocks ​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. 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. 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.
 +
 +====To Enable in Pre-launch Qortal====
 +
 +In order to become a Minter, you must first become '​sponsored'​ as described above.
 +
 +The sponsorship involves a level 5+ account issuing a reward_share transaction at 0% to any public key OTHER THAN HIS OWN. (a 0% share to his own account, is a 'start minting'​ transaction,​ essentially. With the key that comes from the reward_share transaction,​ which is your '​minting key' then being assigned to a node.)
 +
 +To be sponsored, the newbie speaks to the community, and finds a level 5+ person willing to sponsor them.
 +
 +The level 5+ person goes to '​reward share' in the Qortal UI, and issues a 0% reward_share transaction to the recipient'​s public key (not their address, their public key. You can find this with the ! icon top left by your logged in address.)
 +
 +The sponsor obtains the key from the reward_share transaction (reward_share private key A.K.A. '​minting key' in terms we're speaking now.) 
 +
 +Now... THERE ARE 2 WAYS that a sponsorship relationship can work...
 +
 +1. The **sponsor runs the sponsorship timeframe FOR the sponsee**. - in this case the sponsor would apply the key to his node, and run it for 7200 online blocks. At which point the sponsee can issue a self_share, obtain their own key, and assign it to their node to begin minting at level 1.
 +
 +2. The **sponsee runs the sponsorship timeframe** (this is the most common method) - in this case the sponsor will GIVE THE KEY to the sponsee, which was obtained in the '​reward_share'​ at 0% to the sponsee public key. Then the sponsee assigns this key to their node, and runs for the 7200 block timeframe (you have to be onine for 7200 blocks, so if you turn off your node, you will NOT get credit for blocks passed while your node was offline. The whole point of minting is to be ONLINE.)
 +
 +==ASSIGN KEY TO NODE==
 +
 +Once the **reward_share private key** (A.K.A '​minting key' in these terms) has been obtained... the user will go to **'​node management'​** (in the current pre-launch UI) and click **'add minting account'​**,​ wherein they will paste the key, and submit.
 +
 +--note-- There is a **1 block confirmation period between creation of the key, and the point you can assign it**, as it has to first be confirmed so the API can verify it. So be sure to wait at least 1 full minute (or notice block height and wait for next block after key creation) before attempting to assign the key... otherwise the assignment will fail as the chain is not aware of the created key.
 +
 +--note-- //At the time of this update to the wiki, the UI doesn'​t notify you upon submission of the key, it simply doesn'​t '​say'​ anything. This is okay, however, and you can click '​wallet'​ then back to node management, where you will see your assigned minting account.//
 +
 +THAT'S IT! Once you have assigned your key, you are officially a minter.
 +
 +REMINDER - once the timeframe has passed and the account reaches level 1 and can mint on their own... you no longer need the key assigned to your node. 
 +
 +The only way to remove an assigned key at this point (Mar 11 2020), is via the API, but there will be an addition in the UI for this in the near future.
 +
 +The UI is in very active development as is the core, especially during the pre-chain period, but active development will continue for a very long time, as QORT is easily auto-updated and modified, not being tied to a specific cryptographic algorithm, or anything else preventing it from being easily changed at any point.
  
  
becoming_a_minter.txt ยท Last modified: 2020/03/11 22:47 by crowetic