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minting

Minting

Minting, is the process of 'finding blocks' in QORT.

QORT does not use PoW or PoS like more 'traditional' blockchains, instead, uses minting.

Minting does not use high amounts of electricity, and it also does not require the users wishing to mint, to have a huge amount of coins with which to do so.

Instead, minters must prove themselves as a 'productive member' of the network, in order to be a minter.

Minting Overview Explanation

The QORT developers believe that minting is a superior method in multiple ways, as it not only has no coin holding requirement for minting (thus minting does NOT favor the users with more capital), but it also focuses on ensuring a strong and ever-expanding network of full nodes on the Qortal Network. This method leads to a much stronger base node network, and will be much less likely to run into issues like other blockchain projects do, wherein their base network has a lack of enough full nodes, which makes the chain much less secure overall.

This is against the principles of Bitcoin initially put into the world. The entire idea of the system, was to be totally decentralized, in the hands of the people. The way things are going now in BTC and many other coins, is the exact opposite of these ideals. QORT aims to go back to the original Bitcoin concepts, putting the power solely in the hands of the users on the network, and maintaining a very strong network with full nodes spread out across the globe.

Minting Quick Bullets

  • Minting does NOT reward you based on coins, but by simply verifying you are a legit full node and online.
  • Minting rewards are NOT reliant upon being the signer of the block.
  • Every minter is rewarded EVERY BLOCK in Qortal. Every 60 seconds on average.
  • To become a minter, a new account must be 'sponsored' by a level 5+ minter, or a founder at any level.
  • The limitation of creation of minting accounts, is a security feature.
  • The period of running the sponsorship key, will change as time goes on.
  • Other portions of the system are possible to change in the future as well.
  • The system VERIFIES online minters, utilizing the minting keys. So you MUST STAY ONLINE to be rewarded.
  • The whole point of minting, is to GROW AND MAKE EXTREMELY STRONG, the Qortal Network.
  • Only a node that is YOUR NODE, can be used as a minting node. You cannot access the assignment of minting keys without having full localhost access to the node you're attempting to assign keys on.
  • Each 2 level 'tier' shares a set reward percentage, of EVERY BLOCK.
  • As your level goes up, you change level tiers, and your shared percentage increases.
  • The highest level for a Qortal account, as of June 19, 2020, is level 10.

The method to accomplish this, is described here Becoming a Minter

minting.txt · Last modified: 2020/06/19 15:32 by crowetic