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minting

Minting

Minting, is the process of 'finding blocks' in Qortal. The project is called Qortal or QORT, Qortal's coin is called QORT.

Qortal does not use PoW or PoS like more 'traditional' blockchains, instead, uses minting. Minting means that every minter shares a portion of EVERY block reward. In other words, Qortal does not reward the block signer but rewards every minter who is online, synced, and minting! Say good bye to the battle of MINING and welcome in a fair new system where everyone is rewarded for EVERY block minted.

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 QORT or any other asset 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

Qortal's 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 that Bitcoin initially put into the world. The entire idea of the Bitcoin system, was to be totally decentralized and put the power in the hands of the people. The way things are going now in Bitcoin and many other projects, is the exact opposite of these ideals. Qortal 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 QORT coin held, 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 a node to become a level 1 is set at 7200 blocks (after obtaining sponsorship).
  • 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 eventually move into higher leveled tiers, and your shared reward percentage increases.
  • The highest level for a Qortal account is level 10.

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

minting.txt · Last modified: 2020/10/19 04:13 by gfactor