Qortal Project

The future of blockchain platforms

User Tools

Site Tools


Sidebar

Qortal Project Wiki

Important Notices

Introduction

Project Model

Minting

Communications

Trade Portal

Data Hosting

Voting System

Hardware

Frequently Asked Questions (FAQ)

How-To Guides

Node Setup Guides

Third-Party Services

minting_overview

Minting Overview

Minting, is the process of 'finding blocks' in Qortal. We are not using a term like ‘Proof of ___’ for this mining system… it is simply called ‘minting’.

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 is our solution to a fundamental principle we want to instill with Qortal: where money cannot equal power over the network. Meaning no one can buy their way in to Qortal and power over the network.

Bitcoin was intended to allow anyone to run a basic computer and take part. The flawed aspect of PoW where only the block signer is rewarded led to more expensive hardware demand with greater power demand and only an option for those who can afford the expensive setup. Ultimately steering away from the foundational concept to allow anyone to run a basic computer. Qortal aims to fix this key aspect.

Minting does not use high amounts of electricity, does not require expensive equipment, and 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 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 (approximately 60 seconds).
  • To become a minter, a new account must be 'sponsored' by a level 5+ minter, or a Founder.
  • The limitation of creation of minting accounts is a security feature to combat gaming the system.
  • The period of running a node to become a level 1 is set at 7200 blocks (after obtaining sponsorship and about 5 days to complete at 1440 blocks per day).
  • Other portions of the system are possible to change in the future as well.
  • The period to become a Level 5 takes approximately 14 months in which the account can begin sponsoring others.
  • The highest level for a Qortal account is Level 10. The period to become a Level 10 takes approximately 7 years 9 months.
  • 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 THE NETWORK STRONG.
  • 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.
  • You do not lose credit for blocks minted if your node is down - meaning you do not have to run 7200 straight. Your blocks minted is recorded on-chain.

The method to accomplish this, is described here: Becoming A Minter

What is Qortal & How to become a Qortal Minter video: https://www.youtube.com/watch?v=g3bx_crP8Jg

minting_overview.txt · Last modified: 02/09/2022 04:06 by gfactor