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minting [09/02/2020 16:19] – gfactor | minting [11/27/2021 17:02] – gfactor | ||
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- | =====Minting===== | + | ====== Minting |
- | Minting, is the process of ' | + | {{: |
- | QORT does not use PoW or PoS like more 'traditional' | + | Minting, is the process of 'finding blocks' |
- | Minting does not use high amounts of electricity, | + | Qortal does not use PoW or PoS like more ' |
+ | |||
+ | 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 ' | Instead, minters must prove themselves as a ' | ||
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===Minting Overview Explanation=== | ===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. | + | Qortal' |
- | This is against the principles | + | This is against the principles |
===Minting Quick Bullets=== | ===Minting Quick Bullets=== | ||
- | * Minting **does NOT reward you based on coins**, but by simply verifying you are a **legit full node and online**. | + | * 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. | * Minting rewards are NOT reliant upon being the signer of the block. | ||
- | * Every minter is rewarded EVERY BLOCK in Qortal. Every 60 seconds | + | * Every minter is rewarded EVERY BLOCK in Qortal |
* To become a minter, a new account must be ' | * To become a minter, a new account must be ' | ||
- | * The limitation of creation of minting accounts, is a security feature. | + | * 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). | + | * 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. | * 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 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 | + | * The whole point of minting, is to GROW AND MAKE THE 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. | * 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 ' | + | * Each 2 level ' |
- | * As your level goes up, you change level tiers, and your shared percentage increases. | + | * As your level goes up, you eventually move into higher leveled |
- | * The highest level for a Qortal account, as of June 19, 2020, is level 10. | + | * The highest level for a Qortal account is level 10. |
The method to accomplish this, is described here [[becoming_a_minter|Becoming a Minter]] | The method to accomplish this, is described here [[becoming_a_minter|Becoming a Minter]] | ||
+ | **What is Qortal & How to become a Qortal Minter video:** https:// |