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minting [03/16/2021 02:44] – gfactor | minting [11/27/2021 17:02] – gfactor | ||
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====== Minting ====== | ====== Minting ====== | ||
- | Minting, is the process of ' | + | {{: |
- | Qortal does not use PoW or PoS like more ' | + | Minting, is the process |
- | 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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* 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 to combat gaming the system. | * 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 | + | * 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. | * 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 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 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 THE NETWORK | + | * 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. | * 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 ' |