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minting_overview [08/06/2021 22:33] – gfactor | minting_overview [10/11/2022 16:22] – gfactor | ||
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====== Minting Overview ====== | ====== Minting Overview ====== | ||
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- | **Where | + | We do not MINE, we MINT! Minting, is the process of ' |
- | At the current time, all sponsorship requests should be posted in the # | + | |
+ | Qortal does not use PoW or PoS like more ' | ||
- | **How do I mint? How does this work?** | + | Bitcoin was intended |
- | First, you must be a Level 1 or higher | + | |
- | **What if I want to switch nodes, i.e. from one laptop to another, if I stop the back-end | + | 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 |
- | No. The system is counting for a total number | + | |
- | **How can I check my level and number | + | Instead, minters must prove themselves as a ' |
- | At the current time, the UI is not showing blocks minted count. You may use this link but 1) core must be fully synced and 2) be sure to input your address at the end in place of where it says “ENTERYOURADDRESSHERE”: | + | // |
+ | // | ||
+ | ===Minting Overview Explanation=== | ||
- | **What do I need to do after I have minted 7200 blocks under sponsorship? | + | Qortal' |
- | The sponsor will remove | + | |
- | **Is there any benefit | + | This is against the principles that Bitcoin initially put into the world. The entire idea of the Bitcoin system, was to be totally decentralized |
- | You will not earn more QORT for multiple nodes, BUT you will ensure that your account is always synced | + | |
- | **What is a self-share? | + | ===Minting Quick Bullets=== |
- | This is a term given to mean either ' | + | |
- | **Will the Qortal | + | |
- | No! The Qortal | + | * Minting rewards are NOT reliant upon being the signer of the block. |
+ | * Every minter is rewarded EVERY BLOCK in Qortal | ||
+ | | ||
+ | | ||
+ | | ||
+ | * 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 | ||
+ | * The system VERIFIES online minters, utilizing the minting keys. So you MUST STAY ONLINE | ||
+ | * 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 | ||
+ | * Each 2 level ' | ||
+ | * 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. | ||
- | **How will QORT coin gain value?** | + | The method |
- | The Trade Portal shall establish a given value to the QORT coin, with a freely used, decentralized, | + | |
- | **Does it matter if my computer sleeps?** | + | **What is Qortal & How to become a Qortal Minter video:** https://www.youtube.com/ |
- | Your node will not stay synced or sync completely if your computer goes into sleep mode. You will need to turn off anything that stops your computer from processing. | + |