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--- minting_overview [12/02/2021 00:21] – gfactor
+++ minting_overview [04/27/2023 18:54] – gfactor
@@ Line 1: / Line 1: @@
 ====== Minting Overview ======
 {{:qortal_official_logo_transparent_.png?400|}}
-**Where do I request sponsorship to become a Level 1 after 7200 blocks?**
+We do not MINE, we MINT! 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’.
-At the current time, all sponsorship requests should be posted in the #if-you-need-sponsorship on Discord, in Telegram or on Q-Chat. We tend to sponsor people who are active in the community and we get to know. We are building a community!
+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 - minting rewards every minter who is online, synced, and minting! Say goodbye 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 into Qortal and power over the network.
-**How do I mint? How does this work?**
+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.
-First, you must be a Level 1 or higher to mint. This means for new accounts, you must get sponsored, then run a node for first 7200 blocks. You then reach level 1 and have a minting enabled account at which time you will create your own minting key, and begin earning QORT for supporting the network with your fully synced and "minting" node.
-**What if I want to switch nodes, i.e. from one laptop to another, if I stop the back-end and relaunch 3 minutes later on another machine, do I lose my sponsorship TX?**
+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.
-No. The system is counting for a total number of 7200 blocks. This count or credit will not reset if you lose sync for any amount of time.
-**How can I check my level and number of blocks minted during sponsorship?**
+Instead, minters must prove themselves as a 'productive member' of the network, in order to be a minter.
-The Qortal UI displays your level and "blocks minted" count on the left side of the screen, however if your core is not fully synced it may not have an updated value. You can also check using the API with the following link. Be sure to input your address at the end in place of where it says "ENTERYOURADDRESSHERE": "http://localhost:12391/addresses/ENTERYOURADDRESSHERE"
+//
+//
+===Minting Overview Explanation===
-**What do I need to do after I have minted 7200 blocks under sponsorship?**
+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.
-See [[Becoming A Minter]] page for a step by step guide.
-**Is there any benefit of running more than one node?**
+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.
-You will not earn more QORT for multiple nodes, but you will ensure that your account is always synced and minting in the event that one device is not syncing for whatever reason. This is referred to as redundancy.
-**What is a self-share?**
+===Minting Quick Bullets===
-This is a term given to creating your own 'minting key' or ‘reward share key’ which is then added to node management once you reach level 1.
-**Will the Qortal Network ever work with centralized exchanges?**
+  * Minting **does NOT reward you based on QORT held**, but by simply verifying you are a **legit full node and online**.
-No! The Qortal Network should never need nor want any support from centralized control. Even if a centralized exchange chooses to freely and of their own accord, list QORT coin, the Qortal Network will neither acknowledge nor support said listing, and will continue to urge users to maintain their own sovereignty, and utilize only decentralized methods by which to exchange their valuable assets!
+  * 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 are recorded on-chain.
-**How will QORT coin gain value?**
+The method to accomplish this, is described here: [[Becoming a Minter]]
-The Trade Portal shall establish a given value to the QORT coin, with a freely used, decentralized, trade and exchange market utilizing true p2p without any centralized control.
-**Does it matter if my computer sleeps?**
+**What is Qortal & How to become a Qortal Minter video:** https://www.youtube.com/watch?v=g3bx_crP8Jg
-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.

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