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+ | ====== Minting Overview ====== | ||
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+ | Qortians do not MINE, Qortians MINT. Minting is NOT what you may have heard of within ' | ||
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+ | Minting is much more similar to 'Proof of Work' than it is to anything else. However, it is **not really similar to anything that exists**. Minting on Qortal is simply a measurement of a **node' | ||
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+ | In Qortal, every minter SHARES the reward of **every block** split based on their level. In other words, Qortal **does not reward solely the block signer**. Minting rewards **every minter who is online, synced, and has a minting key assigned to their node.** Say goodbye to the battle of MINING and welcome in a fair new system where everyone is rewarded for EVERY block minted. Minting is part of a fundamental principle of the project, which is that **money cannot equal power over the network**. This means that **no one can buy their way into having more power over the network**. | ||
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+ | The original ideas of Bitcoin, were to allow **any user with any normal computer** to take part in the consensus process, and assist in generating new coins. However, over time, due to the fact that only the block signer earns any coins, and the fact that more ' | ||
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+ | Minting does **not use high amounts of electricity, | ||
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+ | Any ' | ||
+ | // | ||
+ | // | ||
+ | ===Minting Overview Explanation=== | ||
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+ | Qortal' | ||
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+ | The entire idea of the Decentralization movement was to **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 Decentralization 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. | ||
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+ | ===Minting Info Bullets=== | ||
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+ | * 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 ' | ||
+ | * 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 ' | ||
+ | * 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. | ||
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+ | The method to accomplish this, is described here: [[Becoming a Minter]] | ||
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+ | ===== Bullets Continued ===== | ||
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+ | * Every 2 levels is called a ' | ||
+ | * Every tier shares a given overall percentage of each block' | ||
+ | * Only minters **actively submitting minting signatures** (has a ' | ||
+ | * Signing (or ' | ||
+ | * Every minter is rewarded only based on their level tier and their ' | ||
+ | * Only level **5 or higher** minters sign blocks | ||
+ | * The higher level minters are more likely to be the block signer (for chain security). | ||
+ | * Becoming a minter requires a temporary ' | ||
+ | * During the temporary ' | ||
+ | * Rewards are **split evenly throughout the online minters of any given tier.** | ||
+ | * The higher the tier, the higher the reward. | ||
+ | * The more time a minter has been minting, the higher level they are. | ||
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+ | ===== Minting Security ===== | ||
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+ | In order to ensure the security of the chain, **minting is also structured based on level in regard to block signing.** Block signing simply means the actual minter that creates and adds the block that ultimately gets utilized by the overall chain. | ||
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+ | Minting uses a concept called 'key distance' | ||
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+ | The higher level the minter is, the more likely they are to be the block signer. However, being the block signer (contrary to essentially every other blockchain) does not 'mean anything' | ||
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+ | Since there is **no benefit to being the block signer in terms of rewards** there is also **no ' | ||
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+ | Minting is sometimes referred to as **proof of contribution over time (and Memory Proof-of-Work)** and this is a very accurate description. | ||
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+ | The **Memory Proof-of-Work (MemPoW)** portion of the above statement, comes from the **MemPoW algorithm** that is also part of Qortal Minting. The MemPoW algorithm is utilized in a different fashion to that of most Proof-of-Work algorithms in other blockchains. Whereas most PoW chains utilize the algorithm with a ' | ||
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+ | The **MemPoW algorithm** is a Memory-based Proof-of-Work (PoW) algorithm that is utilized in multiple places within Qortal. In regard to minting, the **MemPoW must be computed, and submitted with each minter signature**. The algorithm is different than other PoW algorithms in multiple ways: | ||
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+ | * MemPoW uses a set difficulty for every minter | ||
+ | * MemPoW is computed and submitted with each minter signature | ||
+ | * MemPoW uses a SET amount of RAM (1MB) (instead of providing more hashrate for more hardware like most PoW algorithms.) | ||
+ | * MemPoW merely limits the number of minting keys that can be assigned to any physical computer, so that those looking to ' | ||
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+ | **What is Qortal & How to become a Qortal Minter video:** https:// |