Qortal Project

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minting_overview [12/05/2021 23:21] – gfactorminting_overview [10/11/2022 16:22] – gfactor
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-====== Minting ======+====== Minting Overview ======
  
 {{:qortal_official_logo_transparent_.png?400|}} {{:qortal_official_logo_transparent_.png?400|}}
  
-Minting, is the process of 'finding blocks' in Qortal. The project is called Qortal, Qortal's coin is called QORT.+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’.
  
-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 but rewards every minter who is online, synced, and minting! Say good bye 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 in to Qortal and ‘mine’ another cryptocurrency such as we see possible with PoW and PoS. +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 but rewards every minter who is online, synced, and minting! Say good bye 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 in to Qortal and power over the network.
  
 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.  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. 
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 ===Minting Quick Bullets=== ===Minting Quick Bullets===
  
-  * Minting **does NOT reward you based on QORT coin held**, but by simply verifying you are a **legit full node and online**.+  * 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.   * Minting rewards are NOT reliant upon being the signer of the block.
   * Every minter is rewarded EVERY BLOCK in Qortal (approximately 60 seconds).   * 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 at any level.+  * 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 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).   * 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).
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   * As your level goes up, you eventually move into higher leveled tiers and your shared reward percentage increases.   * 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.   * 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.
  
-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]]
  
 **What is Qortal & How to become a Qortal Minter video:** https://www.youtube.com/watch?v=g3bx_crP8Jg **What is Qortal & How to become a Qortal Minter video:** https://www.youtube.com/watch?v=g3bx_crP8Jg
minting_overview.txt · Last modified: 12/07/2023 15:09 by crowetic

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