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minting_overview [12/05/2021 23:21] – gfactor | minting_overview [04/27/2023 18:54] – gfactor | ||
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- | ====== Minting ====== | + | ====== Minting |
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- | Minting, is the process of ' | + | We do not MINE, we MINT! Minting, is the process of ' |
- | Qortal does not use PoW or PoS like more ' | + | Qortal does not use PoW or PoS like more ' |
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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Qortal' | Qortal' | ||
- | 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. | + | 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. |
===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 ' | + | * 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 (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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* 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 STRONG. | + | * 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 ' | ||
* 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 are 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:// | **What is Qortal & How to become a Qortal Minter video:** https:// |