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minting_overview [11/02/2023 14:05] – croweticminting_overview [11/29/2023 15:21] – crowetic
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 {{:qortal_official_logo_transparent_.png?400|}} {{:qortal_official_logo_transparent_.png?400|}}
  
-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’.+Qortians do not MINE, Qortians MINT. Minting is NOT what you may have heard of within 'token' based projects. It is **Proof of Contribution Over Time, and Memory Proof of Work**.
  
-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.+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's contribution to the network over time**. The Memory Proof of Work (MemPoW) algorithm, is utilized solely to 'limit the number of minting keys' that can be assigned to a single computer. It is assigned with a 'static' difficulty, and simply prevents assigning more than 2 minting keys to any given physical computer.  
 + 
 +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**.
  
 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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 ===== Bullets Continued ===== ===== Bullets Continued =====
  
- * Every 2 levels is called a 'ter'.  +  * Every 2 levels is called a 'ter'.  
- * Every tier shares a given overall percentage of each block's reward. +  * Every tier shares a given overall percentage of each block's reward. 
-* Only minters **actively submitting minting signatures** (has a 'minting key' assigned to a synchronized node) are rewarded. +  * Only minters **actively submitting minting signatures** (has a 'minting key' assigned to a synchronized node) are rewarded. 
-* Signing (or 'finding') blocks, does NOT MATTER in terms of rewards. +  * Signing (or 'finding') blocks, does NOT MATTER in terms of rewards. 
-* Every minter is rewarded only based on their level tier and their 'online' signature. +  * Every minter is rewarded only based on their level tier and their 'online' signature. 
-* Only level **5 or higher** minters sign blocks +  * Only level **5 or higher** minters sign blocks 
-* The higher level minters are more likely to be the block signer (for chain security).  +  * The higher level minters are more likely to be the block signer (for chain security).  
-* Becoming a minter requires a temporary 'sponsorship' key to be obtained from another minter of level 5 or higher.  +  * Becoming a minter requires a temporary 'sponsorship' key to be obtained from another minter of level 5 or higher.  
-* During the temporary 'sponsorship' period, no rewards are given to the pre-level-1 minter. +  * During the temporary 'sponsorship' period, no rewards are given to the pre-level-1 minter. 
-* Rewards are **split evenly throughout the online minters of any given tier.**  +  * Rewards are **split evenly throughout the online minters of any given tier.**  
-* The higher the tier, the higher the reward. +  * The higher the tier, the higher the reward. 
-* The more time a minter has been minting, the higher level they are.+  * The more time a minter has been minting, the higher level they are.
  
 ===== Minting Security ===== ===== Minting Security =====
minting_overview.txt · Last modified: 12/07/2023 15:09 by crowetic

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