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becoming_a_minter

Becoming A Minter

The process of becoming a minter has been slightly modified from its original concept:

In order to become a minter on the Qortal Network, a user will need to be 'sponsored' by a founder or level 5+ minting account (if you did not purchase a QORTector device before launch of Genesis or are not a QORA Forger you’ll require a sponsor).

This process will take place by the sponsor issuing a 'reward share' transaction to the newbie (sponsee) that wishes to become a minter. (This process will take place via the Qortal UI. The explanation of the process is to show what is happening in the back end. It isn't necessary for the users to fully understand it as the UI will make it very straightforward.)

As the required number of blocks go by, the people in 'reward share' situations are checked for 'online status' where they issue a timestamp that is verified by other members on the network in 5 min intervals.

All users in the reward shares will be counted as online. Initially, 5 days (or specifically 7200 'online blocks') of online blocks are required in order to enable minting at level 1.

There will only be a certain amount of 'reward share' transactions for creation of new minters that will be possible at any given time. Thus, a limitation of the creation of new minters is created.

Once a user has ran a node for 7200 blocks and the account becomes Level 1, the user can then generate his/her own reward share at which point they are enabled (officially a minter on the network) and are able to obtain their shared portion of the block reward (refer to Block Rewards & Distribution to learn more about the rewards system).

To Enable Sponsorship

In order to become a Minter, you must first become 'sponsored' as described above.

The sponsorship involves a level 5+ account issuing a reward_share transaction at 0% to any public key OTHER THAN HIS/HER OWN (a 0% share to his/her own account, is a 'start minting' transaction, essentially. With the key that comes from the reward_share transaction, which is your 'minting key' which the sponsee will then need to assign to their node in Node Management.)

To be sponsored, the newbie speaks to the community, and finds a level 5+ person willing to sponsor them.

The level 5+ person goes to 'reward share' in the Qortal UI, and issues a 0% reward_share transaction to the recipient's Public Key (not their address but PUBLIC KEY! You can find this with the gear icon in the top right corner of the UI screen.)

The sponsor obtains the Reward Share Key from the reward share transaction (reward_share private key A.K.A. 'minting key' in terms we're speaking now.)

Now… THERE ARE 2 WAYS that a sponsorship relationship can work…

1. The sponsor runs the sponsorship timeframe FOR the sponsee. - in this case the sponsor would apply the key to his/her node, and run it for 7200 online blocks. At which point the sponsee can issue a self share, obtain their own key, and assign it to their node to begin minting at level 1.

2. The sponsee runs the sponsorship timeframe (this is the most common method) - in this case the sponsor will GIVE THE KEY to the sponsee, which was obtained in the 'reward share' at 0% assigned to the sponsee’s Public Key. Then the sponsee assigns the sponsor’s reward share key to their node, and runs for the 7200 block timeframe (you have to be online for 7200 blocks, so if you turn off your node, you will NOT get credit for blocks passed while your node was offline. The whole point of minting is to be ONLINE.)

ASSIGN KEY TO NODE

Once the sponsee has reached level 1, the sponsee will 1) remove the account in Node Management 2) paste Public Key in Reward Share 3) select 0% reward share (even though it is your account you do not need to select 100% as that’s not how that feature works) 4) copy the Reward Share Key generated before confirming 5) add the Reward Share Key to Node Management.

The sponsee does not have to wait for the sponsor to remove things on their end. The sponsee can begin steps 1-5 all on their own. Of course as a general courtesy, it is still nice to inform your sponsor of your account reaching 7200 blocks and you successfully setting up your own key to mint! That’s it! Congrats!

Remember: If you ever delete your database and/or lose your Reward Share Public Key, you can always simulate the Reward Share generation process to obtain your key again. So there’s really no need to have to ‘save’ your key outside of the UI as it’ll always be accessible. And your key will only work for your account so do not worry about someone else attempting to use it as it will not be accepted.

Remember: There is a 1 block confirmation period between creation of the key, from the point you can assign it, as it has to first be confirmed so the API can verify it. So be sure to wait at least 1 full minute (or notice block height and wait for next block after key creation) before attempting to assign the key… otherwise the assignment will fail as the chain is not aware of the created key.

becoming_a_minter.txt · Last modified: 2021/07/23 11:48 by gfactor