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| block_rewards_distribution [03/12/2023 01:54] – [Minting Levels] gfactor | block_rewards_distribution [01/05/2024 05:39] (current) – magic_ink | ||
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| - | The block rewards in Qortal are distributed to every online minter, regardless of the minter who actually finds the block. The rewards are based on the level of the minter and how many online minters are taking part in each block. In other words, | + | The block rewards in Qortal are **distributed to every online minter, regardless of the minter who actually |
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| + | ===== Minting Bullets ===== | ||
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| + | * Every 2 levels is called | ||
| + | * **Every tier shares a given overall | ||
| + | * Block rewards include **the reward itself** and the **fees for each block** created by transactions submitted to the chain. | ||
| + | * Minters share **both the block reward, and split of the transaction fees for 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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| - | Behold, the Official QORT Coin: | ||
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| - **Founders** share a minimum of **3%** of the block reward, and/or the ' | - **Founders** share a minimum of **3%** of the block reward, and/or the ' | ||
| - | - Tiers 7/8 and 9/10 require at least 30 minters before they become active. If a tier has between 1 and 29 minters, the rewards are combined and shared with the previous tier. | + | |
| + | Also note tiers 7-8 and 9-10 require at least 30 minters before they become active. If a tier has between 1 and 29 minters, the rewards are combined and shared with the previous tier. | ||
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| + | **QORA Burn Rewards go to wallets every block without having to mint. This is the only reward that does not require minting. If you are also a minter, this reward is still issued on top of your minting reward.** | ||
| ===== Original Reward Percentages ===== | ===== Original Reward Percentages ===== | ||
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| The block rewards on Qortal are meant to be never-ending. Since QORT is a coin on chain, there should always be new QORT available to power the various services on the network. | The block rewards on Qortal are meant to be never-ending. Since QORT is a coin on chain, there should always be new QORT available to power the various services on the network. | ||
| - | No Total Cap on QORT coin, approximately every ‘6 months’ (based on a calculation of 60 seconds per block which is slightly higher) there is a decrease in block reward from its start at 5 QORT, by .25, until 2 QORT is the reward. Thereafter, a vote can be made for an increase or decrease of 0.25 to 1 QORT difference per block via vote, however, this type of vote can only take place one time per ‘year’ (in blocks). For example, if the current block reward was 3 QORT, the vote could only be: 2, 2.25, 2.5, 2.75, 3, 3.25, 3.5, 3.75 & 4 QORT. (Only up to a 1 QORT difference up or down or any 0.25 increment between.) Block reward can only be voted to as low as 1 QORT per block, or as high as 5 QORT per block. These are the minimum and maximum block reward range Qortal will ever potentially see. We are currently at 4.5 QORT per block as of February 7th 2021. You can see the current block height at www.exqlorer.com | + | No Total Cap on QORT coin, approximately every ‘6 months’ (based on a calculation of 60 seconds per block which is slightly higher) there is a decrease in block reward from its start at 5 QORT, by .25, until 2 QORT is the reward. Thereafter, a vote can be made for an increase or decrease of 0.25 to 1 QORT difference per block via vote, however, this type of vote can only take place one time per ‘year’ (in blocks). For example, if the current block reward was 3 QORT, the vote could only be: 2, 2.25, 2.5, 2.75, 3, 3.25, 3.5, 3.75 & 4 QORT. (Only up to a 1 QORT difference up or down or any 0.25 increment between.) Block reward can only be voted to as low as 1 QORT per block, or as high as 5 QORT per block. These are the minimum and maximum block reward range Qortal will ever potentially see. We are currently at 3.75 QORT per block as of November 18th 2023. You can see the current block height at https://exqlorer.com |
| =====Reward Schedule & Reduction===== | =====Reward Schedule & Reduction===== | ||
block_rewards_distribution.1678604050.txt.gz · Last modified: 03/12/2023 01:54 by gfactor