Qortal Project

The future of blockchain platforms

User Tools

Site Tools

Trace:
future_modifications

Differences

This shows you the differences between two versions of the page.

Link to this comparison view

Both sides previous revisionPrevious revision
Next revision		Previous revision
Next revisionBoth sides next revision
future_modifications [12/03/2021 17:02] – gfactorfuture_modifications [12/04/2021 18:39] – gfactor
Line 7: Line 7:
  
 Qortal's sponsorship and minting system is our attempt to solve the issue we see in the blockchain space with PoW and PoS where money buys power over the network. We are not claiming that our system is perfect, but the beauty is that we can modify the system as needed. Currently any account that is level 5 or higher (including founder accounts) is able to sponsor up to 5 accounts at one time. There is no limitation to the total number of accounts each level 5+ can sponsor. It takes a sponsee 7200 blocks to reach level 1 at which time they can create their own minting key. The problem we have run into with the sponsorship system, is that some level 5+ accounts are here for personal gain, and not the common good of the project. We have seen a few bad apples create multiple accounts for their own gain that they self sponsor, and either keep for minting themselves, or are selling to the public (primarily in the Chinese community on WeChat app). The next issue is with the minting system itself. Currently we are able to assign multiple accounts to each node. Although we would like to see one account per node, there is nothing securing this ideology in code at the moment. So essentially these self sponsored accounts are able to make more accounts, mint off the same device, and 'game' the current system. Qortal's sponsorship and minting system is our attempt to solve the issue we see in the blockchain space with PoW and PoS where money buys power over the network. We are not claiming that our system is perfect, but the beauty is that we can modify the system as needed. Currently any account that is level 5 or higher (including founder accounts) is able to sponsor up to 5 accounts at one time. There is no limitation to the total number of accounts each level 5+ can sponsor. It takes a sponsee 7200 blocks to reach level 1 at which time they can create their own minting key. The problem we have run into with the sponsorship system, is that some level 5+ accounts are here for personal gain, and not the common good of the project. We have seen a few bad apples create multiple accounts for their own gain that they self sponsor, and either keep for minting themselves, or are selling to the public (primarily in the Chinese community on WeChat app). The next issue is with the minting system itself. Currently we are able to assign multiple accounts to each node. Although we would like to see one account per node, there is nothing securing this ideology in code at the moment. So essentially these self sponsored accounts are able to make more accounts, mint off the same device, and 'game' the current system.
 +
 +Don't forget we are dealing with open source software. It’s not as simple as you might think. We can modify the logic but anyone can just change it back by building a custom JAR. For it to be foolproof, the limit has to be **validated** by every single node on the network. In other words, every one of the nodes on the network has to be able to determine if any other nodes have multiple minting keys attached to them, so that they can collectively disallow those minting keys. In practice, this is very difficult, if not impossible.
 +
 +Proof of work is a viable solution, because each minting account has to include proof that it has used a certain amount of hardware resources to be eligible to be included in a block's reward. The idea here is that it's not possible for multiple minting accounts to coexist as there won't be enough "hardware time" for them all to generate the required proof. Every node on the network can validate this proof very easily, in the same way Bitcoin nodes form a consensus on the next block signer. FYI: we would not be using a PoW that leads to expensive hardware nor changing the block rewards system as we know it. Nor would it affect transactions per second and shouldn't really affect scalability. Nodes can verify these proofs almost instantly.
  
 ===== Solution ===== ===== Solution =====
future_modifications.txt · Last modified: 12/05/2021 08:29 by gfactor

Page Tools