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minting [09/02/2020 16:19] – gfactor | minting [11/27/2021 17:07] – gfactor | ||
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- | =====Minting===== | + | ====== Minting |
- | Minting, is the process of ' | + | {{: |
- | QORT does not use PoW or PoS like more 'traditional' | + | Minting, is the process of 'finding blocks' |
- | Minting does not use high amounts of electricity, | + | 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. | ||
+ | |||
+ | Minting does not use high amounts of electricity, does not require expensive equipment, and does not require the users wishing to mint, to have a huge amount of QORT or any other asset with which to do so. | ||
Instead, minters must prove themselves as a ' | Instead, minters must prove themselves as a ' | ||
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===Minting Overview Explanation=== | ===Minting Overview Explanation=== | ||
- | The QORT developers believe that minting is a superior method in multiple ways, as it not only **has no coin holding requirement for minting** (thus minting does NOT favor the users with more capital), but it also focuses on ensuring a strong and ever-expanding network of full nodes on the Qortal Network. This method leads to a much stronger base node network, and will be much less likely to run into issues like other blockchain projects do, wherein their base network has a lack of enough full nodes, which makes the chain much less secure overall. | + | Qortal' |
- | This is against the principles | + | This is against the principles |
===Minting Quick Bullets=== | ===Minting Quick Bullets=== | ||
- | * Minting **does NOT reward you based on coins**, but by simply verifying you are a **legit full node and online**. | + | * Minting **does NOT reward you based on QORT coin 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. Every 60 seconds | + | * Every minter is rewarded EVERY BLOCK in Qortal |
* 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. | + | * The limitation of creation of minting accounts is a security feature |
- | * The period of running a node to become a level 1 is set at 7200 blocks (after obtaining sponsorship). | + | * The period of running a node to become a level 1 is set at 7200 blocks (after obtaining sponsorship |
* Other portions of the system are possible to change in the future as well. | * Other portions of the system are possible to change in the future as well. | ||
+ | * The period to become a Level 5 takes approximately 14 months in which the account can begin sponsoring others. | ||
+ | * 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 EXTREMELY | + | * The whole point of minting, is to GROW AND MAKE THE NETWORK |
* 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 change level tiers, and your shared percentage increases. | + | * As your level goes up, you eventually move into higher leveled |
- | * The highest level for a Qortal account, as of June 19, 2020, is level 10. | + | * The highest level for a Qortal account is level 10. |
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|Becoming a Minter]] | ||
+ | **What is Qortal & How to become a Qortal Minter video:** https:// |