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minting [03/16/2021 02:44] – gfactor | minting [11/27/2021 17:07] – gfactor | ||
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====== Minting ====== | ====== Minting ====== | ||
- | Minting, is the process of ' | + | {{: |
- | Qortal does not use PoW or PoS like more ' | + | Minting, is the process |
- | 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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* 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 to combat gaming the system. | * The limitation of creation of minting accounts is a security feature to combat gaming the system. | ||
- | * The period of running a node to become a level 1 is set at 7200 blocks | + | * The period of running a node to become a level 1 is set at 7200 blocks (after obtaining sponsorship and about 5 days to complete at 1440 blocks per day). |
* 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 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 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 THE NETWORK | + | * The whole point of minting, is to GROW AND MAKE THE NETWORK STRONG. |
* 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 ' |