Qortal Project

The future of blockchain platforms

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minting [03/16/2021 02:45] – gfactorminting [11/27/2021 17:07] – gfactor
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 ====== Minting ====== ====== Minting ======
  
-Minting, is the process of 'finding blocks' in Qortal. The project is called Qortal or QORT, Qortal's coin is called QORT.+{{:qortal_official_logo_transparent_.png?400|}}
  
-Qortal does not use PoW or PoS like more 'traditional' blockchains, instead, uses minting. Minting means that every minter shares a portion of EVERY block reward. In other words, Qortal does not reward the block signer but rewards every minter who is online, synced, and minting! Say good bye to the battle of MINING and welcome in a fair new system where everyone is rewarded for EVERY block minted.+Minting, is the process of 'finding blocks' in Qortal. The project is called Qortal, Qortal's coin is called QORT.
  
-Minting does not use high amounts of electricity, and it also does not require the users wishing to mint, to have a huge amount of QORT or any other asset with which to do so.+Qortal does not use PoW or PoS like more 'traditional' blockchains, instead, uses minting. Minting means that every minter shares a portion of EVERY block reward. In other words, Qortal does not reward the block signer but rewards every minter who is online, synced, and minting! Say good bye to the battle of MINING and welcome in a fair new system where everyone is rewarded for EVERY block minted. Minting is our solution to a fundamental principle we want to instill with Qortal: where money cannot equal power over the network. Meaning no one can buy their way in to Qortal and ‘mine’ another cryptocurrency such as we see possible with PoW and PoS.  
 + 
 +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.  
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 +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 'productive member' of the network, in order to be a minter. Instead, minters must prove themselves as a 'productive member' of the network, in order to be a minter.
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   * 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 EXTREMELY STRONG.+  * 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 'tier' shares a set reward percentage of EVERY BLOCK.   * Each 2 level 'tier' shares a set reward percentage of EVERY BLOCK.

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