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====== Minting Overview ====== | ====== Minting Overview ====== | ||
- | Where do I request sponsorship to become a Level 1 after 7200 blocks? | + | {{: |
- | At the current time, all sponsorship requests should be posted in the # | + | |
- | How do I mint? How does this work? | + | Qortians |
- | First, you must be a Level 1 or higher to mint. This means for new accounts, you must get sponsored for the first 7200 blocks, then you become a level 1. You are then a minting enabled account at which time you will earn QORT rewards for being fully synced | + | |
- | What if I want to switch nodes, i.e. from one laptop | + | Minting is much more similar |
- | No. The system | + | |
- | How can I check my level and number of blocks minted during sponsorship? | + | In Qortal, every minter SHARES |
- | At the current time, the UI is not showing blocks minted count. You may use this link but 1) core must be fully synced and 2) be sure to input your address at the end in place of where it says “ENTERYOURADDRESSHERE”: | + | |
- | What do I need to do after I have minted 7200 blocks under sponsorship? | + | The original ideas of Bitcoin, were to allow **any user with any normal computer** to take part in the consensus process, and assist |
- | The sponsor will remove | + | |
- | Is there any benefit | + | Minting does **not use high amounts |
- | You will not earn more QORT for multiple nodes, BUT you will ensure that your account is always synced | + | |
- | What is a self-share? | + | Any 'normal computer' |
- | This is a term given to mean either | + | // |
+ | // | ||
+ | ===Minting Overview Explanation=== | ||
- | Will the Qortal | + | Qortal's developers believe that minting is a superior method |
- | No! The Qortal Network should never need nor want any support from centralized control. Even if a centralized exchange chooses | + | |
- | How will QORT coin gain value? | + | The entire idea of the Decentralization movement was to **put the power in the hands of the people**. The way things are going now in Bitcoin and many other projects, is the **exact opposite of these ideals**. Qortal aims to go back to the original Decentralization concepts, putting the power solely in the hands of the users on the network, and maintaining a very strong network with full nodes spread out across the globe. |
- | The Trade Portal shall establish a given value to the QORT coin, with a freely used, decentralized, trade and exchange market utilizing true p2p without any centralized control. | + | |
- | Does it matter if my computer sleeps? | + | ===Minting Info Bullets=== |
- | Your node will not stay synced | + | |
+ | * Minting **does NOT reward you based on QORT 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. | ||
+ | * Every minter is rewarded EVERY BLOCK in Qortal (approximately 60 seconds). | ||
+ | * 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 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. | ||
+ | * 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 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. | ||
+ | * Each 2 level ' | ||
+ | * As your level goes up, you eventually move into higher leveled tiers and your shared reward percentage increases. | ||
+ | * The highest level for a Qortal account is level 10. | ||
+ | * You do not lose credit for blocks minted if your node is down - meaning you do not have to run 7200 straight. Your blocks minted are recorded on-chain. | ||
+ | |||
+ | The method to accomplish this, is described here: [[Becoming a Minter]] | ||
+ | |||
+ | ===== Bullets Continued ===== | ||
+ | |||
+ | * Every 2 levels is called a ' | ||
+ | * Every tier shares a given overall percentage of 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. | ||
+ | |||
+ | ===== Minting Security ===== | ||
+ | |||
+ | 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. | ||
+ | |||
+ | Minting uses a concept called 'key distance' | ||
+ | |||
+ | 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 ' | ||
+ | |||
+ | Since there is **no benefit to being the block signer in terms of rewards** there is also **no ' | ||
+ | |||
+ | Minting is sometimes referred to as **proof of contribution over time (and Memory Proof-of-Work)** and this is a very accurate description. | ||
+ | |||
+ | 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 ' | ||
+ | |||
+ | 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: | ||
+ | |||
+ | * 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 ' | ||
+ | |||
+ | **What is Qortal & How to become a Qortal Minter video:** https:// |