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minting_overview [08/06/2021 22:33] – gfactor | minting_overview [11/29/2023 15:21] – crowetic | ||
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====== Minting Overview ====== | ====== Minting Overview ====== | ||
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- | **Where do I request sponsorship | + | Qortians do not MINE, Qortians MINT. Minting is NOT what you may have heard of within ' |
- | At the current time, all sponsorship requests should | + | |
+ | Minting is much more similar to 'Proof of Work' than it is to anything else. However, it is **not really similar to anything that exists**. Minting on Qortal is simply a measurement of a **node' | ||
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+ | In Qortal, every minter SHARES the reward of **every block** split based on their level. In other words, Qortal **does not reward solely the block signer**. Minting rewards **every minter who is online, synced, and has a minting key assigned to their node.** Say goodbye to the battle of MINING and welcome in a fair new system where everyone is rewarded for EVERY block minted. Minting is part of a fundamental principle of the project, which is that **money cannot equal power over the network**. This means that **no one can buy their way into having more power over the network**. | ||
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+ | 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, | ||
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+ | Instead, minters must prove themselves as a ' | ||
+ | // | ||
+ | // | ||
+ | ===Minting Overview Explanation=== | ||
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+ | Qortal' | ||
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+ | This is against the principles that Bitcoin initially put into the world. The entire idea of the Bitcoin system was to be totally decentralized and 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 Bitcoin 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. | ||
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+ | ===Minting Info Bullets=== | ||
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+ | * 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 | ||
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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 system VERIFIES online minters, utilizing | ||
+ | * 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 | ||
+ | * 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 | ||
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+ | The method to accomplish this, is described here: [[Becoming a Minter]] | ||
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+ | ===== Bullets Continued ===== | ||
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+ | * 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 | ||
+ | * Becoming a minter requires a temporary ' | ||
+ | * During | ||
+ | * Rewards | ||
+ | * The higher the tier, the higher the reward. | ||
+ | * The more time a minter has been minting, the higher level they are. | ||
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+ | ===== Minting Security ===== | ||
- | **How do I mint? How does this work?** | + | In order to ensure the security of the chain, |
- | First, you must be a Level 1 or higher | + | |
- | **What if I want to switch nodes, i.e. from one laptop to another, if I stop the back-end and relaunch 3 minutes later on another machine, do I lose my sponsorship TX?** | + | Minting uses a concept called 'key distance' |
- | No. The system is counting for a total number of 7200 blocks. This count or credit will not reset if you lose sync for any amount of time. | + | |
- | **How can I check my level and number of blocks minted during sponsorship? | + | The higher |
- | 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? | + | Since there is **no benefit |
- | The sponsor will remove | + | |
- | **Is there any benefit | + | Minting is sometimes referred to as **proof of contribution over time (and Memory Proof-of-Work)** and this is a very accurate description. |
- | You will not earn more QORT for multiple nodes, BUT you will ensure that your account is always synced | + | |
- | **What is a self-share?** | + | 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 |
- | This is a term given to mean either ' | + | |
- | **Will the Qortal Network ever work with centralized exchanges?** | + | The **MemPoW algorithm** is a Memory-based Proof-of-Work (PoW) algorithm that is utilized in multiple places within |
- | No! The Qortal | + | |
- | **How will QORT coin gain value?** | + | * MemPoW uses a set difficulty for every minter |
- | The Trade Portal shall establish | + | * 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 | ||
- | **Does it matter if my computer sleeps?** | + | **What is Qortal & How to become a Qortal Minter video:** https://www.youtube.com/ |
- | Your node will not stay synced or sync completely if your computer goes into sleep mode. You will need to turn off anything that stops your computer from processing. | + |