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minting_overview [12/02/2021 00:21] – gfactor | minting_overview [11/29/2023 15:30] – 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 | + | |
+ | Minting is much more similar | ||
+ | |||
+ | In Qortal, every minter SHARES | ||
+ | |||
+ | The original ideas of Bitcoin, were to allow **any user with any normal computer** to take part in the consensus process, and assist in generating new coins. However, over time, due to the fact that only the block signer earns any coins, and the fact that more ' | ||
+ | |||
+ | Minting does **not use high amounts of electricity, | ||
+ | |||
+ | Any ' | ||
+ | // | ||
+ | // | ||
+ | ===Minting Overview Explanation=== | ||
+ | |||
+ | Qortal' | ||
+ | |||
+ | 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. | ||
+ | |||
+ | ===Minting Info Bullets=== | ||
+ | |||
+ | * Minting **does NOT reward | ||
+ | * 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 | ||
+ | |||
+ | ===== 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 | ||
+ | * 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 ===== | ||
- | **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 to mint. This means for new accounts, you must get sponsored, then run a node for first 7200 blocks. You then reach level 1 and have a minting enabled account at which time you will create your own minting key, and begin earning QORT for supporting | + | |
- | **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 |
- | The Qortal UI displays your level and " | + | |
- | **What do I need to do after I have minted 7200 blocks under sponsorship? | + | Since there is **no benefit |
- | See [[Becoming A Minter]] page for a step by step guide. | + | |
- | **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 in a different fashion |
- | This is a term given to creating your own 'minting key' | + | |
- | **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. | + |