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--- minting_overview [12/02/2021 00:31] – gfactor
+++ minting_overview [11/29/2023 15:30] – crowetic
@@ Line 1: / Line 1: @@
 ====== Minting Overview ======
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-**Where do I request sponsorship to become a Level 1 after 7200 blocks?**
+Qortians do not MINE, Qortians MINT. Minting is NOT what you may have heard of within 'token' based projects. It is **Proof of Contribution Over Time, and Memory Proof of Work**.
-At the current time, all sponsorship requests should be posted in the #if-you-need-sponsorship on Discord, in Telegram or on Q-Chat. We tend to sponsor people who are active in the community and we get to know. We are building a community!
+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's contribution to the network over time**. The Memory Proof of Work (MemPoW) algorithm, is utilized solely to 'limit the number of minting keys' that can be assigned to a single computer. It is assigned with a 'static' difficulty, and simply prevents assigning more than 2 minting keys to any given physical computer.
+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**.
+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 'power' meant more potential to do so, Bitcoin gradually **got more centralized** in many ways. Both the mining itself, being centralized into 'mining pools', and the requirement of specific hardware centralizing the production and sales of said hardware, many aspects of Bitcoin have now been re-centralized, leading to a scenario more similar to the existing 'system' wherein those with more 'influence' are those with more 'money'. Qortal aims to resolve this issue by allowing any user with any normal computer to continue taking part in the coin creation and distribution process, and earning merely by providing their node to the growth of the network, and helping secure newly created blocks.
+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.**
+Any 'normal computer' all the way down to as small a computer as the 'Raspberry Pi 4' may take part in Qortal's consensus, and earn rewards in QORT for assisting in growing the network and securing the Qortal Blockchain.
+//
+//
+===Minting Overview Explanation===
+Qortal's developers believe that minting is a superior method to 'power' a blockchain in multiple ways, as it not only **has no coin holding requirement** (thus minting does NOT favor the users with more capital), but it also focuses on **ensuring a strong and ever-expanding network of full nodes**. This method leads to a **much stronger base node network**, and will be much less likely to run into issues like other blockchain projects do, wherein their base network has a lack of full nodes, which makes the chain much less secure overall. This lack of nodes on other networks also leads to users needing to make use of nodes they do not control, thus reducing the level of decentralization by a large margin.
+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 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 'sponsored' by a level 5+ minter, or a Founder.
+  * 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 'tier' shares a set reward percentage of EVERY BLOCK.
+  * 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 'ter'.
+  * Every tier shares a given overall percentage of each block's reward.
+  * Only minters **actively submitting minting signatures** (has a 'minting key' assigned to a synchronized node) are rewarded.
+  * Signing (or 'finding') blocks, does NOT MATTER in terms of rewards.
+  * Every minter is rewarded only based on their level tier and their 'online' signature.
+  * 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 'sponsorship' key to be obtained from another minter of level 5 or higher.
+  * During the temporary 'sponsorship' period, no rewards are given to the pre-level-1 minter.
+  * 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, **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.
-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 the network with your fully synced and "minting" node.
-**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' that you can read about here [[how_qortal_s_consensus_works|]] in order to determine which block by which minter is included into the chain.
-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 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 'mean anything' in Qortal in regard to rewards. **Being the block signer does NOT earn the minter anything 'extra' in Qortal.** This is a **critical difference** that is one of the main unique factors of Qortal's minting system.
-The Qortal UI displays your level and "blocks minted" count on the left side of the screen, however if your core is not fully synced it may not have an updated value. You can also check using the API with the following link. Be sure to input your address at the end in place of where it says "ENTERYOURADDRESSHERE": "http://localhost:12391/addresses/ENTERYOURADDRESSHERE"
-**What do I need to do after I have minted 7200 blocks under sponsorship?**
+Since there is **no benefit to being the block signer in terms of rewards** there is also **no 'competition' between minters**, they all **work cooperatively** to secure the chain, and are rewarded based on their **overall time contributed** to doing so.
-See [[Becoming A Minter]] page for a step by step guide.
-**Is there any benefit of running more than one node?**
+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 and minting in the event that one device is not syncing for whatever reason. This is referred to as redundancy.
-**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 to that of most Proof-of-Work algorithms in other blockchains. Whereas most PoW chains utilize the algorithm with a 'modifiable difficulty' that changes based on how many 'miners' are actively contributing 'hashrate' to the network, Qortal utilizes a **set difficulty** on the MemPoW, and merely uses the algo to **limit the number of minting keys that can be assigned to any given physical computer.**
-This is a term given to creating your own 'minting key' or ‘reward share key’ which is then added to node management once you reach level 1.
-**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 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:
-No! The Qortal Network should never need nor want any support from centralized control. Even if a centralized exchange chooses to freely and of their own accord, list QORT coin, the Qortal Network will neither acknowledge nor support said listing, and will continue to urge users to maintain their own sovereignty, and utilize only decentralized methods by which to exchange their valuable assets!
-**How will QORT coin gain value?**
+* MemPoW uses a set difficulty for every minter
-As development and adoption of Qortal continues over time, so does the value and applicability of QORT coin. The Trade Portal allows any coin holder to list a sell order at whatever price they’d like without sell walls, and buyers can choose any order without buy walls. In other words, the Trade Portal allows for a free market trade that cannot be manipulated or a price ‘set’ by anyone - including the DevTeam or founders. Individuals get to set and agree to pricing as they see fit. We will see this concept evolve further with the launch of core version 3.0 with data hosting and the birth of a new Internet. Qortal’s web hosting solution will allow e-commerce and job markets to thrive, where any coin we support can be used as a digital form of payment. So QORT’s value will surely rise as more applicability and liquidity occur on-chain.
+* 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 'cheat' the system by assigning more than 2 minting keys, will have a hard time actually accomplishing this.
-**Does it matter if my computer sleeps?**
+**What is Qortal & How to become a Qortal Minter video:** https://www.youtube.com/watch?v=g3bx_crP8Jg
-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.

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