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minting_overview [11/02/2023 14:05] – crowetic | minting_overview [11/29/2023 15:30] – crowetic | ||
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- | We do not MINE, we MINT! Minting, is the process | + | Qortians |
- | Qortal does not use PoW or PoS like more 'traditional' | + | Minting is much more similar to 'Proof of Work' |
- | Bitcoin was intended to allow anyone to run a basic computer and take part. The flawed aspect | + | In Qortal, every minter SHARES the reward |
- | Minting does not use high amounts | + | 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 ' |
- | Instead, minters must prove themselves as a 'productive member' | + | 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.** |
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+ | Any 'normal computer' | ||
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===Minting Overview Explanation=== | ===Minting Overview Explanation=== | ||
- | Qortal' | + | Qortal' |
- | This is against the principles that Bitcoin initially put into the world. | + | The entire idea of the Decentralization movement |
===Minting Info Bullets=== | ===Minting Info Bullets=== | ||
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===== Bullets Continued ===== | ===== Bullets Continued ===== | ||
- | * Every 2 levels is called a ' | + | |
- | * Every tier shares a given overall percentage of each block' | + | * Every tier shares a given overall percentage of each block' |
- | * Only minters **actively submitting minting signatures** (has a ' | + | * Only minters **actively submitting minting signatures** (has a ' |
- | * Signing (or ' | + | * Signing (or ' |
- | * Every minter is rewarded only based on their level tier and their ' | + | * Every minter is rewarded only based on their level tier and their ' |
- | * Only level **5 or higher** minters sign blocks | + | * Only level **5 or higher** minters sign blocks |
- | * The higher level minters are more likely to be the block signer (for chain security). | + | * The higher level minters are more likely to be the block signer (for chain security). |
- | * Becoming a minter requires a temporary ' | + | * Becoming a minter requires a temporary ' |
- | * During the temporary ' | + | * During the temporary ' |
- | * Rewards are **split evenly throughout the online minters of any given tier.** | + | * Rewards are **split evenly throughout the online minters of any given tier.** |
- | * The higher the tier, the higher the reward. | + | * The higher the tier, the higher the reward. |
- | * The more time a minter has been minting, the higher level they are. | + | * The more time a minter has been minting, the higher level they are. |
===== Minting Security ===== | ===== Minting Security ===== |