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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 and “minting”. | + | |
- | What if I want to switch nodes, i.e. from one laptop to another, if I stop the back-end | + | =====Proof of Contribution Over Time, and Memory Proof of Work===== |
- | 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 | + | |
- | How can I check my level and number | + | Minting is much more similar to ' |
- | At the current time, the UI is not showing blocks minted count. You may use this link but 1) core must be fully synced | + | |
- | What do I need to do after I have minted 7200 blocks under sponsorship? | + | ===== Collaborative Rewards ===== |
- | The sponsor will remove the reward share in the sponsor' | + | |
- | Is there any benefit | + | In Qortal, every minter SHARES the reward |
- | You will not earn more QORT for multiple nodes, BUT you will ensure that your account | + | |
- | What is a self-share? | + | ===== Run on Nearly Any Computer ===== |
- | This is a term given to mean either ' | + | |
- | Will the Qortal Network ever work with centralized exchanges? | + | 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 ' |
- | No! The Qortal Network should never need nor want any support from centralized | + | |
- | How will QORT coin gain value? | + | ===== Low Power Usage ===== |
- | The Trade Portal shall establish a given value to the QORT coin, with a freely used, decentralized, | + | |
- | Does it matter if my computer | + | Minting does **not use high amounts of electricity, |
- | Your node will not stay synced | + | |
+ | Any ' | ||
+ | |||
+ | ==== Minting Concepts + Background ==== | ||
+ | |||
+ | 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 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. | ||
+ | |||
+ | ==== Higher Levels More Likely to Sign Blocks === | ||
+ | |||
+ | 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 ' | ||
+ | |||
+ | === Signing Blocks Gives No Additional ' | ||
+ | |||
+ | Since there is **no benefit to being the block signer in terms of rewards** there is also **no ' | ||
+ | |||
+ | === Measuring ' | ||
+ | |||
+ | Minting is sometimes referred to as **proof of contribution over time (and Memory Proof-of-Work)** and this is a very accurate description. | ||
+ | |||
+ | === The MemPoW (Memory Proof of Work) Algorithm === | ||
+ | |||
+ | 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 ' | ||
+ | |||
+ | ===== Minting Signature Submission ' | ||
+ | |||
+ | As of version 4.4.0 and block 1508000, a NEW method of minter submission and block reward calculation and payouts is now active. | ||
+ | |||
+ | This method takes minter submissions over a larger window that what was used previously, and gives credit for **1000 blocks at a time.** | ||
+ | |||
+ | This means that instead of seeing blocks minted increasing every block, like in previous versions, **minters will only see blocks minted increasing every 1000 blocks.** This is to lower the requirement for processing | ||
+ | |||
+ | This is a **temporary change** to immediately increase scalability, | ||
+ | |||
+ | === Minter Submissions === | ||
+ | |||
+ | Every minter submits their ' | ||
+ | |||
+ | Nothing is required by the minter other than ensuring their minting key is assigned to their node, which can be verified by checking the **Reward Share** plugin, in the Qortal UI. If a minting relationship is shown, then the minting key is assigned. That is all that is required. | ||
+ | |||
+ | Since blocks minted no longer increases every block, verifying that your node has the minting relationship assigned in Node Management, is the simplest way to ensure your node is minting. (Of course, the node will also be in ' | ||
+ | |||
+ | **What is Qortal & How to become a Qortal Minter video:** https:// |