This shows you the differences between two versions of the page.
Both sides previous revisionPrevious revisionNext revision | Previous revision | ||
minting_overview [12/02/2021 00:31] – gfactor | minting_overview [12/07/2023 15:09] (current) – crowetic | ||
---|---|---|---|
Line 1: | Line 1: | ||
====== Minting Overview ====== | ====== Minting Overview ====== | ||
+ | |||
{{: | {{: | ||
- | **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 | + | |
+ | =====Proof of Contribution Over Time, and Memory Proof of Work===== | ||
+ | |||
+ | 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' | ||
+ | |||
+ | ===== Collaborative Rewards ===== | ||
+ | |||
+ | 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**. | ||
+ | |||
+ | ===== Run on Nearly Any Computer ===== | ||
+ | |||
+ | 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 ' | ||
+ | |||
+ | ===== Low Power Usage ===== | ||
+ | |||
+ | Minting does **not use high amounts of electricity, | ||
+ | |||
+ | 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 | ||
+ | | ||
+ | | ||
+ | * 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 | ||
+ | |||
+ | 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 'mean anything' | ||
+ | |||
+ | === 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 ' | ||
- | **How do I mint? How does this work?** | + | As of version 4.4.0 and block 1508000, |
- | 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 | + | |
- | **What if I want to switch nodes, i.e. from one laptop to another, if I stop the back-end | + | This method takes minter submissions over a larger window that what was used previously, and gives credit for **1000 blocks at a time.** |
- | 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 | + | This means that instead |
- | 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 " | + | |
- | **What do I need to do after I have minted 7200 blocks under sponsorship? | + | This is a **temporary change** to immediately increase scalability, |
- | See [[Becoming A Minter]] page for a step by step guide. | + | |
- | **Is there any benefit of running more than one node?** | + | === Minter Submissions === |
- | 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 | + | Every minter submits their ' |
- | This is a term given to creating your own ' | + | |
- | **Will the Qortal Network ever work with centralized exchanges?** | + | 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 |
- | No! The Qortal | + | |
- | **How will QORT coin gain value?** | + | 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 ' |
- | 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 | + | |
- | **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. | + |