Qortians do not MINE, Qortians MINT. Minting is NOT what you may have heard of on other 'token' projects.

Minting can also be referred to as Proof of Contribution Over Time, and Memory Proof of Work and it is much more similar to 'Proof of Work' than it is to anything else. However, Qortal's Minting is 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.

Bitcoin was intended to allow anyone to run a basic computer and take part. The flawed aspect of PoW where only the block signer is rewarded led to more expensive hardware demand with greater power demand and only an option for those who can afford the expensive setup. Ultimately steering away from the foundational concept to allow anyone to run a basic computer. Qortal aims to fix this key aspect.

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.

Instead, minters must prove themselves as a 'productive member' of the network, in order to be a minter.

Qortal's developers believe that minting is a superior method in multiple ways, as it not only has no coin holding requirement for minting (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 on the Qortal Network. 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 enough full nodes, which makes the chain much less secure overall.

This is against the principles that Bitcoin initially put into the world. The entire idea of the Bitcoin system was to be totally decentralized and 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 Bitcoin 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 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

• 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.

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.

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.

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.

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.

Minting is sometimes referred to as proof of contribution over time (and Memory Proof-of-Work) and this is a very accurate description.

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.

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 'cheat' the system by assigning more than 2 minting keys, will have a hard time actually accomplishing this.

What is Qortal & How to become a Qortal Minter video: https://www.youtube.com/watch?v=g3bx_crP8Jg