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- | Qortians do not MINE, Qortians MINT. Minting is NOT what you may have heard of within ' | + | ====Qortians do not MINE, Qortians MINT. Minting is NOT what you may have heard of within ' |
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+ | =====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' | 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' | ||
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+ | ===== 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**. | 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**. | ||
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+ | ===== 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 ' | 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 ' | ||
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+ | ===== Low Power Usage ===== | ||
Minting does **not use high amounts of electricity, | Minting does **not use high amounts of electricity, | ||
Any ' | Any ' | ||
- | // | + | |
- | // | + | ==== Minting |
- | ===Minting | + | |
Qortal' | Qortal' | ||
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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. | 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 Info Bullets===== |
* Minting **does NOT reward you based on QORT held**, but by simply verifying you are a **legit full node and online**. | * Minting **does NOT reward you based on QORT held**, but by simply verifying you are a **legit full node and online**. | ||
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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. | 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. | ||
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+ | ==== Higher Levels More Likely to Sign Blocks === | ||
Minting uses a concept called 'key distance' | 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' | 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' | ||
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+ | === Signing Blocks Gives No Additional ' | ||
Since there is **no benefit to being the block signer in terms of rewards** there is also **no ' | Since there is **no benefit to being the block signer in terms of rewards** there is also **no ' | ||
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+ | === Measuring ' | ||
Minting is sometimes referred to as **proof of contribution over time (and Memory Proof-of-Work)** and this is a very accurate description. | Minting is sometimes referred to as **proof of contribution over time (and Memory Proof-of-Work)** and this is a very accurate description. | ||
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+ | === 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 **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 ' | ||
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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: | 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 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 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 ' | + | * MemPoW merely limits the number of minting keys that can be assigned to any physical computer, so that those looking to ' |
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+ | ===== Minting Signature Submission ' | ||
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+ | As of version 4.4.0 and block 1508000, a NEW method of minter submission and block reward calculation and payouts is now active. | ||
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+ | This method takes minter submissions over a larger window that what was used previously, and gives credit for **1000 blocks at a time.** | ||
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+ | 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 minter payouts, and increase scalability of the minting system. | ||
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+ | This is a **temporary change** to immediately increase scalability, | ||
+ | |||
+ | === Minter Submissions === | ||
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+ | Every minter submits their ' | ||
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+ | 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. | ||
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+ | 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:// | **What is Qortal & How to become a Qortal Minter video:** https:// |