Hi, everyone! Do you know that the Foil Network uses such a consensus mechanism as LPOS? If you know, then most likely you have already prepared your FOIL for delegation, if not, then we will try to explain it as clearly as possible.
LPOS is a consensus mechanism, when a specially made pool is engaged in forging blocks, while the rewards for the block are divided among all the pool participants. In the Foil Network, this mechanism is built in at the wallet level and allows owners of even a small amount of FOIL to participate in creating blocks and receiving awards.
Moreover, in the FOIL network, block forgers also receive a commission for any sales on the internal exchange! Which is quite logical, since the purchase and sale transactions are also inserted into the block. This means that if users support the forging pool, those who delegate their tokens to it will be able to receive not only mVolt issued during forging, but also DOGE used on the exchange!
For owners of large volumes of FOIL, creating a pool may also be in demand. For one simple reason: wallets with the largest amount of FOIL will receive rewards for forging much more often and will not require additional investments from the owner. Yes, part of the income will be distributed among the pool participants, but this will be compensated by receiving more frequent awards.
Now to the applied questions. How does it work and how to participate?
The mechanism of the forging pool work is partially similar to the work of the shared node of a POS cryptocurrency. The same requirements for a separately launched wallet, the same receipt of rewards for blocks, similar distribution of rewards between participants… But there are also differences.
Firstly, the forging pool does not require a direct transfer of your funds. The function of delegating funds (transferring funds to debt) already exists and works in the wallet code. That is, your tokens simply cannot be lost, and you can always return them back automatically, simply by forming a refund request.
Secondly, the forging pool, unlike the shared node, is not limited to a certain volume. It is possible to say that this is a large POS wallet that receives rewards depending on the number of working tokens and does not have an upper limit. That is, more delegated tokens = more rewards
Third, the distribution of awards received by the forging pool and the deposit of funds is fully automated and supported at the network level. You don't need to search for a free slot as in a shared node and deposit any minimum amount of funds. You just look at the rating of the pools and the volume of tokens on them, after which you simply delegate your funds through a separate button in your wallet. After receiving funds to the pool, they are immediately included in the work.
Result. Participation in the forging pool is a simple, secure and most convenient way to make your tokens work and make a profit. And at the same time, you don't need to turn to dubious services, or delve into the subtleties of setting up a local wallet yourself.
Even a small amount of FOIL can bring you a tangible profit. Just make them work.
One of the easiest ways to connect to the forging pool is a mobile application created in close cooperation with the Erachain team.
Immediately after installation, you will be asked to choose the blockchain in which the mobile application will work. You can change the working blockchain at any moment.
If you already have a FOIL wallet and have saved the seed, you can immediately log in by clicking the “Restore old” button. If not, you should create a new wallet.
Create the PIN code and copy the seed phrase. Don’t forget to save it!
After saving the seed and copying it to the necessary field, you will be taken to the mobile app main menu.
There you can see a list of currently available currencies (assets) and perform basic actions with them.
Balances is full details of the selected currency. Shows the funds owned, borrowed and delegated (lended).
Buy is the purchase of the selected currency on the built-in DEX (decentralized exchange).
Sell is the sale of the selected currency on the built-in DEX (decentralized exchange).
Send is sending the selected currency to the address in the FOIL network.
Receive is the request funds to your address in the FOIL network.
Transactions is a list of actions performed with the selected currency.
View is view the asset card. Information about the currency.
For currencies that have their own chains (DOGE, BTC, DASH, etc.), the Deposit and Withdrawal points are also available. They mean, in fact, the input of funds from an external address and their output to an external address (for example, to the Binance wallet).
To delegate your FOIL to the forging pool address, you should use the sending funds function.
Enter the number of FOIL tokens to be sent, write the forging pool FOIL address in the “Recipient” field and click the “Lend” button.
That’s all. The funds are added to the transaction and after confirmation will be on the forging pool wallet, which will include them in the work.
To return the funds, click on the debt repayment icon and perform the same actions. Enter the debtor address (in this case, the forging pool) and how much we want to return from.
In the future, the NFT exchange and the ability to create an NFT directly on a mobile device will also be available in the mobile application.