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Folks Finance Consensus Rewards Governance Period 9

Unlocking Algorand Consensus Rewards with Folks Finance

In this post, we’ll dive into the latest developments and provide a step-by-step tutorial on how you can get involved in the Algorand consensus process.

70,000 Algo Allocated for Algorand Consensus

Folks Finance has earmarked 70,000 Algos from their Targeted DeFi Rewards program to incentivize participation in the Algorand consensus. The mission here is clear: they aim to reinforce the security and decentralization of a critical component of Algorand’s infrastructure. This initiative encourages healthy and constructive operation of Algorand nodes.

These 70,000 Algos will be distributed proportionally based on the number of blocks produced by individual participants in the Algorand consensus process through Folks Finance.

Earning Algorand Consensus Rewards

At the time of writing, Folks Finance is the exclusive platform for earning rewards through Algorand consensus participation. This article will provide you with all the details and instructions you need to join the consensus and start earning your share of these rewards!

Understanding Algorand Consensus

Algorand’s consensus mechanism is the engine that keeps the blockchain churning out and validating blocks. It’s a unique approach designed to achieve decentralization, security, and scalability. Algorand uses a system known as Pure Proof-of-Stake (PPoS), where participants are selected to propose and vote on blocks based on the number of Algos they’ve committed to consensus. Unlike traditional Proof-of-Stake systems, Algorand ensures that every individual token has an equal chance of participating in the process, making it resistant to adversarial attacks. This mechanism guarantees fast transaction finality without forking, resulting in an efficient decentralized network. 

Participating in Algorand Consensus

To participate in Algorand consensus, you need to stake Algo through a node. The staked Algo becomes eligible for proposing block creation or voting on block approval. We recommend using Aust’s One Click Node.

Earning Consensus Rewards Through Folks Finance

To make the most of your consensus rewards via Folks Finance, it’s essential to keep a close eye on your block production. Rewards will be distributed based on the number of blocks you produce. They won’t actively monitor node behavior, but the number of blocks you generate will act as a proxy for good node behavior. So, to ensure you receive full rewards and contribute positively to the network, it’s strongly advised to actively participate and monitor your block production.

To propose blocks, be sure to track the minimum stake requirement on Metrika.

To earn consensus rewards through Folks Finance, you’ll need to mint gAlgo through Liquid Governance. Minting gAlgo is possible during the first two weeks of each quarter, coinciding with the start of a new Algorand Governance period. If you don’t have any minted gAlgo at the moment, don’t worry; you’ll have another opportunity in the future.

Here are the steps:

  1. Connect your wallet to Folks Finance.
  2. Navigate to Liquid Governance and select gAlgo.
  3. Click on “Consensus” in the “Your Commitment” box.
  4. Select the escrow wallet you used to mint gAlgo.
  5. Add the escrow wallet to Aust’s one click node.

Remember that when using Austs’ One-Click Node, the app must remain active at all times. Additionally, keep an eye on the “Vote Last Round” and regenerate your keys before that round concludes.

Folks Finance is grateful for the community and their valuable feedback, which guided them in establishing consensus rewards effectively. If you have any questions or need assistance, reach out to them through their social media channels or join the discussion in the Folks Forum.

Join us in strengthening Algorand’s consensus and earn rewards while you’re at it!