No code
Last updated
Last updated
In Q4 2023, 70,000 ALGO have been allocated from Folks Financeâs to incentivize participation in Algorand consensus. The rewards will be distributed solely based on how many blocks users produce.
Participating in Algorand consensus means properly staking ALGO through a . The ALGO will then be eligible to propose the creation of blocks or vote on the approval status of blocks.
Read the details about eligibility in our .
Here are the steps to join Consensus and start receiving rewards through Folks Finance
Mint gALGO
Users must be committed to Liquid Governance by minting gALGO. The opportunity to mint gALGO is only available during the first two weeks of each quarter, coinciding with the opening of a new Algorand governance period. If users do not currently have any minted gALGO, they will not be able to earn consensus rewards through Folks Finance until they get another chance to mint gALGO.
Click on ââť Consensusâ
In the corner of the "Your Commitment" box, users should see the word "Consensus" next to an icon of a cube. Users can click on this to open the modal where they will enter the necessary information to join consensus. It is important to ensure that the wallet used to mint gALGO is connected to the Folks app.
.exe = Windows
.deb = Linux
.dmg = MacOS
Open and install the downloaded file.
Open the Austsâ One-Click Node application.
Allow node to sync.
This may take some time. Do not close the application or shut down your operating system while the node is syncing.
Open on the consensus modal on Folks Finance and copy the Escrow Address.
Click the blue wallet button on Austsâ One-Click Node.
Click âAddâ next to âWatchâ.
Paste the escrow wallet you copied from Folks Finance.
Click âAddâ again.
Click âGenerate Keysâ and wait a few minutes for the generation to complete.
Copy and paste the following from Austsâ One-Click Node into the modal on Folks Finance:
Vote Key
Selection Key
State Proof Key
Vote First Round (copy the number)
Vote Last Round (copy the number)
Vote Key Dilution (copy the number)
13. Click âRegisterâ on Folks Financeâs Consensus Modal.
Your node should show online status within 60 seconds. After about 300 rounds, which means 300 blocks, you will begin to see your âBlocks Proposedâ and âBlocks Votedâ metrics go up. With block times currently about 3.4 seconds, going online should take about 15â20 minutes. âBlocks Proposedâ and âBlocks Votedâ will only go up if enough ALGO is staked.
Built by Vote Coin Founder Ludo Scholtz, A-Wallet is an Algorand wallet which offers the ability to directly connect to consensus. Itâs compatible with Folks Finance consensus as well. To get started:
Click âNew Walletâ.
Set a name and password for the wallet.
Click âNew Accountâ in the top menu bar.
Click either âCreate basic accountâ,âImport Accountâ, create multisignature account or import ledger account. The wallet you use will need to be the wallet through which you minted gALGO.
If you choose âCreate Basic Accountâ, record and store your 25-word seed phrase somewhere safe.
Click âStart the Challengeâ and complete it.
If you choose âImport Accountâ, import a 25-word seed phrase from a previously created wallet.
If you choose HW â Ledger account, you can use folks finance services with ledger or multisig account protected by ledgers
Navigate to .
Read the text.
Navigate to the and download the version compatible with your operating system.
Low amounts of ALGO may only vote a handful of times and may not propose a block. , which will show the minimum required stake to propose a block.
Check out the video:
Navigate to .
Create votekey, selection key and another key registration at one of the public Algorand nodes For example
Go to , authenticate using Wallet Connect 2 , enter your key registration parameters, and make your account online.