Fogata is an innovative service that plays a significant role in the Koinos ecosystem. Unlike Burn Koin, which is a mining pool, Fogata offers a platform for node operators to easily set up pools with their nodes. This enables them to pool resources, allowing others to contribute Virtual Hash Power (VHP) and earn VAPOR, Fogata’s native token. Let’s dive deeper into how Fogata works and how it benefits the Koinos community.
Easing the Way for Node Operators
Fogata simplifies the process for Koinos node operators to create and manage mining pools. By turning their node into a mining pool, operators can help cover the costs of running the node while also contributing to the decentralization and growth of the Koinos network. To get started, node operators simply need to create and start their node, then enter its public key on the Fogata platform.
A Snapshot of Current Pool Offerings and Their APYs
At the time of writing, Fogata offers a variety of mining pools with varying Annual Percentage Yields (APYs) based on their respective KOIN and VAPOR rewards. Here’s a snapshot of the current pool offerings:
- Koinnoisseur’s max VAPOR pool: KOIN 0.00%, VAPOR 6.22%
- JGA#1: KOIN 4.81%, VAPOR 1.25%
- Engrave development sponsorship pool: KOIN 0.00%, VAPOR 0.31%
- KoinForge: KOIN 5.87%, VAPOR 0.19%
- Koinos en español: KOIN 6.00%, VAPOR 0.06%
- JGA#2: KOIN 6.06%, VAPOR 0.00%
- Koinnoisseur’s max VHP pool: KOIN 6.22%, VAPOR 0.00%
Please note that these offerings and APYs may change over time as more pools are added to the system, and as KOIN burning affects the rates.
Fostering Community Growth with Fogata
Fogata offers various benefits to the Koinos community by making it easier for node operators to set up and manage mining pools. This, in turn, increases decentralization and empowers community members to support different Koinos projects. By providing a platform where users can contribute their VHP or earn VAPOR tokens, Fogata facilitates the growth of the Koinos ecosystem.
The Sponsors Program: Supporting New Applications
Many Fogata pools contribute a portion of their profits to the Sponsors program, a decentralized Koinos contract designed to benefit the Koinos community by assisting new applications. By participating in a contributing pool or by contributing directly, users receive the Sponsors token, VAPOR.
Understanding Fogata and Proof of Burn (PoB)
Fogata’s service ties in with the Koinos Proof of Burn (PoB) consensus algorithm. The platform calculates the APY of each pool based on the current mining difficulty and the total number of claimed KOIN, as read from the PoB system contract. This helps users make informed decisions about which pools to join.
Streamlined Pool Approval and Withdrawals
Fogata has an on-chain pool approval system that ensures only genuine pools get listed on the platform. Once a pool is approved, it appears on the main list and can be interacted with. Pool operations are separated into payment periods, allowing users to collect their share of KOIN and VAPOR rewards from the previous period. If users don’t collect their KOIN, it can be converted to VHP after the current payment period concludes, and anyone may trigger this reburn.
A Bright Future for Koinos and Fogata
Fogata is a game-changer in the Koinos ecosystem, simplifying the process for node operators to create and manage mining pools, and providing a platform for users to contribute VHP and earn VAPOR tokens. As the Koinos network continues to grow and evolve, Fogata will play a crucial role in fostering community involvement, supporting new applications, and driving the network’s overall success.
In conclusion, Fogata is a valuable addition to the Koinos ecosystem. Its user-friendly approach, coupled with its commitment to supporting the community and new applications, makes it an attractive choice for node operators and users alike. With a variety of mining pools to choose from and the potential to earn both KOIN and VAPOR, Fogata is poised to make a significant impact on the Koinos landscape.