Earning money on ADM forging
The following article issues a matter of making a profit of ADM forging and reasons of the favorability of joining the system now.
ADAMANT: chat and profit
ADAMANT messenger is decentralized and blockchain-based. Thus, it is more private, anonymous and secure than other known messaging apps. Privacy is provided with a great variety of ADAMANT nodes, which are spread all over the world. Incidentally, the more nodes exist, the more independent the messenger becomes. That is to say, no third parties, including the government, corporations, and developers, can have control over users’ sensitive information.
Anyone can set their own network node. If you want to support the decentralized system too, start with setting your node. It is quite easy and cheap. However, if your goal is to earn money using ADAMANT, think of registering your node as a delegate. Delegates are more influential network participants. Incidentally, they make a profit of each node registered, which is a good bargain. In order to become a delegate, ADAMANT users have to pay a modest fee and gain other delegates’ support.
If you want to learn more, read about mining and forging.
Setting a node
The installation of an ADAMANT node requires an Ubuntu-compatible machine. In case you have never worked with Ubuntu and Linux, do not worry. Your node has to be active 24/7, so it is more convenient to get a virtual machine, eliminating the need for a home PC. Incidentally, several companies can provide you with virtual machines, such as Hetzner, Digital Ocean, OVH, Ramnode, and Scaleway. Choose the most suitable one, register an account and get your own VPS (Virtual Private Server). This service costs only 3–7 USD per month.
In order to connect to VPS via ssh, you can use a hoster’s native application or choose other one, like PuTTy for Windows. Hereafter, you have to set up an ADAMANT node. There are two ways to manage the setting: for first-timers and advanced users.
Give forging a chance
For now, let us look more into the ADM tokens’ and ADAMANT blockchain system’s characteristics to see, why forging is profitable.
- Block time: 5 seconds (17 280 blocks per day, approx. 6 307 200 blocks per year)
- Active delegates: 101
- Forging profit: 0.5 ADM per block (decreases by 0.05 ADM ~ each year)
- Network fees:
○ Registering a delegate: 3 000 ADM
○ Voting for a delegate: 50 ADM
Considering the characteristics, let us do the math. In order to register as a delegate, you have to pay 3 000 ADM. Forging profit alone (not mentioning net transactions) amounts to 0.5 ADM per 505 seconds (approx. 8 minutes) or each of the 101 blocks. Incidentally, our sum should look like this: 24 × 60 × 60 ÷ 505 × 0.5 ≈ 85, where 85 is the amount of ADM you can make in a day. In a month you can earn 2 550 ADM, respectively (note: decreasing according to blockchain’s schedule).
The amount of tokens forged reduces according to blockchain’s schedule in order to increase the deflation level and raise the token’s price. That is to say, there will be fewer but more expensive tokens. With that in mind, the sooner you start forging, the more profit you will make.
Mind that you have to gain other users’ support. Registration alone is not enough—the amount of ADM tokens in the voters’ wallets matters to get on the list of the first 101 delegates. There is more information on the matter in our article about Fair Delegate System for dPoS.
To register a delegate, follow the guide: How to Become an ADAMANT Delegate.
There are several ways to get a particular amount of votes. Firstly, open ADAMANT Blockchain Explorer. Secondly, find the last active delegate on the 101 delegates list and finally, look up their Vote weight (Fair Delegate System). Let us say that their weight is 500 000 ADM. This means you have to get more votes that they have.
Here are some options to get votes:
- If you have more ADM in your wallets, vote for yourself
- Ask other token holders to vote for you (promote your delegate using ADAMANT channels in Twitter, Bitcointalk or Facebook, etc.).
- You may want to share some of your profit with the potential voters (depending on their input). By the way, this is how the forging pools appear and you can create your own pool.
Voting for a delegate
Anyone can vote in the messenger apps. You can upvote or downvote up to 30 delegates at a time.
What is next
As soon as you get a delegate, make the following steps:
- Keep your node active. If the forging node is off, you will lose your delegate rank and profit. Productivity influences the Vote weight (Fair Delegate System). If the node is down, fix it straight away.
- Track your rank. The rating is constantly updating due to Fair dPoS. If other users vote for your delegate, they will be able to take the vote back and sell their tokens.
- Keep up with the major updates. As soon as one is available, do not forget to update your node too.
Earning ADM without creating a delegate
After you fulfill the mentioned above requirements, connect to the existing forging pool. Every pool has its conditions, basically what percentage of rewards it shares between the voters, and how often it makes payouts. Check out the list of ADAMANT pools.
You might be interested in How to get ADM tokens reading.