Cryptocurrency

The Different Modes of Minting by LFi

Minting crypto refers to the process of creating new digital coins by verifying data. When newly minted cryptocurrency is added to circulation for trading, it is referred to as “minting,” similar to how governments mint new physical coins. LFi is a decentralized network that explores and engages in the future of wealth creation, through its own blockchain and DAO-driven ecosystem. Is LFi bringing something new to the cryptocurrency world with its minting?

Minting on LFi

The LFi platform employs three distinct layers for minting, namely Proof of Stake, Proof of Coverage, and Proof of Action. At the first layer, Proof of Stake, users can become validators of the LFi Chain and receive LFi tokens as rewards for every block they validate.

The second layer, Proof of Coverage, involves users contributing to the growth of LFi’s Internet of People by either owning or renting hardware, activating licenses, or sharing IPFS. These participants can receive daily rewards for their contributions.

Finally, in the third and final layer, Proof of Action, users can mint tokens by carrying out specific actions such as learning about the LFi platform, watching ads, and more.

Different Ways to Mint on LFi

Minting Hardware

LFi partnered with LYOTECH LABS to offer two types of high-powered minting hardware. Once purchased, they can be set up at home and they will start minting LFi tokens for you. The availability of the minting hardware will be announced soon.

Cloud Minting

If you have no space at home where you can put your minting hardware, you can access the cloud minting program of LFi. Here, you can rent minting hardware, which is going to be placed in a remote location. This will prevent the hassle of dedicating a spot at home for your minting hardware and checking it regularly to avoid overheating and other technical issues.

LFi One

LFi One is a cutting-edge smartphone and minting hardware rolled into one. It supports a powerful minting application native to the LFi platform, enableing you to mint tokens while the device is inside your pocket.

More Ways to Mint, More Reasons to Start

From different types of consensus mechanisms to various kinds of minting methods, there’s enough reasons for you to begin minting LFi tokens. The LFi ecosystem is a decentralized platform that boasts promising use cases, which may help in increasing the value of the LFi token. It is not too late to start. Joining the revolution now!

How to start to mint LFi token? Discover here: https://white-paper.lfi.io/lfi-minting/how-to-start-minting

The post The Different Modes of Minting by LFi appeared first on Blockonomi.

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