In Nxt and Ardor, “forging” is the process of creating new blocks on the blockchain.
If you don’t have a forging node running you can lease your account’s NXT / ARDR balance to a forging pool. When leasing, you still maintain full control of your NXT or ARDR. The pool cannot do anything with your account or balance – except forge – you can still use or withdraw any amount of your NXT and ARDR or receive some more.
The targeted account receives your forging power for a timeframe specified by you, after which the forging power is returned to you. By activating your stake by forging you support the blockchain – and your investment if you’re “invested” in ARDR or NXT.
Lease your ARDR balance by scanning the QR code with the SIGBRO app, or you can lease NXT or ARDR to the Nxterpool account ID or the @Nxterpool alias by using the official Jelurida Nxt or Ardor NRS Client.
Thanks for the support. We’ll make sure to put your forging power to good use by forging blocks 24/7, strengthening the network. And the best of it all? – Nxterpool does NOT pay out the forging rewards, we put them to work. All rewards are used to support work on the Nxter.org project, as the Nxter core team and community see fit.
With Nxt, and Ardor, there is no electricity wasted on trying to solve complicated hashes to create new coins, as with Proof-of-Work (PoW) protocols like Bitcoin and Ethereum. With Nxt and Ardor Proof-of-Stake (PoS) the coin balance in your account decides how often you get to forge a block, and your reward is the fees in that block. Forging can be done on low power devices such as an Android phone, a solar powered Raspberry Pi, a laptop, pc, etc. All you have to do is turn Forging on and keep the Nxt or Ardor server online and running.
Two conditions must be met before an account can start forging:
- The account needs to have a public key, confirmed at least 1440 times.
- The account needs to have had an effective balance of at least 1000 NXT (or more) over the last 1440 blocks / 24 hours.
It takes 1440 blocks (24 hours) from you hit the “forge” or the “lease”-button until your stake is actively forging.
Learn more about the Nxt (and Ardor) PoS forging algorithm from The Math of Nxt Forging (mtchl, 2014), and from this peer reviewed academic paper by Serguei Popov, published by LEDGER (2016): https://www.ledgerjournal.org/. Improvements to the forging algorithm have been made, based on suggestions in the paper and discussions with the author, according to Jelurida. Ardor source code. Nxt source code here. Thanks for leasing your NXT / ARDR power to us, it’s greatly appreciated!