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What is the minimum/maximum period I can lock my coins up for in order to act as a Holder?
In order to participate in the Holding system you will need to lock your coins up for a minimum period of 2 months.
The maximum you can lock your coins up for is 3 years.
A holding account can be extended during the holding period but never shortened.
What happens if my wallet goes offline once I have a holding account?
After a certain period of time, depending on the weight of the wallet, of not complying with the Holding conditions, your account will no longer count towards the Holding draw. The period that your account can be absent is mentioned in your holding account under “Required reward time”. It is a time of days / weeks that you may be absent and electricity failure of a few hours does not matter.
As soon as you log in again, you will have to pay a normal transaction fee, so that your wallet can participate in the draw again.
Your holding period will not be changed by this, it just remains the set value.
I’ve locked my coins up for 3 years but changed my mind, is there any way to get them back?
No, once they are locked on the blockchain the process is permanent and cannot be reversed.
What are the main benefits of this holding system?
Besides the benefits to the user in the form of holding rewards, the holding system gives a huge improvement to the security of the network. Faster transactions only 1 or 2 confirmations are now safe, compared to 7 confirmations before.
More consistent block times. Future developments will even allow transactions with 0 confirmations.
How much can I earn with a holding account?
How much rewards you earn as a Florin holder is difficult to say because it depends on many factors, and these factors can change. The following guidelines apply:
- The longer your locking period is, the higher your earnings will be.
- The more Florin you commit, the higher your earnings will be. Although there is an optimum.
- The more Florin are in holding in total, the lower your earnings become.
- The more holding accounts are created, the lower your earnings become.
A Florin community member created an Excel holding calculator that gives AN INDICATION of what your rewards would approxomatily be in the current Florin Environment.
Important!
This is just an indication. No rights can be derived from the content in the Excel sheet.
If you wan’t to check how differently set up holding accounts would do in terms of % of earnings, please check this excel sheet.