Masternodes pool – what does it mean?

The cryptocurrency world connects with blockchain technology and its network, which consists of nodes storing information. Every computer is a knot with an installed program that encodes, checks data, and solves problems. So, what is a masternodes pool?

What is a masternodes pool?

Masternode is a node that can support the network. It can also do any operations, depending on storing information, doing a copy of the blockchain, and complicated math operations. For all of its work, the node gets a specific amount of cryptocurrency, which means payment. It is a good alternative for mining.

Masternodes are one of the best ways to earn income, but they require a defined amount of capital investment and enough knowledge to maintain the system. If you are planning to set a masternode, but you don’t have enough coins and expertise to start the process – you can join masternodes pool, which gives you several conveniences.

The main request of pools

You don’t have to be responsible for having technical knowledge. Your only task is to buy coins and transfer them from wallets. Your investment level is limited to a minimum, so you don’t have to pay lots of coins. Remember that setting masternode or masternodes pool is not the best option for people who have just started their adventure with cryptocurrencies.

The main advantage of being a part of a masternode pool is buying and selling shares, getting updates, receiving payments regularly. You don’t have to own any wallet, so there is no need to do upgrades. Moreover, if one of the masternodes drops – you don’t have to worry about losing coins or rewards.

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Halving for cryptocurrency – what does it mean?

FTO’s hard fork consists of two occurrences – setting masternodes and supply reduction. What does it mean to supply reduction? Every cryptocurrency has limited resources. The more production increases, the more price of goods decrease, but cryptocurrency as a carrier of value can grow. Check out, what means halving for cryptocurrency.

Even BitCoin – one of the biggest cryptocurrencies – has its supply fixed on 21 million. Reports say that 80% of this number is already mined. Quantity of BitCoins available to mine is getting smaller, but the supply of new coins will be depleted about the year 2140. Low cryptocurrency supply is related to high demand and price growth, which is different from the global financial system.

Halving for cryptocurrency? – the main idea

Soon, we want to increase the FTO’s price by decreasing the count of mined coins – this exactly is halving. To understand the idea of halving you have to know how cryptocurrency is made. Significant amounts of computers register and verify transactions and their accuracy in the blockchain. The leading miner’s request is to add new blocks of information to the database. Mining also means competition between computers which solve math problems. When one of them is solved – a new block appears and connects with the blockchain. For that effort, miners claim the reward in a coin. Halving entails with reduction of remuneration by half.

We are planning to do several halving every two years. We hope that the popularity of FTO will grow immediately as well as an exchange price. You can see the cost reduction in the sphere of mining. The sale of FTOs intended to cover the cost of mining will also decrease.

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setting up a masternode

Setting up a masternode – how to do it?

Setting up a masternode involves having a specified quantity of coins. Also, you have to own a wallet that integrates your computer as one node operating with blockchain. Masternodes allows using many functions, like doing an anonymous, immediate payment, voting on a significant development. Masternodes operators and miners earn 45% of block awards. Our cryptocurrency has its own rules of origin and conditions which establish and maintain masternode.

Setting up a masternode is the most expensive part of procedures. This cost of operation keeps the network decentralized. Moreover, every reward motivates masternode’s operators to keep their nodes in proper conditions. Masternodes are backups to additional functionality like the implementation of immediate transactions and the development of technical and financial blockchain.

Masternodes can be run by everybody but there is a barrier to entry, which ensures protection against attacks on a network. You have to hold a determined amount of coins that are blocked for the time of masternode’s work. If you want to become masternode you also have to possess a VPS server to support wallet 24 hours a day, unique IP address, enough disc space to store the blockchain, and at least basic knowledge needed to configure wallet and server. Additionally, every cryptocurrency and masternodes requires having a determined quantity of coins. It ensures vested network interest and protects against any inappropriate behavior.

How to run a Masternode step by step:

  1. Download the wallet with FuturoCoin and wait for synchronization.
  2. Now you have to order a dedicated IP address – you need it to connect to your masternode.
  3. Open the router port, necessary to work with the masternode. Contact the vendor to check if the ports are blocked or not. If so, ask to open a specific port. If not, open it out the router.
  4. Now download the explicit Masternode instruction of adaptation from the FTO’s website and check out how many coins you need to run masternode.
  5. Buy the determined amount of coins on the market and send them to the wallet on your computer. Then you have to synchronize blockchain with computer and create node address.
  6. At that time coins are sent to this address which allows gaining private key and data transactions to configure a node. The last step is creating a server working 24 hours a day. Then you can run it using your wallet.

Masternodes require initial investments which sometimes are too high for users. If you don’t have enough coins to buy the whole masternode you can invest in masternode pool with another user. Then gained award divides into all participants. The height of the award is based on the policy of FuturoCoin.

Masternodes can generate passive income without investing in specialized hardware. The appropriate cryptocurrency and the required barrier of entry ultimately determine which investments have to exist in order to be able to acquire Masternode. Several factors affect the level of the expected earnings: the exchange rate of the relevant currency and a Return on Investment. It means, how profits change in relation to the investment made. It is obvious that masternodes are a forward-looking method of investment.

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How to get a masternode? – a part of a hard fork

One of the most crucial requirements to set a masternode is to have determined the number of cryptocurrency’s units that cannot be spent on any action. If you’re planning to set a masternode – you can do it on your own. Just remember to have the proper technical knowledge and a server with a dedicated IP address. Set your server, pay a certain safety net, and take care of its maintenance.

What is a masternode?

What are masternodes? Those are unique wallets, synchronized with blockchain, which e.g., confirms transactions and hooks up additional service. They are similar to miners. They process every operation and collect some part of coins from the block. The gross profit distributes among all participants.

How to get your masternode?

If you want to set a masternode – pay set FTO into your private account to which nobody but you has access – it will contribute to the network and earn. It’s 100% safe – you can cash out any quantity of FTOs. Then your masternode will stop working immediately.

Advantages of being masternode

Masternodes do not load the computer system. Neither the computer nor the wallet needs to work – the coins go to the wallet anyway. Besides, the owner controls hosting and the wallet himself. Thanks to this, he freely manages the property that he can sell at any time. The only risk of the venture is a decrease in the cryptocurrency exchange rate. An undeniable advantage is a passive income without a lot of work and safety of operations.

Remember – when the FTO’s prize increases – an input to become masternode will increase too. That’s why there are two ways to become masternode. An individual one – when you transfer FTO on account or the second option – to create a masternode pool where you have to pay some part of financial measures together with other users. When a share hits a goal, then a block starts the process of award division for a mined block. The quicker you decide to set your node – the faster you can get your reimbursement. Step by step instructions and more specific information about becoming a masternode will be published soon – stay tuned then!

If you want to know something more about the development of cryptocurrency – check out Cryptocurrency and blockchain development or another of our articles.

Development of domestic cryptocurrencies

Most countries are concerned about a constant increase in the popularity of financial assets that cannot be under control. China showed a great example of this behavior – any cryptocurrency circulation is entirely illegal in there. Making transfers via bank is much less beneficial than using cryptocurrency. Check out the development of domestic cryptocurrencies!

Next year will go down in history as a period of increased development of national cryptocurrencies. Blockchain technology will allow us to give up paying by cash and payment cards gradually. One of the countries in which using national cryptocurrency is possible in Venezuela. Perhaps soon, it will appear on the world market. Which other countries have allowed their citizens to trade in cryptocurrencies?

Development of domestic cryptocurrencies – countries:

The United States of America

 Development of domestic cryptocurrencies The United States of America
The United States of America

The status of cryptocurrencies in the United States was not entirely clear recently. Currently, however, cryptocurrencies may become a transactional currency. New start-ups and companies related to the development of cryptocurrencies are still being created here – the US government is slightly more open to technological and financial innovations than other countries.

Canada

Development of domestic cryptocurrencies Canada
Canada

The first cryptocurrency in Canada appeared in August 2017, approving it as a legal currency for the payment of ATMs and exchanges. The possibilities of using cryptocurrencies in the economic system are still during researches and implementations.

Japan

Japan

Cryptocurrencies are also prevalent in Japan, which is one of the fastest developing countries in the world in terms of technology. Besides, the government has implemented the Payment Services Act, through which cryptocurrencies and some exchanges can be used in trade and payments.

South Korea

South Korea

One of the largest cryptocurrency centers until recently was South Korea. However, its position decreased after the implementation of legal provisions regarding coins and Initial Coin Offering. Currently, registered exchanges can be used only by adults. Minors cannot trade cryptocurrencies.

Malta

Malta

Another country where the cryptocurrency was accepted, as a method of payment in digital transactions, is Malta. In addition, the country is one of the few places with defined regulations on digital currencies. All of this is possible thanks to the signing of regulations regarding ICO and cryptocurrencies in the framework of blockchain technology promotion.

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blockchain and new workplaces

Blockchain and new workplaces

Technological revolution may lead to the automation of certain processes and the reduction of workplaces. However, there is nothing to worry about – new ones will come in their place and maybe it will give a possibility to create completely new professions. The market functions to implement new technologies and is useful for project managers and sales specialists. Check out the future of blockchain and new workplaces.

Usefulness of blockchain

Blockchain is useful to store and transmit information about transactions concluded on the Internet. Each block in the transaction contains a certain number of data. When it fills up – another block creates, etc. Blockchain is a kind of modern accounting ledger created in peer-to-peer technology, excluding central computers and management systems. Each user has access to all transactions. Blockchain is useful in trading, shares, currencies, in the field of electricity, while tracking the supply chain and determining credit history.

Blockchains are very secure and transactions written in there are irreversible. To break a block, you need computing power equal to half of the devices with Internet access. Blockchains are also resistant to forgery.

Blockchain and new workplaces
Source: https://execfurnrent.com/modernizing-your-workplace/

Blockchain and new workplaces

In the blockchain field, work waits mainly for programmers – blockchain developers and engineers. The most important abilities work with decentralized applications, new libraries and providing them with adequate security in a database that will gather information for eternity.

Remember that there is no place for error in the blockchain. If you make a mistake – the application will not be usable, therefore, tests are an extremely important part of creating. In the case of blockchain, data migration is complicated. You cannot modify, overwrite or update them – just change to new ones is possible. The information spread all over the network and cannot move to another location.

The future of the blockchain technology

Blockchain technology is the industry of the future. It can bring many benefits both for employees and those involved in its development, but also for the whole world, for example, the poorest countries in the field of humanitarian aid. It is worth to give an opportunity for new solutions.

Blockchain is a topic of interest to the academic community. You can sign up for cryptocurrency courses at e.g. Stanford University or the Massachusetts Institute of Technology. Similar classes will appear in the offer of the University of Edinburgh soon. You can also sign up for the blockchain course in the capital of Poland – in Warsaw.

To implement blockchain technology get the right programming skills at first (JavaScript, Java, C ++, C #, NodeJS). Develop your skills interests in new technologies, participate in courses and meet-ups. However, you will find real experience during internships in specialist companies that know the structure and operation of blockchains from the inside out.

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blockchain in the banking industry

Blockchain in the banking industry

The overriding banks and business entities’ goals are to maximize efficiency and profit. A measure of effectiveness arises as an operational and strategic one. Strategic efficiency is a search for new solutions, thanks to which you can achieve a competitive advantage. Operational efficiency means more effectiveness duties performance using the same technology as the competitors. Check out the advantages that blockchain in the banking industry makes.

Result of the implementation of blockchain in the banking industry

Blockchain technology will have a positive influence on the efficiency of work in strategic terms by creating new financial products. In the operational dimension, the form of change is to increase the speed of document processing in digital form and to reduce the number of paper documents.

What benefits result from the implementation of blockchain technology in the operational aspect? Mainly, it is increasing in transparency, security, and speed of data processing. These advantages are available thanks to the access to the registry, the inability to delete the operations performed, which allows blocking to keep undesirable. Furthermore, it is an introduction of a decentralized system that minimizes the risk of error during data entry.

Changes in documentation

One of the most important protection for sale and purchase operation is a documentary letter of credit containing descriptions of goods. This document goes to the importer’s bank and is a basis for payment. In addition, this is mutual protection against payment avoidance and the risk of receiving a defective product.

The whole process requires the exchange of documents in paper form, increases the risk of errors, extends the duration of activities and contributes to the increase in costs. The introduction of blockchain technology will eliminate these problems while maintaining the advantages of the letter of credit solution. Moreover, the transaction costs and the risk of errors will decrease, while the operational speed and security level will increase.

Barriers in banking industry blockchain

Disadvantages of such technology are primarily costs of implementation into the banking system and the use of energy. The success of the implementation also depends on regulatory conditions and adaptation in various organizations. The main goal of the work can be achieved when technology gains trust and is used on a daily basis. Despite these inconveniences, the advantages of blockchain technology are prevailing. Furthermore, they associate with a new approach to data storage, analysis, and processing. If the barriers are eliminated and the solution reaches a large pool of recipients, the potential of the blockchain will be used appropriately.

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Blockchain technology in government

Blockchain technology is a tool created i.e. to improve government services and transparency of the relationship between government and citizens. Distributed technology can optimize business processes by increasing efficiency and security when sharing data.

Blockchain technology in government
Blockchain in government. Source: https://gcn.com/articles/2016/03/22/blockchain-government.aspx

Blockchain technology in government

Blockchain appears also in the public sector. Distributed technology improves the level of service provision, eliminates bureaucracy, minimizes waste and prevents tax fraud. Digital transactions can affect changes in financial transactions between citizens and the government.

The public sector has become a symbol of corruption and bureaucracy, lack of trust in terms of solving problems and providing services. Blockchain makes that trust regarding regulation and leveling of multistage and expensive processes growth.

The advantages of blockchain technology

Blockchain technology has found applications in many fields. It is irreplaceable in health care brunch, social security issues, document management, and storage. Therefore, governments in different countries can improve operations and reduce their costs. They will increase trust in governments introducing modern, decentralized and autonomous infrastructure.

The problems with the functioning of the government

The centralized system and functions fulfilled by its principles gave governments a terrible reputation. People flee from any contacts with offices, which are still associated with huge, few hours long queues and inefficiency. If the only way out of fraud is bureaucracy, simple tasks extend repeatedly.

The main problem in the government is the lack of operations transparency. Any information about the activities that the state takes is difficult to obtain. The community does not know anything about expenses tax money, and additionally, updates on this subject delays.

It is extremely irritating that the government collect and store large amounts of information about taxpayers which violates the privacy of citizens. Even mobile phones are surveillance tools. A new information gathering system could provide an appropriate way of collecting information necessary to maintain relative national security.

It is equally problematic in most countries to submit applications, for example regarding benefits. Documents have to be provided several months in advance before the consideration. Many-stage verification and auditing process, unfortunately, take a lot of time, costs a lot of money and is very time-consuming.

What improvements does blockchain bring?

Changes in the governments’ action system could certainly reduce the level of corruption, tax evasion, and data falsification. It is incredibly problematic in developing countries. However, frauds concern not only the government side but also citizens who, for example, evade paying taxes.

Work in the public sector is extremely expensive and long-lasting. Documents verification is a multi-stage and long-lasting process. Shortening at least some of the processes using blockchain technology would bring substantial financial profits and limit their duration.

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FTO update

Results of a fork – is it profitable to carry out?

The results of a fork are changes in blockchain structure. What exactly are these changes? First of all, one of the chains in blockchain becomes the dominant one. The second one shows low adaptation to conditions. Both chains exist and function independently with an approximately equal value. One of them dominates the other, but both remain equally valuable.

Results of a fork – how to recognize the type of the fork?

During the fork, any occurrence is possible, but the third option is most common. Then a new cryptocurrency appears. The first case is also highly probable, while the second one occurs most often during soft forks. When a cryptocurrency goes through a fork – find out if it is a soft or hard version. If you are a regular user – you do not need to do any particular actions, unless a new cryptocurrency is created in the process. However, if you are a miner – check that you have the latest version of the software.

How to receive free coins during the fork?

If you want to receive free coins from a hard fork, you need to do some critical steps. But first – find out why free coins are the products of the hard fork. Blockchain is a transaction book with registered actions. Each participant who received coins before and during the forks have coins in both chains after the end of the fork. New resources with a snapshot date in the general ledger create during the hard fork. The snapshot takes place at a defined block number, which is extremely important during the fork. So, if you want to participate, you’ll need to complete the transaction before the snapshot.

Directly speaking, a hard fork is a code change. A soft fork is a small change that is not needed to update the nodes. A hard fork is a massive change in blockchain, which significantly changes the operation of the cryptographic network. It can only be a change in blockchain or raise a new currency. The process requires an upgrade to the latest software version – the old and new chains are incompatible. The effect of the fork is the creation of two blockchains, two cryptocurrencies, and two code sets. Most participants update the software, and if not, the system continues to operate.

Are digital wallets important during the fork?

When the cryptocurrency forks, you want to keep it in a digital wallet with the ability to control private keys. The stock market and user wallets do a lot of work to take care of users, while a person with a private key can do it independently. If you use a third-party platform, you’ll be dependent on it for fork payouts. Remember to choose the right services for another platform, mainly when the hard fork is being carried out. Some of them work better, some – worse. The best of them have a long history of lending for carried out forks.

If you are the miner or you haven’t done any update of the software before the fork, you will stop in a chain that does not comply with the new rules and you will not be able to carry out post-upgrade activities.

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A hard fork is upcoming! Check this out!

The hard fork is upcoming! In connection to blockchain technology, a hard fork is a change in the protocol which influences on transactions and blocks. It requires users and nodes to update the newest version of the software’s protocol.

The hard fork is upcoming! – how does it work?

Put another way, it is is a new section of a blockchain version. The previous nodes’ release will be no longer valid. It creates some kind of fork in the blockchain. One of two paths follows the new blockchain, the second – along the old one. 

what-is-a-hard-fork
Source: https://blockgeeks.com/guides/ethereum-constantinople-hard-fork/

This activity involves splitting the path of a blockchain by invalidating transactions confirmed by nodes that have not been upgraded to the new version of the protocol software. Users of the old blockchain quickly realize that its version is outdated and needs an update. Moreover, it allows reducing security threats in older versions of the software to develop functionality and rollback transactions.

Differences between a hard fork and soft fork

Obviously, a hard fork and a soft fork are a very similar process in which cryptocurrency code changes. In the case of the soft fork, only one blockchain is valid when users accept the changes while a hard fork relates with two blockchains. All users and programmers decide to carry out a hard fork for security reasons, although soft fork could also do the job. Furthermore, a hard fork associates with the release of high computing power – it is much safer than a soft fork.

We are so happy that the hard fork is upcoming soon!

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