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.