Get to Know the Absolute Masternode
Would you like to run your own Absolute masternode? In this article, I will give you a review of its blockchain network, a guide on how to set up your own node and what you can expect to receive as a masternode payout.
Originally, the Absolute project was launched in February 2018, but shortly after that, the development team left with no explanation or reason. Later, a few community members took it upon themselves to take over the support for the new cryptocurrency network and on the 4th April that year they set up a new domain, GitHub repository, and social media accounts.
The newly formed network featured a Proof of View consensus mechanism that was backed by masternode technology. This made Absolute a very fast, efficient and low-cost blockchain for verifying advertisements through consensus. Just like in many other masternode enabled coins, it requires collateral in order to unlock the necessary functions to run one. The network figuratively speaking works on two levels. The mainnet is actually a hybrid, using both Proof of Work and Proof of Stake consensus mechanisms. The second level is the Proof of View mechanism that is used for smart contracts. There is no reward structure currently as payment is received through the mainnet from “actors”, A.K.A. the ones paying for the adverts.
How to Make Money From ABS Masternodes
Next, I would like to talk more about the Absolute masternode rewards and how to get them. Since the network is using a PoV consensus mechanism and the masternodes are the ones distributing the adverts, the owner of the masternode currently confirming the block gets 80% of the reward, while the rest 20% are for the miner. In order to run your own masternode, you will need 2500 ABS coins to be present in the node wallet address. Please make sure that you are using the official local wallet that operates using the full blockchain history, as other wallets cannot allow you to run an ABS masternode.
The regularity of rewards being given out depends on how many Absolute masternodes or in other words “agents” are specified in the smart contract for the distribution of advertisements. Basically, it is a queue system, where after one node gets rewarded, it moves at the end of the line, waiting for its turn again. The block reward consists of 30 ABS coins, which means that 24 ABS go to the agent and 6 ABS to the miner.
Absolute Masternode Setup
MINIMUM REQUIREMENTS
Before I move on to the guide on how to set up an Absolute masternode, I would like to advise you about the minimum requirements that need to be met before you can do so. Here they are:
- You need at least 2,500 ABS ready to transfer or already transferred to the masternode wallet address. Any more or any less will not let you run the node. You can obtain the amount from an exchange like Stex
- A Virtual Private Server (VPS) with at least 20GB SSD storage space, 512MB of RAM, for example from Digital Ocean
- Unlimited bandwidth connection
- 24/7 uptime of the node
- linux
- wallet
- absolute
How to Set Up a ABS Masternode Step by Step
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Start by setting up your Virtual Private Server. Do that on your own or rent one. The main thing, that you have to pay attention to is the static IP address.
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Install the operating system (Ubuntu is recommended) and install software that will allow you remote access to your VPS. A good open-source example is PuTTy.
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Install the official wallet and configure it. You will not be able to host the masternode without it.
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Send the 2,500 ABS to the masternode wallet address and make sure that it is exactly 2500. Don’t forget to take into account any transaction fees.
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It is time to start the Absolute masternode. You can do that from the wallet interface. Double check that everything is in order.