Get to Know the BitSend Masternode
What is a BitSend masternode and how to set it up? BitSend is a long-term project that aims to create a private digital currency with many features and fair distribution. The masternodes on the network are rewarded with BSD coins for validating transactions and blocks on the blockchain. They are represented as a layer of network servers that work as highly secured clusters that are resistant to attacks and provide decentralized services. BitSend is based on Bitcoin Core 0.14 and has implemented Segwit for increased scalability. Keep reading to find out what you need to run a BitSend masternode, and what the reward for doing it is.
How to Make Money from BitSend Masternodes
In the BitSend network, the rewards are divided between masternodes and miners with a fixed percentage. When a block reward is achieved, 80% of the winnings go to the masternodes and the rest 20% to the miners. The rewards you receive, will vary and fluctuate with the change in the count of nodes on the network. As of November 2018, the count of masternodes that are online is 354, which makes a node’s network share 0.282%.
BitSend Masternode Setup
MINIMUM REQUIREMENTS
To set up a BitSend masternode on your own you need to fulfil certain requirements:
- You will need at least 25 000 BSD coins in order to run a masternode. The coins can be obtained at Bittrex or LiteBit
- An installed and configured official wallet, which can be downloaded here
- A Virtual Private Server (VPS) that will host the masternode
- VPS minimum requirements – Ubuntu 16.04 64bit OS, at least 1GB of RAM and minimum of 25GB hard drive space
- The wallet should be hosted on a different machine, so that you can turn it off without affecting the masternode
- linux
- wallet
- BitSend
How to Set Up a BitSend Masternode Step by Step
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Set up a VPS yourself or contact your hosting provider for VPS services. Make sure the VPS is set up with static IP address.
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Configure the OS and connect to your VPS using a software that will allow you remote control. I can recommend PuTTy.
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Install and configure the BitSend wallet. Make sure that you have downloaded the latest version. It will need some time to synchronize.
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Send 25 000 BSD coins to the wallet address of the masternode. Make sure you send exactly 25 000 otherwise, you will not be able to run the node.
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After all the steps above are completed, you can go ahead and start the masternode. It is done from the wallet by going to the Masternodes tab and clicking “Start Alias”.