Get to Know the Blocknet Masternode

What is a Blocknet masternode and how to set one up? Well, the Blocknet network is a platform that concentrates on inter-blockchain services and designed to enable a token ecosystem. The first project that was developed on it was a decentralized exchange. The network is being supported and secured by nodes which can be classified into two types – service nodes and trader nodes. While the service nodes don’t handle or control trader’s coins, they actually collect the transaction fees and distribute them accordingly. On the other hand, the Trader nodes enable trading on the decentralized exchange platform. The current amount of BLOCK coins necessary to run a service node is 5000 BLOCK. Next, I would like to give attention to the rewards that are given out and how to set up your node.

How to Make Money from Blocknet Masternodes

The rewards in the network is split 70% for service nodes (masternodes) and 30% for stakers. This means that even if you do not have enough BLOCK coins to run a node, you will still get a part of the fees. On the other hand, if you do run a node, you will also get a part of the stake rewards as well. In order for that to be achieved, an unlocked and constantly running wallet is a must.

Blocknet Masternode Setup

MINIMUM REQUIREMENTS

To set up a Blocknet masternode on your own you need to fulfil some requirements:

  • Download and install the latest version of the BlocknetDX wallet
  • Obtain 5000 BLOCK coins from an exchange like Bittrex or Cryptopia
  • Send the 5000 BLOCK coins to the node address and lock them in
  • Make sure that you have a dedicated Virtual Private Server (VPS) with at least 1GB of ram and 10GB of free space
  • Windows or Ubunti 16.04 is necessary as an OS for the VPS
  • linux
  • wallet
  • blocknet

How to Set Up a Blocknet Masternode Step by Step

  • Set up a VPS using a hosting provider or your domestic computer. Make sure you to have a static IP in order the masternode to run properly.
  • After setting up the OS on the VPS, you should also install software that allows you to control the server remotely. A good bet is the PuTTy software.
  • Install the official Blocknet wallet. Make sure it is synced with the blockchain, encrypted and configured properly.
  • Send exactly 5000 BLOCK coins to your masternode address.
  • Finally, run the masternode and see if it works properly. You can start the masternode from the Blocknet wallet’s options.

Sean Boyle

HARDWARE ENGINEER

For in excess of six years I have been actively using diverse methods to mine various crypto coins. In search of optimal profitability with limited resources I have engaged in using various masternodes to earn rewards in a passive manner..

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