Get to Know the Crown Masternode
Ever wondered what is a Crown masternode and how it is set up? In this article I will go over the network features of Crown and its masternode. The network was launched back in 2014 under the name of Crowncoin serving as a European centric payment and investment tool. Today, Crown is one of the leaders in terms of blockchain technology for token tools and self-sustainable platform for creating and running economy dApps. All of this is provided with the help of the nodes running on the network, with masternodes being the main focus as they provide support for the dApps and token tools as well as act as validators of transactions and blocks in the network.
Crown brings to its users features such as decentralization with its nodes, financial benefits with their rewards towards the masternodes for incentive, an easy tool for monitoring your masternode developed specifically for Crown nodes and a Distributed Governance Proposal system, where the community can propose their ideas for future changes and updates, which others can vote on. Another unique feature is Crown Atomic tool set, which allows developers to create trustless transaction systems and share trustless applications.
How to Make Money from Crown Masternodes
The masternodes in the Crown network receive 45% of the block rewards and depending on the number of masternodes on the network, your share of the winnings will vary. The nodes are lined up in a queue and when one receives its reward, it is sent back to the end of the line, ensuring that everyone gets their turn. This is made in order to incentivize users to run their own Crown masternodes and keep them active on the network. Additionally, you get the perk of having a vote for every masternode you own to be used when a proposal is made in via the Distributed Governance Proposal System.
Crown Masternode Setup
MINIMUM REQUIREMENTS
- You will need at least 10 000 CRW coins, which can be obtained on Bittrex or LiteBit
- Installed and configured official wallet, which can be downloaded from their official website here
- A Virtual Private Server (VPS), with minimum requirements of at least 512MB RAM and 20GB Hard Drive space. You can check out DigitalOcean for VPS services
- Make sure that the VPS has a static IP address, otherwise it will not work
- linux
- wallet
- Crown
How to Set Up a Crown Masternode Step by Step
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You can set up your own VPS if you have a free device to host it on. Otherwise you can contact a provider of VPS services. Make sure that a static IP is provided.
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Setup the OS on the VPS and install software that allows you remote control. I can recommend PuTTy as it is an open-source program.
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After you install the wallet make sure to configure and back it up. Only the official Crown wallet allows you to run a masternode.
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Send your coins to the masternode address and make sure you send exactly 10 000 CRW, otherwise it will not operate.
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Enter crown-cli masternode status into your VPS command line window to check the Crown masternode status. If it says, “not capable Masternode: Hot node, waiting for remote activation”, then you should activate the node from the wallet itself. If it says that the masternode is enabled but not yet activated, wait for the VPS and wallet to synchronize with the network.