Get to Know the DigitalPrice Masternode
For the first time, DigitalPrice was announced to the public in 2017. Thanks to the masternode feature the network is capable of processing quick, private and secure payments. The hashing algorithm is SHA-256 with Proof of Stake consensus system. The idea behind the project is to become the main transaction currency widely adopted by all types of users and companies. DigitalPrice features are mainly related to the transaction process, offering fast transfers with an average block time of 2 minutes and even instant or private ones. The DP masternodes are the ones responsible for all InstantSend and PrivateSend operations and in exchange they receive part of each block reward. In this article, you’ll learn how to setup your own DigitalPrice masternode and what kind of payout you can expect.
How to Make Money From DP Masternodes
As I mentioned before, masternodes are eligible to receive incentives from each block. The DigitalPrice masternode reward is roughly 16.66 DP while the rest 8.34 DP is left for the staking node which created the block. The masternode payouts are distributed twice a day or around 33DP daily. With the stakers, the situation is a bit different. Let’s take for instance that you possess 5% of the coin supply, this means that you will be able to process and create the same percentage of all incoming blocks. The “weight” of the total system and of every coin is a value determining the age of it or how long you stake that amount of coins. As bigger the “weight” is the better your incentive will be.
DigitalPrice Masternode Setup
MINIMUM REQUIREMENTS
Here are the minimum requirements you need to cover in order to run a DigitalPrice masternode:
- Purchase the needed amount of 25,000 DP from an exchange like Cryptopia or CoinExchange
- Install the official DP core wallet
- Obtain a VPS with minimum 1GB hard drive space and 512MB RAM. A well-known service provider is Vultr
- Static IP address
- linux
- wallet
- digitalprice
How to Set Up a DP Masternode Step by Step
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Set up your VPS. Choose a VPS provider like Vultr and ensure that the internet provider offers a static IP address.
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Install OS and set up the VPS connection. You will need SSH software to connect to the VPS, PuTTy is a good option available online.
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Download and install the core wallet. Only by using it can you host a DP masternode.
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Supply your wallet with the needed coins. Ensure that you send no more or less than 25,000 DP. Right after you must configure your wallet and you are ready to start.
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Start your DigitalPrice masternode and check if everything is working properly.