Get to Know the Dynamic Masternode
The Dynamic network is a hybrid product that combines two different blockchains. We have Sequence which is a Proof of Stake coin that rewards users for supporting the network, which provides data-redundancy and verification for the other network – Dynamic. Dynamic on the other hand, enables Blockchain-as-a-Service (BaaS), which allows customers and businesses to easily deploy their own blockchain networks. To support this endeavour, there are Dynamic masternodes (also known as Dynodes) which require 1,000 DYN to be invested. In return, operators receive regular masternode payouts. In this article, I’ll explore how you can setup your own Dynodes and what ROI you can expect.
How to Make Money From DYN Masternodes
Once you lock your coins and make them unusable by placing them into a masternode address, you become an active Dynode operator. The project’s ROI is considered stable, thanks to the dynamic circulation of the coins in the network. All this provides an annual rate of 14.6%. In any case, the block time is fluctuating, because it depends on the number of Dynodes on the network. The average number of blocks on a daily basis at the moment is 720. Mathematically, if we accept there are 2000 rewards, this means there’s a Dynamic masternode payout every 3 days. On the top of that, you’ll need to add an additional 3 days for your payment to be processed.
Dynamic Masternode Setup
MINIMUM REQUIREMENTS
For a single Dynode setup you will need:
- 1,000 DYN as a collateral by buying them from an exchange like Bittrex or Upbit
- Download and install the Dynamic Core Wallet
- A VPS with 1GB of RAM, 10GB of HDD space and Ubuntu 16.04 installed. If you don’t have a provider, Vultr is a reliable option
- A static IP addresses
- linux
- wallet
- dynamic
How to Set Up a DYN Masternode Step by Step
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When choosing a VPS, check on its characteristics. Look for at least 1GB of RAM memory and 10GB free space on the disk to successfully run DYN masternode.
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Next up, install Ubuntu 16.04 and connect to your VPS by using an SSH client such as PuTTy. Don’t forget to log in as root.
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Download and install the Dynamic core client on both your personal PC and your VPS. Wait some time for them to sync.
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Send the collateral into your wallet and configure the masternode’s .config file on your local PC.
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Run the Dynamic masternode on both devices and check if it’s working.