Get to Know the GoByte Masternode
GoByte (GBX), like Dash on which it is based on, aims to provide monetary services for vendors. And just like Dash, this minable cryptocurrency uses the masternode technology to provide fast and secure payments. The average time per transaction is 1.3 seconds, thanks to the InstantSend feature provided by the masternodes. Also, GoByte masternodes ensure that all transactions are anonymous via the PrivateSend technology. This technology mixes your funds through the masternode network, making them impossible to trace backward.
GoByte is promoted as an extremely fast and secure network because of its Proof of Work and masternode system. Since the cryptocurrency is ASIC resistant, it ensures a fair and stable ROI for GPU miners and masternode holders. In this article, you will learn how to set up your own GoByte masternode and start earning some passive income from this.
How to Make Money From GoByte Masternodes
GoByte masternodes are full nodes but in this network, they have a bit more responsibilities in accordance with the network’s integrity and productivity. The collateral locked for your masternode setup will be safe while it is operating. That attracts many investors to start this initiative, earn interest and reduce the volatility of the currency and increase their profit. The rewards are available whether for masternodes or POW, the POW reward is 13.5GBX and it is getting 8% smaller each year. The GoByte masternode reward is 70% less than the POW or otherwise said 9.45GBX. The model of distribution is called FIFO (First in First Out) and it works the following way. Whenever masternode receives a reward it is automatically going back to the queue waiting for its turn to get one, once again. By the way, this is very common, fair and balanced way of splitting the incentives.
GoByte Masternode Setup
MINIMUM REQUIREMENTS
Requirements for setting up a single GoByte masternode:
- Download and install the official wallet
- Send and supply your masternode wallet with exactly 1000GBX, do not forget to add 1 GBX to cover the transaction fees. You can purchase GBX from Crypto Bridge or Hitbtc
- Virtual Private Server (VPS) as a remote server which will be your GoByte masternode wallet.
- Additional computer to run and control wallet
- SSH software such as Putty to synchronize your VPS with your wallet.
- linux
- wallet
- chaincoin
How to Set Up a GoByte Masternode Step by Step
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Set up your VPS. Whether you prefer to assemble it on your own (simple domestic computer) or to hire one, in both cases you will need “static” IP address, please confirm that with your internet provider because usually, they serve dynamic IP to domestic customers. Regarding the VPS providers, you can find many online, seek for those which are closer to you because of better connectivity
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Set up your OS and connect to the VPS. For that purpose, you will need open source software, my suggestion is PuTTy
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Download the official GoByte core wallet. Download and install it, have in mind you can use MAC OS or Windows OS. On your first app run, you should leave it until its fully synchronized before moving forward
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Send 1000GBX to your wallet’s address. You need to be precise, do not send more or less, send exactly 1000GBX to your wallet’s address. Also, they must be sent in one transaction, you cannot supply your masternode wallet address from multiple others
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Start the masternode and check if everything is running smoothly on the VPS side.