Get to Know the ION Masternode
Developed by ION core technologies limited, ION is a decentralized blockchain-based cryptocurrency. It’s running on Proof of Stake protocol and it features masternode network, offering zero-knowledge proof privacy protocol. The masternodes bring a certain stability to the network because they are sorting the rewards distribution between the peer nodes by checking the best/top performers. The reward for running an ION masternode is equal to 50% of the block reward, distributed among all masternodes. Apart from that, they collect fees from all public transactions completed in a block. Another process running under the masternode subnetwork is the private transactions. They are bundled and processed in groups of 3 inputs. The mixing pool is the place which combines the transactions. You can privately send up to 20,000 ION and they are chained together to increase the traceability difficulty. The uniqueness of ION masternode comes from its features and the ability to perform secured public and private transactions. Which are validated every 4 seconds by the constant co-correspondence between all nodes, reducing the chance of double spending and high transparency
How to Make Money from ION Masternodes
Currently, the block reward is split 50/50 between stakers and masternodes, which according to the present block reward state is 5.75 ION (2.87 ION each). Masternodes receive benefits also from all fees for contained transactions on the block. As I explained previously, the distribution is quite fair, it’s called FIFO (First in First Out model), which means that after you get the masternode reward, you line up again in the queue waiting for your turn to come again. The frequency of rewarding is depending on the total number of active masternodes around the globe and the average block time.
ION Masternode Setup
MINIMUM REQUIREMENTS
To set up a ION masternode on your own you need to fulfil certain requirements:
- You need to obtain 20,000 ION coins and lock them as collateral. You can purchase them from Bittrex or Upbit
- The official ION wallet downloadable from here
- Ensure VPS with static IP address
- The computer used for locking your 20,000 ION could be switched on/off but the one supporting your masternode setup must be on 24/7
- Minimum 1 core CPU with 1GB of RAM and VPS Linux CLI masternode
- You will need 20GB hard-drive space to store the whole blockchain.
- linux
- wallet
- ION
How to Set Up a ION Masternode Step by Step
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Set up your VPS. A simple domestic computer could be used for VPS or my recommendation is to hire one. There are many service providers online, check those nearby you, it will be best. At last, check your IP address because it must be “static” to maintain your VPS.
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Set up your OS and VPS connectivity. To do that you can easily use any SSH terminal software and even do it remotely, good open source software that you can use to connect to the VPS is Putty.
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Install the official wallet. Download and install the official ION wallet because that is the only way to host ION masternode, do not forget to send 20,000 ION.
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Sending exactly 20,000 ION to your wallet’s address is most important, not more, not less. Configure the wallet and you will be able to send the collateral from exchange or another source.
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Run the masternode setup and test it. Open your ION core wallet and start the masternode from there.