Get to Know the Loki Masternode

Loki (LOKI) is a cryptocurrency based on the Monero source code but running a modified version of the source code, with the aim to provide further increased privacy. The network implemented some changes on top of the Cryptonote protocol in order to improve the functionality and increase the scalability with the help of masternodes known as Service Nodes. Service nodes are not miners, they are working as full nodes and they are responsible for the validation of blocks. To run a Service node means to lock a certain amount of LOKI and to provide a good level of bandwidth and storage to the network. In exchange, similar to other networks, the operators of Loki masternodes receive regular payouts. Service nodes are supporting the data routes through their mixnet or also called Lokinet. These SNApps are enabling the network of the node by offering front-end-user-facing applications. SNApps don’t use the blockchain but they entirely rely on the rules of the consensus, they also don’t reflect over the network scalability.

How to Make Money From LOKI Masternodes

The proportion of distribution of each block reward is organized in the following way: 50% for service nodes (masternode reward), 45% for miners and 5% for governance. Of course, to be a service node there are several requirements. To possess the amount of 45,000 Loki or to use a trusted node host service to partner with others. You can divide ownership of the service node in different portions. To complete your Loki masternode setup, you will also need to use a VPS and the Loki CLI wallet.

Loki Masternode Setup

MINIMUM REQUIREMENTS

  • Purchase the collateral of 45,000 LOKI. You can easily do that through TradeOgre
  • Download and install the CLI wallet
  • Setup a VPS. You can rent one from Vultr
  • Confirm that you’re running a static IP address on your VPS
  • Linux
  • wallet
  • Loki

How to Set Up a Loki Masternode Step by Step

  • Set up a VPS. Ensure the VPS can support the Loki masternode with at least 1GB RAM and 20GB free disk space
  • Install an OS on your VPS and connect to it. You need to log in as root with the help of SSH software like PuTTy (Windows) and Terminal.app (MacOS)
  • Install an official wallet. You need to install the wallet on both VPS and your main machine, wait until they are fully synchronized and then create masternode address on your main computer
  • Send the collateral of 45,000 LOKI. To configure the masternode you need to access masternode.conf file on your PC but to do that you need first to ensure that your wallet address possesses exactly 45,000 LOKI, not more, not less
  • Start your masternode. Run the wallet on your main machine and double check the connectivity with the VPS

Sean Boyle

HARDWARE ENGINEER

For in excess of six years I have been actively using diverse methods to mine various crypto coins. In search of optimal profitability with limited resources I have engaged in using various masternodes to earn rewards in a passive manner..

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