Following up on the latest official announcement by the StakeNet team, users can expect a much simpler masternode setup process. StakeNet themselves will provide crypto enthusiasts with masternode hosting service (MNaaS) at only 0.15$ per day in just a few easy steps.
Running Your Own StakeNet Masternode on the Cloud
Depending on your experience in the crypto sphere, you may have already hosted your own masternode on a VPS (Virtual Private Server). As such, you’re familiar with the concept of choosing a provider, setting up your operating system, and going through the tedious configuration process to set up your node. StakeNet’s team aims to eliminate this issue, by providing their own VPS service in the cloud – Masternodes-as-a-Service. According to the team, this is a step towards further decentralization and introducing additional security and network stability. You only need to have 15,000 XSN coins to invest (equivalent to $1269 at the time of writing) and an additional 150 XSN as balance in your wallet for paying the equivalent of $0.15 per day in StakeNet coins for maintenance. On a yearly basis, you can expect a return on your investment of about 17%.
Why Should You be Interested?
Based on the provided information, it’s easy to see how beginner-friendly this approach is and how it could lead to further adoption of XSN. In any case, masternode operators are incentivized to secure the network, as they earn 45% of block rewards and additional income from their TOR service fees and in the future, once their own DeX is launched, from trading fees.
A crucial factor on the matter is that your private keys are always kept secure on your own device. Additionally, you won’t need to fiddle around with Linux, if you’re not familiar with it, nor do extensive research on the requirements and prices for a VPS by a third party. On top of that, you won’t need to worry about downtimes as StakeNet Cloud (the name of the service) will take care of everything for you. All that is left for you is to track your progress and current status in the convenient monitoring section.
At the time of writing this article, the support is limited to XSN coins only, but the team is working hard on introducing other cryptocurrencies as well.
What is a Masternode
Provided you decide to host a masternode, your main tasks will be to verify transactions on the network by keeping a copy of the blockchain on your machine. Furthermore, you will be enforcing the consensus rules of the particular coin and making sure that no one is able to maliciously modify the public ledger. In some networks, masternodes enable specific functions like instant transfers, private transactions, support for dApps and more. For all their services, masternodes are rewarded with a portion of the block reward and any additional fees that may be owed, depending on the network and the implementation.