Get to Know the Nix Masternode

Have you ever wondered how you can run a NIX masternode and make a profit? Well, in this article I will give you a deeper look into the project itself as well as a guide on how to set up your own NIX masternode and get rewards.

NIX is a unique project that aims at solving the issues that come with adapting crypto technology to different aspects of business. It does this by providing privacy mechanisms, solutions for scaling, adaptation of smart contracts, sidechains and more while retaining its user-friendliness and be as simple as possible.

The network also has its own Ghost protocol, which is a combination of the Zerocoin protocol with one-time integrated Zerocoin addresses and a Tor network. The development team also plans on implementing support for atomic swaps that should be compatible with the protocol and providing privacy even for transactions between different chains.

How to Make Money From NIX Masternodes

To start receiving NIX masternode payouts, you will need to lock in NIX coins in a “G” address along with following the setup procedures for Ghostnode. This ensures that the network uses nodes to dedicate power to the Ghost Protocol transactions, which removes the risk of bottlenecking. In return, each Ghostnode is rewarded in this manner – 0.25% fee awarded to the masternodes (ghostnodes) through any transaction using the ghost protocol and being enabled by a smart contract, which acts like a small charge that acts as payment for decentralized privacy, and additionally the NIX masternode reward is part of each block reward, currently equal to 70% of the whole amount, or 8.44 NIX coins.

Nix Masternode Setup

MINIMUM REQUIREMENTS

Before I move on to the Nix masternode setup guide, I would like to cover the minimum requirements that need to be met in order to do that. Here they are:

  • At least 40 000 NIX coins present or ready to be sent to the masternode wallet address in order to later generate a transaction (TXid) for a NIX masternode. You can buy coins from Mercatox or Idax
  • Download and install the official wallet
  • Ubuntu OS 16.04 and at least 2GB RAM for the Virtual Private Server. If you don’t have a provider, you can use Digital Ocean
  • You will need a program with which you can remotely control your masternode. For Windows, you can use PuTTy and for Mac, you can use the native Terminal
  • linux
  • wallet
  • nix

How to Set Up a NIX Masternode Step by Step

  • The first step is to set up a Virtual Private Server and set it up with an Ubuntu version 16.04 or higher. There are many VPS service providers like DigitalOcean
  • Make sure to configure the VPS and install a program that will allow you to remotely control your VPS, such as PuTTy for Windows or Terminal for Mac
  • Install the official wallet and configure it
  • The “ghostnode.conf” will need to be saved along with you 40 000 NIX TXid, which need to be sent to a designated G address
  • Lastly, you will need to start your NIX Masternode and confirm its activity from 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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