Get to Know the Phore Masternode
What is a Phore masternode? Well, it’s a masternode operating on the Phore blockchain that for providing services to the system and acting as a validator of transactions, receives rewards. In this article, I explain the rewarding system in details, as well as, how to to set up your own masternode. However, before we get to the node setup part, let’s go over what the Phore network is and what benefits running a PHR masternodes bring.
Phore (PHR) is a digital cryptocurrency and network that concentrates on privacy. It is a rebrand of the KryptKoin, which was announced in May 2014. The blockchain has come a long way since the announcement of the Phore network back in September 2017. One of the features that Phore masternodes bring to the network is SwiftX, which is an instant verification of transactions. This way users will be able to use their funds almost immediately. The masternodes will also provide services for dApps that run on the network, which need calculations and resources to operate. On top of the already amazing benefits, they will provide a decentralized governance to the network. Each masternode holder will be able to vote on future updates and decisions regarding the Phore blockchain.
How to Make Money from Phore Masternodes
Let’s talk about the rewards that you can get from running your own masternode on the Phore network. The current block reward is 8PHR in total. From it, 4.2 PHR go to masternode operators, 2.8PHR to stakers and 1PHR is put aside for governance and treasury.
The way masternodes are paid is standard, FIFO style. Every time a masternode is rewarded it goes back at the end of the queue and waits for its next turn. This way every node gets paid. On top of the block reward, the masternodes will receive the transaction fees that are from transactions inside the block they confirmed. At the moment of writing this article, the total number of masternodes on the network are 597.
Phore Masternode Setup
MINIMUM REQUIREMENTS
You would like to run your own masternode? Lets see what the minimum requirements are for setting up your own Phore masternode before we move on to a step by step guide on setting it up:
- You will need a main computer to run the official control wallet that will hold your collateral of 10,000PHR coins. The computer can be your everyday PC at home. This way the wallet can be turned off without affecting the masternode itself. You can get a hold of the coins on IDAX or Cryptopia
- The official wallet is nececary, because without it, you can not run a masternode. You can download it here
- A Virtual Private Server, which will host the masternode itself. If your provider doesn’t offer a VPS service you can check out VULTR. Bear in mind that the VPS has to be online 24/7.
- A unique static IP address for the VPS and at least 500GB bandwidth connection
- Minimum requirements for the VPS machine – 25GB SSD storage, Single Core CPU, 1GB RAM
- linux
- wallet
- chaincoin
How to Set Up a Phore Masternode Step by Step
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Set up a VPS. You can either do it yourself of ask your provider if they offer a VPS service. As mentioned above, you need to make sure that the IP Address is static/dedicated as most providers supply a dynamic IP address to their users
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Set up an OS on the VPS so that you can connect to it and control it. A good open source software you can use for that is PuTTy
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Install the official control wallet on the VPS and the main computer. Be mindful that no other wallet will allow you to make a Phore masternode
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Send exactly 10,000PHR to the masternode address and then configure your wallet. You can use exchange or other wallers to send the collateral to the masternode wallet
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Go ahead and start the masternode from the core wallet