Get to Know the Pivx Masternode
Pivx masternodes are the backbone of the network. The more of them there are, the more secure and faster the whole system becomes. Unlike staking PIV or zPIV, where rewards are random and not guaranteed, a masternode offers a stable income for the user running it. The rate of rewards given out depends on the number of user staking and the total number of masternodes. While staking can be done with either PIV or zPIV, users running masternodes can profit by supporting zDEX and earning a share from the fees as a reward for assisting the network in day-to-day operations.
Some of the main features a Pivx masternode operator can expect to benefit from are increased privacy and near instant completion of transactions, a decentralized governance and budgeting system as well as immutable proposal and voting system.
How to Make Money From Pivx Masternodes
The block rewards are divided into three parts. Every 60 seconds, 6 PIV are created where 1 PIV goes in a pool for funding the future development of the network, the rest is divided between the masternodes and the user that found the block. Depending on which cryptocurrency is the stake winner, the rewards differ. If the staker that won was staking zPIV, they get a higher reward and the lower amount goes to masternodes. In the case that PIV is what was staked, the staker will receive less of a reward. This is to incentivize the community to use zPIV.
The profit from running a Pivx masternode constantly fluctuates due to the changing number of nodes and users on the network and their activity but roughly you can expect around 4% annual ROI.
Pivx Masternode Setup
MINIMUM REQUIREMENTS
In order for you to be able to host your own masternode on the Pivx network, you will need:
- 10,000 PIV coins in the wallet address of the node. You can buy them from Binance or from Bittrex
- You will need to download the official wallet and install it
- A VPS is recommended. That will host the masternode itself, while your computer is hosting the wallet. Its minimum requirements are Single Core CPU, 25GB free storage on SSD Drive, 1GB RAM and 1TB bandwidth stable connection – Vultr
- A static unique IP address for the VPS is a must
- linux
- wallet
- pivx
How to Set Up a Pivx Masternode Step by Step
-
There are two ways to go about this. You can either use your computer and set it up like VPS or you can ask your provider if they offer VPS hosting services. Additionally, you need to make sure that you have static IP for the machine that is the VPS.
-
In order for the VPS to be operational, it will need an OS installed on it. In order for you to connect to your VPS, you would need software that lets you control it. An example of such programs is PuTTy.
-
Please be mindful that only the official core wallet is supported for masternodes. Make sure you have it installed and fully updated.
-
You will need to send exactly 10 000PIV to your masternode wallet address and then you can configure it accordingly. You can use an exchange or other wallets to send the collateral.
-
In order to start your masternode, you can open your core wallet and select the start option.