Get to Know the Polis Masternode
Polis is a peer-to-peer digital currency operating without any central authority and offering strong anonymity, instant payments and open source-code to keep users involved in the process. In Greek πόλις means “city/community” and that is the main purpose of it, to establish decentralized democratic financing services with global impact. Polis masternode network is responsible for the verification of each transaction and offering InstantSent options. The same network is responsible for suggesting changes and improvements be carried out through a vote.
How to Make Money From Polis Masternodes
The proportional distribution of each block reward is allocated in the following order, 72% of the reward is for masternodes, 18% for miners and the rest 10% are for the community governed fund. The Polis masternode reward is distributed on the queue principle. Once a masternode receives a reward it goes at the back of the queue and waits for its turn to come up again. How often that will happen strictly depends on the number of masternodes in the network and how many of them are active currently. To imagine It and calculate it, you can use this formula.
(N/T)*R*B*0.72
- N = Number of Masternodes Owned
- T = Total Active Masternodes
- R = Current Block Reward
- B = Blocks Per Day
Polis Masternode Setup
MINIMUM REQUIREMENTS
Requirements for setting up a single Polis masternode:
- You will need Linux OS (Ubuntu 16.04 64-bit at least)
- At least 1GB RAM
- Hard drive space at least 30GB
- Have the official wallet downloaded
- Supply your wallet with 1,000 coins, which can be bought from Cryptopia or Crypto Bridge
- linux
- wallet
- chaincoin
How to Set Up a Polis Masternode Step by Step
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Set up your VPS. You can either can hire a VPS from a licensed provider, or you can assemble one from a simple domestic computer. Both ways you will need a static IP address, I am mentioning that because typically domestic internet providers offer dynamic IP`s.
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Set up your OS and connect to server – You will need an open source software to establish the connection to the VPS, my suggestion is PuTTy
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Download and install Polis Core wallet. After you run it you should leave it to fully synchronize with the network before you take further actions.
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Send 1,000 Polis to the Masternode setup address. You should configure your wallet and send exactly 1,000 POLIS, not more or less.
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Start the Polis masternode. After you run it double check the connection with your VPS if you have 15 masternode confirmations.