Get to Know the SmartCash Masternode
SmartNodes are masternodes that run on the SmartCash network confirming transactions and allowing their near instantaneous completion. The masternode locks the transaction for confirmation while the payee can use their received funds immediately. This way double spending is eliminated completely from the network as well as assuring a trustless environment. In order to run a SmartNode, you would need 10,000 SMART as collateral and no more than 2 hours loss of connection per day (24hrs).
SmartNodes are paid in groups of 10 every other block also called as cycles of SmartRewards. They give incentive to all masternode holders to hold their SMART’s and keep their nodes online 24/7 so the network grows as well as the value of the currency rises. Running a SmartNode not only provides services like InstantPay but also automated and fair distribution of masternode rewards.
How to Make Money from SmartCash Masternodes
As I mentioned in the previous section, the rewards are given out to SmartNodes every other block at a rate of 10 nodes. This means that the reward would be 2% of the block reward for every node.
Depending on the count of masternodes on the network, the time necessary for a payout would vary. Starting from block 545,005, payments would take roughly two days. Each payment is about 24 SMART and reduced by small amounts over time with the current being at 19.5 SMART. This means that running a masternode on this network can be quite profitable especially if you decide to hold your earnings and wait for the SMART coin to increase in value.
SmartCash Masternode Setup
MINIMUM REQUIREMENTS
So you would like to know how to set up your own SmartCash masternode? Here are the minimum requirements that you should take under consideration before continuing on:
- To be eligible to run a SmartNode, you would need 10,000 SMART coins as collateral. You can obtain SMART at HitBTC
- You will need a Desktop Node Client Wallet, which you can download here
- A Virtual Private Server (VPS) running on Ubuntu for remote control and running of the SmartNode. If your provider does not have a VPS service, you can visit DigitalOcean instead
- Minimum requirements for the VPS machine: Single Core CPU, 1GB RAM, 20GB
- linux
- wallet
- chaincoin
How to Set Up a SmartCash Masternode Step by Step
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First, you need to pick a VPS server. Choose the one that matches or surpasses the requirements mentioned above and make sure to use the Ubuntu OS.
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After you set up the VPS, you can use a program called PuTTy to connect and control the VPS. Make sure to install swap file and dependencies on it.
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Install the official SmartCash wallet to both the VPS and the main machine. After you install them, make sure to wait until both the blockchain and the SmartNode data synchronization processes are complete.
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For the SmartNode to run it would need 10,000 SMART coins in its wallet address. Send exactly that amount, no more, no less. Make sure to configure the masternode.conf file on the main machine hosting the wallet.
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Start the masternode on the main machine and then check if it is started on the VPS as well.