Get to Know the SnowGem Masternode
SnowGem (XSG) implements the first unique Equihash – zkSNARKs – masternode system. Every transaction done in the network is both shielded by the zkSNARKs and fully encrypted on the blockchain. The information is confidential, and its secure character makes data invasion close to impossible. The data about the sender, the recipient, as well as the value on each transaction is safe. Once choosing SnowGem masternode, you can rest assured that your financial information is private.
How to Make Money From XSG Masternodes
First become a SnowGem masternode operator. Once done, you can receive interest of a percentage rate on the 10,000 XSG locked as collateral. The masternode payout in the SnowGem network is divided between the development fund (7.5% or 1.5 XSG), the miner (47% or 9.5 XSG) and the masternode (45% or 9 XSG). Once the node is active, the stored collateral serves the network. In return, it receives a randomly assigned share of each block that is distributed amongst all masternodes. Rewards are a fixed %, but as the number of operational nodes is in constant flux, the reward frequency is changing.
SnowGem Masternode Setup
MINIMUM REQUIREMENTS
Before showing you how to set up a SnowGem masternode, here are the minimum requirements you need to cover:
- 10,000 XSG + 1 XSG for transaction fees. Obtain them on some of these exchanges: CryptoBridge and Mercatox
- Download and install the official wallet i.e. the ModernWallet
- When done, enable transaction index in the snowgem.conf file and fund your address with exactly 10,000 XSG
- If you need a VPS, you can host one yourself or rent from Vultr
- The software requirements are Ubuntu 16.04 or 18.04, 1 core, 1 GB RAM and 20 GB or more HDD
- linux
- wallet
- snowgem
How to Set Up an XSG Masternode Step by Step
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Get a VPS or host your own. To get it all configured, check the official SnowGem masternode setup guide
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Use and SSH client software like Putty and connect to the VPS
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Install the official wallet on your local Windows machine and on the VPS hosting your XSG masternode. This way, you can manage the VPS one from your local PC
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To get your masternode set up, first send the exact amount of 10 000 XSG to its address. Then, if the number of coins matches the required, access the masternode.conf file on your PC. It will help you adjust the main wallet and the masternode
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As a last step, start the SnowGem masternode. Then, run the official wallet on the main machine. Check the connectivity status