Get to Know the Social Send Masternode
Social Send might become your favourite cryptocurrency if you’re a social addict when speaking of media and networking. Instead of upvoting, you can explicit your recognition and testimonial to content authors by hitting the “like” button of their post. This way, you’re going to send some tokens with a fiscal value to directly support them.
Considering the fact that masternodes are the ones, which gain a reward for being in use of the network, they should be of assistance to the decentralized blockchain. If you’re willing to run a Social Send masternode, you’re supposed to lock a collateral of 12,500 SEND coins.
As a holder of a SEND masternode, you’ll be able to vote the project’s budget and also any kind of proposals for developing the network. When compared to staking SEND, the observation shows that running a masternode would bring you a higher profit. Now, let’s check all the details when it comes to rewards and payouts.
How to Make Money from SEND Masternodes
To be profitable, you should be considering to either to become a staker or an active masternode operator. The split of block rewards in SocialSend’s network is 25% for stakers and 75% for masternode hosts. Changing the collateral reflects directly to the amount of coins free for staking or respectively influence the potential reward for users running a Social Send masternode. There’s a see-saw mechanism, implemented in Social Send, which splits rewards depending on the network’s needs in a secure and constant manner. With the increment of the number actively running masternodes, the block reward for users holding them decreases and the one for stakers respectively increases. In a word, it’s an inverse process, adjusting the network’s capacity.
Social Send Masternode Setup
MINIMUM REQUIREMENTS
I would like to gather it all for you in the following bullet points list. Check everything you might need to successfully run a masternode for Social Send:
- Buy 12,500 SEND from either Crypto Bridge or Cryptopia
- A fast Internet connection of at least 500GB transfer per month and an Ubuntu Linux VPS from Vultr covering the criteria: CPU single core, RAM size of 2GB, HDD of at least 25GB
- Now install the Social Send Official Wallet and let it sync with the blockchain
- Next step is to access your debug console and obtain the masternode’s genkey and address. Just keep running your wallet 24/7
- Linux
- wallet
How to Set Up a SEND Masternode Step by Step
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When choosing a VPS, you should be aware that your masternode will need 1GB or RAM memory, respectively 2GB for I2P, and also around 10GB of your hard disk’s free space
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Add an SSH to your VPS (applicable for all the operating systems). Just to advise you that you’re most probably not able to see your password’s characters but it’s all fine
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You might be installing the Core wallet on both your PC and VPS but after it gets sync, create a masternode only on your home device
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Send the necessary collateral to your masternode’s address and configure the masternode.conf file on your device
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Run the Social Send masternode on your PC and check if it’s working in parallel on the VPS