Get to Know the Solaris Masternode
Would you like to know what a Solaris masternode is and how you can set up one yourself? In this article, I cover just that but first let’s shed some light on the project itself.
Solaris (XLR) is a decentralized privacy-oriented cryptocurrency network launched on 18th March 2017 using the NIST5 hashing algorithm. After a while, the team wanted to improve on the security and payment features of the network, so a decision was made to completely replace the code base. The network relaunched on the 7th October 2017 with the newly improved features and new XEVAN algorithm.
Solaris was built on the base of PIVX that forked from Dash, which in turn is based on Bitcoin. The team focused on achieving near instantaneous transactions that remain private and secure with the help of the Zerocoin Protocol. After an update, masternodes were implemented into the Solaris network and they started providing services for the new features such as a Decentralized Governance System with voting from owners of such nodes, as well as Instant Send.
How to Make Money from Solaris Masternodes
Each time a block reward is given out, it is separated with 80% of it going to masternodes and 20% to the stakers on the network. The rewards are always changing and will stay like that until block number 648 000 is hit. The distribution will stay the same, but the block rewards will go down significantly.
The Solaris masternode rewards are given out just like in any other masternode network. A queue is formed by the masternodes, and whenever a block reward Is hit, and one is paid, it goes back to the queue and waits its turn again. Your earnings depend on the amount of masternodes on the network that are active.
Solaris Masternode Setup
MINIMUM REQUIREMENTS
- You will need at least 1000 XLR coins, which can be obtained from KuCoin or Coinexchange
- Install and configure the official wallet. It can be downloaded from the official website here
- A Virtual Private Server (VPS) with minimum requirements of 1GB RAM and 20GB of hard drive space
- Make sure you have a static IP address
- linux
- wallet
- Solaris
How to Set Up a Solaris Masternode Step by Step
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Set up a VPS either by using a hosting provider or your home computer. Make sure you have a static IP.
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Set up the OS on the computer and install software that will allow you to remotely control your masternode. I can recommend PuTTy since it’s an open-source platform.
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Install, configure and unlock the official Solaris wallet. Please bear in mind that only the official wallet support Solaris masternodes.
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Next, you will need to send your coins to the masternode address. Please make sure you send exactly 1000 XLR, as any less or any more will not let you start the masternode.
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Open the Solaris Core Wallet and select the start masternode option in order to turn it on.