Get to Know the StakeNet Masternode
Would you like to run your own masternode on the StakeNet network? In this guide I will go over just how profitable they can be and how to setup one on your own. But first let’s go over what StakeNet is and what role the masternodes have.
StakeNet is a decentralized platform that aims to replace the traditional middle men like banks, fiat currencies, payment gateways etc. The project lays the groundwork and infrastructure for a system with free and instant transactions with an ecosystem compiled of decentralized platforms.
One of the other notable features of the StakeNet network is its cross-chain capabilities. The Cross-Chain Proof of Stake will be supported by the masternodes in the network. Additionally, all StakeNet holders have the ability to vote regarding future improvements and updates for the network. One masternode equalls to one vote.
In terms of function, StakeNet masternodes are what provide governance and real decentralization to the network. They don’t only confirm transactions and provide instant trading, they will also host and manage the first truly decentralized exchange in the world. The main goal for the masternodes is to create a profit-driven ecosystem and enable implementation of Lighting Network.
How to Мake Money from StakeNet Masternodes
Masternodes in the StakeNet network receive 45% of the block rewards, which is pretty standard for PoS networks when it comes to distribution of funds with masternodes in mind. The current block reward in the StakeNet blockchain is 20 XSN and it will stay that way with no planned changes to it. Regarding the maximum supply that can circulate in the network, there is none. The developers did not implement it and do not plan to do so in the future.
StakeNet masternodes will also receive transaction fees on top of the block rewards once the network goes live on the mainnet. There is still no launch date given to the public, but the dev team mentioned that they are trying their best to launch the network by the end of the year. Because masternodes will provide services to dApps, they will receive fees from them as well.
StakeNet Masternode Setup
MINIMUM REQUIREMENTS
Would you like to run your own StakeNet masternode? Here I will go over the minimum requirements for setting up the masternode:
- You will need to possess at least 15,000XSN coins in order to be eligible for a masternode. You can obtain them on Livecoin
- A main computer (it can be your everyday PC) that will run the control wallet and hold the collateral coins necessary for the masternode. It can be turned off and on without affecting the masternode. The official wallet can be downloaded from here
- A Virtual Private Server (VPS) on a different machine that will need to be online 24/7. If your provider does not offer a VPS service, you can go ahead and check out Vultr
- Minimum requirements for the VPS machine: 1GB SSD Storage, Single core CPU, 2GB RAM and 1TB bandwidth connection
- linux
- wallet
- chaincoin
How to Set Up a StakeNet Masternode Step by Step
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Set up a VPS by yourself or ask your hosting provider to do it. In both cases you need to make sure that it has a static/dedicated IP address otherwise it will not be able to function as a masternode.
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Set up an operating system and connect to the server. A good open source software that you can use to connect to your VPS is PuTTy.
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Download and install the official wallet. Be mindful that only the official wallet will allow you to run a StakeNet Masternode.
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Send exactly 15,000XSN to the masternode address. You can configure the wallet and use exchange or other wallets to send the collateral.
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Go ahead and start the masternode from the official wallet UI.