Get to Know the Syndicate Masternode
Syndicate (SYNX) is a decentralized cryptocurrency network which features masternodes as a second layer in its network’s architecture. The aim is to provide users with features such as community governance via voting, a self-funded treasure system, and instantaneous transactions. Another option which is available is the ability for participants to generate Stealth Addresses. These provide obfuscation of transactions and funds, thus increasing users’ privacy. To further accent on that functionality, you have access to encrypted messaging, providing you with peace of mind when communicating with others on the network and the ability to send funds anonymously. In this article, I’ll go over the ways of profiting from Syndicate masternodes and a quick setup guide.
How to Make Money from Syndicate Masternodes
Ever since the Syndicate network surpassed 300,000 block mark, the Seesaw algorithm that adjusts block rewards has been removed. In its place, we have a static ratio of 70% for masternode operators and 30% for stakers. Below, you can find a list of the collateral requirements for establishing a masternode and the block reward, depending on the current block number. The Syndicate masternode payout is on a rotational principal – whoever’s turn it is to receive a sum gets it and is then moved back to the end of the queue.
346000 to block 432799 – 9 SYNX per block; Masternode Collateral: 5,000
432800 to block 519599 – 8 SYNX per block; Masternode Collateral: 10,000
519600 to block 606399 – 7 SYNX per block; Masternode Collateral: 15,000
606400 to block 693199 – 6 SYNX per block; Masternode Collateral: 20,000
693200 to block 779999 – 5 SYNX per block; Masternode Collateral: 25,000
Syndicate Masternode Setup
MINIMUM REQUIREMENTS
To set up your Syndicate masternode you will need the following:
- 5000 SYNX as collateral, which can be bought on Bittrex and Cryptopia
- Downloading the official wallet from the project’s Github repository
- The PC or VPS used for hosting your masternode will need to have at least a Dual Core CPU, 1GB of RAM, 25GB of hard drive/SSD space and 1TB of internet bandwidth per month
- linux
- wallet
- syndicate
How to Set Up a Syndicate Masternode Step by Step
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Choose your VPS provider that fits the requirements and your finances. Once you’re ready, install Ubuntu
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Once you’re ready with the installation, you can connect to your server via an SSH remote client such as Putty
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Using the established connection, install the official Syndicate wallet on your VPS and also – on your local PC
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Provided you’ve created your wallet address, fund your main one with the necessary funds – 5000 SYNX exactly, otherwise, you won’t be recognized as a masternode
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When you’re ready with the above-mentioned steps, you can go ahead and turn on the machines and check whether the Syndicate masternode is operational and all is well.