Get to Know the Terracoin Masternode
Terracoin (TRC) is a crypto asset that was introduced to the digital world in 2012 by an anonymous developer. Not long after that, the project was abandoned. The love of the TRC foundation took over and thanks to its support, Terracoin was rebuilt and running with full speed in 2016. It is a unique project, because the Terracoin masternode setup isn’t what you would call traditional. What makes it unique is the implemented donation setup. Basically, when their coin reaches $1, the total sum will be spread among projects around the world to help make it a better place. The produced money goes two ways – half will help buy more donation masternodes and the other half will go to charities.
How to Make Money From TRC Masternodes
While the current TRC block reward is worth 10 TRC, the amount halves every 4 years with the next one being expected in 2022. The Terracoin masternode payout is 45% of the reward, miners receive the same amount and we have 10% left for the decentralized governance. The number of participants determines the speed and amounts inside the network. In that line of thoughts, the return on your investment is also dependant on that factor. The current number of masternodes is 719. This translates into one reward distributed per day. At the time of this article, the Terracoin masternode ROI per year is 31%.
Terracoin Masternode Setup
MINIMUM REQUIREMENTS
For your TRC masternode setup, you need to have:
- At least 5000 Terracoins (buy them from CCex or Cryptopia)
- Get the official wallet
- Obtain a VPS with 1GB of RAM and 10GB of free disk space, OS – Ubuntu 16.04
- IP address and SSH client for the VPS
- linux
- wallet
- terracoin
How to Set Up a TRC Masternode Step by Step
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Bear in mind, that the VPS for your TRC masternode must have a minimum 1GB of RAM and 10GB of free disk space. Check out the link above and pick the proper VPS offer
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Choose an SSH software compatible with your OS. For Windows users an option is PuTTy and for macOS is Terminal.app. Don’t be surprised if you don’t see your password after typing or pasting it. Log in as root
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Make sure you install the official Terracoin wallet both on your main machine and on the Virtual Private Server. Wait until everything syncs properly. Then create a masternode address only on the main computer
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To activate everything, just send the required amount of coins, no more or less. This action will enable you to configure the masternode.conf file on the main machine
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Check if the Terracoin masternode starts on both the machine and the VPS. Then you are ready to use it