MARKNetwork Education Part 2:
How to run a Masternode?
The complicated way to run a Full-Masternode
If you know basic Linux or can take up the tiring task of setting up Windows-based Masternodes, you are ready to run a Masternode. Wait! There is much more you need to know. You need to transfer a minimum of 1000 Dash into the Masternode wallet address and lock them there forever to keep receiving the fees.
Now the catch is, you can enjoy receiving the fees as long as the Dash in your wallet does not fall below 1000. If it does, two things happen:
• You may be blocked from Dash Masternode Network.
• You may lose your voting rights in the PoS
Does that mean Masternodes remain limited to only the ones who
• know Linux and are technically sound to host the architecture in a specific way for a particular currency
• can guarantee 100% uptime
• own 1000 DASH
Yes, it was the scenario until the concept of Masternodes hosting came up. So here is the easier way to run a Masternode.
Run a Full or shared Masternode with hosted services!
A hosted Masternode can be simply explained as a fully automatic set up that allows Masternode enthusiasts to own a full or shared Masternode. Masternode hosting is an extremely convenient way to participate in the fee generation mechanism. A hosted masternode allows the user to buy the power of a web server that is capable of running a masternode under a high-security blanket with negligible downtime to impact the fee generation.
The users can run a shared or full Masternodes with a simple set up and a small fee paid to the hosting service providers to run and maintain the servers and the service. It is simple to run your own Masternode.
A user needs to deposit the exact number of coins (100%) to own a full Masternode. By exact coins we mean 1000 Dash = 1 Dash Masternode or 10,000 PIVX = 1 PIVX Masternode. The number of coins vary for different cryptocurrencies.
Not everyone can afford to run a full Masternode because of the high entry barrier. For example, Dash requires 1000 Dash to run a full Masternode. Running a shared Masternode is the obvious solution to the entry barrier.
It allows multiple users to pool in their coins with a defined minimum stake. As soon the pool accumulates 100% of the coins needed to run a Masternode, the fee generation commences. The fees are distributed among the users as per their percentage of the overall stake.
Complete due diligence must be carried out before purchasing the hosted services.
Advantages of running hosted Masternodes:
• Simple process to run a shared or full Masternode
• Fully automated system reduces the risks
• Buy/sell coins, withdraw/re-use fees at any time
• Email notifications for every event help you to monitor your cryptocurrencies
• The service only deducts a percentage of the fee generated by your Masternode
Such hosting services make it easy for the customers to participate in a secure Masternode ecosystem and receive fees for holding their coins. The decentralized network helps to keep your coins highly-secure so that you can have peace of mind and maintain control of your coins.
We have a lot more coming up to keep you educated and updated. Stay connected!
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