MARKNetwork Education Part 1:

What is a Masternode?

Short summary of the article:

“Do not get left behind!”

»This article is the simplest way to understand the term Masternode and the dynamics around it. Let’s brush up on the basics first.«

MARKMining Shared Masternodes as a Service

The way we trade, transfer and deal with money, the blockchain frenzy has turned into a revolution. Many have argued against blockchain but the world-changing technology continues to expand. On the fun side, it has the common man’s tech verbiage too.

 

Just a year back the blockchain world introduced you to process mining. While you were still settling scores with this new term and what it meant in the cryptosphere, you were bombarded with the term “masternode”. Every crypto enthusiast is too excited about this.

What is a Node and when is it called a Masternode?

A node is a single powerful computer that functions as part of a block to maintain its integrity by storing blocks of data. Multiple nodes are connected to store, distribute and keep the blockchain data secure. Generally speaking, a laptop or computer can be called a node. Not all nodes host a copy of all the blockchain transactions, but the one that does is a full node or a masternode. For doing so, the Masternodes receive a fee.

More about Masternodes

Some of the most popular blockchains that feature Masternodes are DASH, PIVX, BATA, and VCash. Equipped with much heavier infrastructure than nodes,

 

  1. Transaction validation
  2. Broadcasting transactions
  3. Governance of voting events in PoS and
  4. Law enforcement.

 

With memory and computational power way beyond the scale of normal nodes, mastering operations involve higher consumption of electricity, storage and require higher maintenance. The advantage of hosting a masternode is pocketing the fair distribution.

MARKMining: Full and Shared Masternodes as a Service

How is Masternode different from a Miner?

A Miner is a full node that validates a transaction and keeps track of the blockchain’s transaction history. While validating the transactions, the Miner is incentivized with coins, the process known as mining.

 

This is where the difference lies.

 

No mining takes place on the Masternode even though they have the complete transaction history. What a Masternode does is:

 

  1. Increases the privacy of Blockchain transactions
  2. Facilitates instant transactions, direct transactions, and private transactions
  3. Governance and voting
  4. Assists in budgeting
  5. Builds a treasury system

 

Every coin’s masternode operates in a similar fashion but the fair distribution amount and the frequency of distribution may vary.

Bonus tips

In-depth evaluation of a masternode becomes critical for a host. The host has an option to connect to Masternodes using a wallet application. The wallet app keeps the pool of coins together as collateral and keeps them connected to the masters mode. Some aspects that you need to consider before you become a user of a Masternode are:

 

  1. The utility aspects of the coin which you are planning to connect with a master mode
  2. The amount required to be part of the masternode

 

Dash is the first blockchain with a masternode feature but a Dash Masternode is not cheap.

 

To know more about Masternode in the simplest way ever, stay tuned to our page.

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