ADSactly on ADSACTLY - part #44
ADSactly - MASTERNODES - A new vision for the blockchain (part#1)
MASTERNODES - A new vision for the blockchain (part #1)
Masternodes. Sound cool, right? But, what are they? Before we explain further, a question, please:
Did you ever dream of owning a coin foundry just like in the old days, way before people started printing pieces of paper and call it money? Coinmakers were minting silver and gold out of the fire! It was a hard and strenuous daily work. But today, you can produce your coins way easier, without much sweat! As a passive income!
Source
Well, your dream can easily become a reality because this is what masternodes are! Coin foundries made to support a cryptocurrency blockchain and produce a coin for you on top of that. To explain masternodes (bonded validator systems) in simplified terms (simplified enough, not simple for an ordinary person), we would say that masternodes are decentralized currency servers, working on a specific blockchain system which is different from the classic, for example, Bitcoin one.
A masternode can be any computer running a VPS server and a wallet filled with a certain number of the designated coin. One cannot mine a masternode coin without owning it first, what is quite a grand idea because this rule actually locks a substantial amount of coins to each masternode and thus raises the price for the rest of them. The bottom line is: one needs to buy a substantial amount of a certain coin from the market before setting up anything.
Masternode server utilizes its resources (VPS, local machine...) for verifying transactions between the parties, running a decentralized voting system and acting as a node in a blockchain of a specific coin that you have decided to own. We could easily say that, based on the architecture of the blockchain, masternodes help their blockchain more than the classic mining systems.
Source
What we find to be a novelty is that masternode systems equally split the block rewards between the blockchain distribution mechanism and creating new coins for the masternode owner. The ROI is quite lucrative and we believe this might be the thing of the future of crypto.
Source
The basic computer knowledge will not be enough for you to run a masternode and it is not advisable for a beginner to jump into masternodes without any guidance but, then again, it is not a rocket science, either. The rewards can be lucrative if the coin is chosen wisely. Various currencies use different incentive methods to attract the potential investors. Some members of ADSactly also run several masternodes and are quite happy regarding their weekly earnings, even though crypto has seen way better days than on today's markets.
So how do I run one?
Well, as we already mentioned. Firstly you'll need to own a substantial amount of certain coin to own a server. The amount varies from currency to currency and is not set in stone. Secondly, you'll need to rent a VPS on a 24/7 server or buy a server of your own where you'll host your wallet. And at last, you'll need a static IP address. Masternodes will not work on dynamic IP.
This is one of the websites where one can monitor the current masternode projects and their current prices:
https://masternodes.online/
Please, let us know your experiences with masternodes and give us your thoughts on the subject!
We will continue covering this super hot topic in the next part of our series. Stay tuned!
If you are interested in joining the ADSactly Society, please read the blog series on ADSactly from the beginning. Have all of your questions answered in advance.
ADSactly on ADSACTLY - Part # 1 Open-Value Network / Co-opoly
ADSactly on ADSACTLY - Part # 2 Do-ocracy / Value Network
ADSactly on ADSACTLY - Part # 3 Open Stewardship
ADSactly on ADSACTLY - Part # 4 Society's Value Contribution System
ADSactly on ADSACTLY - Part # 5 The Value of Our Time
ADSactly on ADSACTLY - Part # 6 Cooperation and fair benefits
ADSactly on ADSACTLY - Part # 7 Support local production
ADSactly on ADSACTLY - Part # 8 Cooperation vs Competition
ADSactly on ADSACTLY - Part # 9 Sustainable Social Model
ADSactly on ADSACTLY - Part # 10 Blockchain Technology
ADSactly on ADSACTLY - Part # 11 Support for Decentralization
ADSactly on ADSACTLY - Part # 12 The Importance of Bitcoin
ADSactly on ADSACTLY - Part # 13 ADSactly in Discord (1)
ADSactly on ADSACTLY - Part # 14 ADSactly in Discord (2)
ADSactly on ADSACTLY - Part # 15 ADSactly in Discord (3)
ADSactly on ADSACTLY - Part # 16 ADSactly in Discord (4)
ADSactly on ADSACTLY - Part # 17 ADSactly in Discord (5)
ADSactly on ADSACTLY - Part # 18 ADSactly Clubs
ADSactly on ADSACTLY - Part # 19 ADSactly Tokens (1)
ADSactly on ADSACTLY - Part # 20 ADSactly Tokens (2)
ADSactly on ADSACTLY - Part # 21 ADSactly Tokens (3)
ADSactly on ADSACTLY - Part # 22 ADSactly Tokens (4)
ADSactly on ADSACTLY - Part # 23 ADSactly Tokens (5)
ADSactly on ADSACTLY - Part # 24 ADSactly Tokens (6)
ADSactly on ADSACTLY - Part # 25 Full Stack Startup
ADSactly on ADSACTLY - Part # 26 Artificial Intelligence Government Pt. I
ADSactly on ADSACTLY - Part # 27 Artificial Intelligence Government Pt. II
ADSactly on ADSACTLY - Part # 28 ADSactly Steemit Blog
ADSactly on ADSACTLY - Part # 29 The Future Of Crypto
ADSactly on ADSACTLY - Part # 30 ADSactly on Globalization
ADSactly on ADSACTLY - Part # 31 Blogging on Steemit
ADSactly on ADSACTLY - Part # 32 Social P2P network
ADSactly on ADSACTLY - Part # 33 Projects in ADSactly Society
ADSactly on ADSACTLY - Part # 34 ADSactly - Medium Blog
ADSactly on ADSACTLY - Part # 35 ADSactly - Environmental Protection
ADSactly on ADSACTLY - Part # 36 ADSactly - Sharing of Ideas
ADSactly on ADSACTLY - Part # 37 ADSactly - Centralized System vs. You
ADSactly on ADSACTLY - Part # 38 ADSactly - Taxation of Crypto - Part #1
ADSactly on ADSACTLY - Part # 39 ADSactly - Taxation of Crypto - Part #2
ADSactly on ADSACTLY - Part # 40 ADSactly - Cryptocurrency Trading General Advice
ADSactly on ADSACTLY - Part # 41 ADSactly - Steem Witness
ADSactly on ADSACTLY - Part # 42 ADSactly - CurveCoin Club
ADSactly on ADSACTLY - Part # 43 ADSactly - XP Coin Club
Every honest individual with good intentions is invited to join and offer their skills, knowledge, energy, time or resources to various ongoing projects within ADSactly society. The channel is here: ADSactly and you are welcome!
Click on the coin to join our Discord Chat
Witness proposal is here:
Go To Steem Witness Page
In the bottom of the page type: adsactly-witness and press vote.
Use small letters and no "@" sign. Or, click here to vote directly!
Thank you!