What is a Node?
A node is a computer with a certain setup that runs the cryptocurrency’s needed software and validates transactions.
A miner or staker always operates a so-called full node (complete copy of the blockchain).
This way the correctness of transactions are guaranteed.
If a miner or staker shows a different set of data, it would immediately stick out as wrong.
What is a Masternode?
A masternode is a server within a decentralized network. Unlike common PoS, in PoSe-masternode systems there is a substantial requisite amount needed in order to run a masternode. A masternode not only stores all the data of the blockchain, it also helps with certain tasks/functions on the blockchain, for example verifying transactions, or helping with consensus, providing privacy features or others.
The masternode system is referred to as Proof of Service (PoSe), since the masternodes provide crucial services to the network.
In fact, the entire network is overseen by the masternodes, which have the power to reject improperly formed blocks from miners.
It should be emphasized that a masternode can perform the following tasks that a node cannot perform, such as:
- The processing of anonymous and confidential transactions (PrivateSend).
- Instant Transactions (InstantSend).
- Monitor the network itself (example hypernodes)
- To have voting rights and to be able to exercise them (Governance)
For some cryptocurrencies, masternodes have a higher weight in the vote on updates. For providing these functions in a Proof of Stake consensus algorithm, masternodes receive rewards from the respective cryptocurrency.
Can I deploy a masternode by-myself?
You certainly can if you fulfill the criterias which involves technical knowledge and financial commitment – two of the aspect that only few people are able or want to meet. An important aspect of a masternode is the minimum amount a node must meet (a so called “masternode collateral”). For a Dash Masternode, for example, 1000 coins are necessary.
If a masternode does not meet the minimum requirement, it no longer qualifies as a masternode and loses its privileges. This minimum amount always involves a certain amount of coins in the network. Depending on the price of the coin, this amount can be very high to cover as individual.
In addition to that, you have to have the needed technical equipment, reliable/fast internet and technical knowledge. The more diversified you want to set up your Masternode portfolio, the higher the capital requirements of the individual. The higher the own capital requirement, the higher the risk share in the crypto market.
Market Timing:
As you already know, masternodes require a certain collateral (a certain minimum amount of coins) that it qualifies as a masternode. This can be a quite expensive investment. Masternode coins can in most cases only be bought with Bitcoin on small exchanges with thin order books. Prices are very volatile (much more volatile as Bitcoin) and therefore marketing timing is essential. A high masternode ROI will not always help to compensate unrealized losses from huge sudden price drops. As a professional masternode investor you need to know when it is a good time to buy the coins required for the masternode collateral. You should focus on price action, key-market-structure and oscillators on higher time-frames (like 3D and 1W TF.) to find out when it is a good time to make the investment.
If order books are thin then it is recommended to use the DCA-strategy.
I hope that you take this seriously, if so I highly recommend to take some classes at < CCU > before you invest in masternodes or anything else.
Monitoring and Maintenance:
You need to make sure that the hot wallet on your masternode server is always up-to-date, that it has sufficient disk space, RAM and swap, that it is fully synched and operating on the correct chain, otherwise you will miss out masternode rewards which decreases your average ROI significantly. Typical monitoring and maintenance tasks are:
- Checking masternode / blockchain synchronization
- Checking block hashes for ensuring that you are on the correct chain
- Re-indexing the entire blockchain in case there are sync-problem
- Creating systemctl services for you masternode for automatic restart in case of a wallet/server crash
- Performing cold and hot wallet software updates / upgrades
Complications can be simplified:
In case you are not a computer nerd all this might be overwhelming to you, which
I can understand. It requires considerable time, commitment and motivation that you can learn all these specific skills which are need to set up a masternode yourself. However, finally there are solutions to this problem which make it easy
for old & young to take advantage of passive income generated by masternodes.
One of these new solutions is called “Managed Node as s Service (MnaaS)”.
There are several MnaaS-platforms out there, the best masternode hosting platforms who offer MnaaS are:
- CryptoSelfMade (CSM) – very easy to use for everyone
- Gentarium – automatic trustless masternode deployment
- Allnodes – easy step-by-step masternode deployment
Simple and easy to use for everyone – Crypto-Selfmade (CSM):
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