One of the most popular cryptocurrencies for mining, after Bitcoin is the Dash cryptocurrency. And of course, she, like all other altcoins, has her own characteristics. If you are interested in this cryptocurrency, then with a 100% guarantee you are faced with the concept of “masternode”. In this article, as clear as possible, I will tell you what a masternode is.
First, let’s look at the word masternode itself. It consists of two words: “master” and “node”. “Noda” in translation from English means “node”. Which node? In this case, this is a term from the field of computer science. A node is, in essence, a computer that is connected to a network and which is capable of receiving and transmitting information to a shared network. But do not think that your PC is also a host. It doesn’t work like that. By viewing various pages and videos on the Internet, your computer does not become a node (node). This implies connecting to a “special” network, all of whose participants are working to achieve one goal. The most obvious example is mining. The word “master”, in this case, indicates a 2-rank division of the network. That is, ordinary nodes function in it, and nodes of a higher order – masternodes. Masternodes have a special purpose. For what we need, we will analyze the example of the Dash cryptocurrency.
Masternode on the example of the Dash network
The first thing you should remember, masternodes are not only a feature of dash, it’s easiest to explain by the example of this cryptocurrency what they are used for.
Like all cryptocurrencies, dash has its own peculiarity. In this case, this is increased anonymity. It is provided by a mechanism called “PrivateSend”. With its help, transactions are “forwarded” and cannot be tracked. Also, the network has a tool for conducting quick transfers – InstantSend. The correct functioning of these mechanisms directly depends on the number of masternodes in the network. But their responsibilities do not end there.
In the Dash network, masternodes are a privileged group that serves the network and solves network development issues. This happens by voting of all masternodes.
Simply put, masternodes and nodes are a big family. But masternodes in this family are the parents who control everything. And nodes are children who provide cryptocurrency mining, which brings income to both groups. When a new block is found on the network, the reward for it is distributed. The nodes that worked on it receive 55% of the reward. And the rest of the amount is shared among all masternodes.
The main feature of the masternode network is that you can come or go from the system at any time. The network is not tied to individual users. She is absolutely decentralized. There is not a single person in the world who would indicate to whom to give a masternode, and to whom not. You make this decision yourself. As well as the decision to sell to the masternode.
In principle, any person can receive a masternode. To do this, your Dash wallet must have a sum of 1000 dash, a permanent IP address and the possibility of smooth operation of your computer (it should work 24/7).
If for some reason you want to get rid of dash and, accordingly, lose the masternode, it will not be difficult to do this. And if you are a beginner, and you are interested in this cryptocurrency, you can get a masternode and develop a network.
Can I get a masternode now?
As we have already found out, in order to receive a masternode, you must have 1000 dash in your account. You can get this amount either through mining, or simply by purchasing the right amount of Dash. As soon as you have the necessary amount, you can get a masternode. It is important to know that you are not buying it, your money remains yours. And the amount of 1000 dash is needed only in the form of collateral.
At the stage of the appearance of the masternode, Dash cost about $ 10. That is, 1000 could be bought for $ 10,000. Now, one Dash unit costs $ 420. In short, you need $ 420,000 to earn a masternode. This is an unrealistic amount for most people. But if you have it, then by investing your money, you can increase it.
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