A masternode is similar to a stakenode, but instead of protecting the network like stakenodes do, masternodes provide services to the network. They form a huge network of interconnected computers that are deployed for the benefit of the blockchain.
Each masternode needs a certain amount of collateral (blocked coins) to function. In Stakenet exactly 15,000 XSN per masternode are required. In our case, XSN masternodes will hold other blockchains and operate Stakenet DEX, among many others other things.
We can compare a masternode with a merchantnode: while there are three entities (owner, merchant and merchantnode) in the TPoS process, there are only two in the masternode process, the owner and the masternode. There is no need for an intermediary merchant as the owner is the one who directly controls the masternode.
The governance model is a decentralized vote on the monthly treasury, which takes place every 30 days (43,200 blocks). Anyone can create such a "proposal" and make it available for voting. If there are enough masternodes for yes are correct, it is accepted. At the same time, the coins from the Treasury
and sent to the address of the creator.
Several proposals can be created per 30-day round, the most popular will then win.
This is how the developer financing for the project is guaranteed.
- Text Guide
- Guide and information on stakenet.info
- Video Guide 03. April 2019
- Stakenet (XSN) - How To Cast Your Governance Vote
The tasks of a masternode:
Excerpt from the bot command of the Discord.
- Lightning Dex
- One click instant Lightning Swaps (NOT Atomic Swaps)
- Masternode escrow services
- Masternode based oracles/arbitration
- CCPoS - Staking rewards in any other coins
- Tor, PrivateSend, random hop secrets
- Masternode's collateral backed stable coin
- Lightning dApps
- TPoS - Hosting of Trustless Cold staking contracts
- Voting Delegates
- Automated payment of node operators
- Masternode Managers
- Multiple keys for Masternodes
- Enhancements for Smart Contracts and dApps
- Masternode reward split
- Masternodes Quorums Autonomous Swaps
- Cross-Chain dApp infrastructure
- Watchtower services
Masternode as a Service
With this method you usually have the least work when creating a masternode.
- You don't need a lot of knowledge.
- Further updates (the wallet) on the server will be carried out by the responsible team.
- The monthly costs are cheaper than renting a VPS.
- If you have problems you are dependent on third parties.
- You can't do anything else with the server.
- You don't learn anything new ;-)
The most used service is that of Stakenet direct: Stakenet MNaaS
If you don't have an account yet, you have to create one. The activation of 2FA is recommended!
The daily costs are deducted as an XSN on the StakenetCloud account.
What you need before you start MNaaS:
- Exactly 15,000 XSNs in one transaction.
- 150 XSN in the StakenetCloud (only to activate).
Some articles have an older date, but mostly the creators adjust the guides.
- Text Guide 15. April2019
- Stakenet Cloud: Setting up a Masternode
- Video Guide 30. November 2018
- Stakenet (XSN) - Masternodes-as-a-Service (MNaaS) Setup Walkthrough
Masternode self hosting
For self-hosting you need a server that has a static IPv4 address and is online 24/7.
Usually you can get a cheap VPS
The 5 € models are sufficient for this. Only the first initialization (synchronizing the blockchain) could take some time.
||Static IPv4 address
||24/7 or 100% Uptime
The most important thing is availability. Should the server fail or something similar, then you have to restart it and the first waiting period (2.6 * reward cycle) has to be restarted.
- Video Guide 26. August 2018
- Stakenet (XSN) - Masternode Setup Guide (Windows & Linux)
FAQ - Frequently Asked Questions - General
How many XSN Coins do you need for a masternode?
You have to have exactly 15,000 XSN as a transaction in the CoreWallet.
Can you use something other than the CoreWallet for a masternode?
Not currently, but it is planned that Trezor and Ledger will be supported.
When do you get your first reward?
After starting the masternode, you have to wait 2.6 times the amount of average reward time before you are entitled to receive a reward.
Example calculation with 2,500 authorized masternodes.
2.6 * 2500/1440 = 4.514 days
After that you are active and are part of the next cycle. After that, it can take up to 2500/1440 minutes to receive a reward.
How do you calculate the frequency of the rewards?
Active masternodes / daily blocks = x days
With 2500 masternodes the calculation would look like this:
2500 / 1440 = 1.736 days or 41.67 hours
This means you get a reward every 1.74 or 41.67 hours on average.
How do I find out how much an MN earns in rewards per month?
You can use the calculator for this: Block reward calculator
Roughly you can estimate it with: 1440 / "Number of running MNs"/ * 9 XSN * 30 days.
How can I stop a masternode?
First you stop the running masternode, then you remove the corresponding entry in the masternode.conf file and restart the wallet. After that, the 15,000 XSNs are no longer blocked and you can move them.
FAQ - Frequently Asked Questions - MNaaS
What is the cost of hosting with the MNaaS service?
With the latest MNaaS Upgrade
the costs of a masternode have doubled. $ 0.30 is now deducted daily in XSN from the Stakenet cloud account. For this, the strength of the hardware has been tripled.
Do you always need 150 XSN on the cloud as credit?
You only need the 150 XSN to start the master node, after that you only have to have enough XSN at any time when the daily payment is due.
Do you need 300 XSN for 2 masternodes, 450 for 3 MN etc.?
No, only 150 XSN are required. However, with more masternodes, more XSN are deducted every day.
Why do you sometimes get more and less than $ 0.30 deducted as costs?
An average XSN price of the last few days is used, so it can be a little more or less. This ensures that sudden fluctuations are not used to the detriment of one party.