What Are Masternodes?
A masternode is a server that runs on a decentralized network, complete with its own blockchain. It performs unique functions which ordinary nodes cannot such as approving and initiating transactions along the network. Masternodes in turn for performing these task receive rewards.
In order to run masternodes, deposits are required and once the masternode gets closed, the investor will have its deposit returned. Masternodes use a Proof of Stake principle, which allows it to function similarly to mining but without the power consumption.
What are 2Masternodes?
According to their official website, 2Masternodes can be used by anyone to purchase a masternode or masternode shares in just a few clicks. The service does not require registration, only storing the user’s wallet address. The platform charges a 10% fee, which comes into effect only when the rewards are received.
As the masternode server makes use of a decentralized network, it can execute unique functions that normal nodes cannot, such as:
- Direct sending
- Private transactions
- Instant transactions
Taking into consideration its transparency, users are able to view various stats on their official website. At the time of writing this article, there were 3701 co-owners, 455 masternodes, and a total of $ 60755 paid. Users can also check specific information for other masternodes by accessing their site.
In order to use 2Masternodes, no registration is required. Users just need to have a valid wallet address through which they can access the platform. The platform is transparent, open, and users are able to look into the transactions of other 2Masternodes owners.
The generation of a masternode is a process which is completely anonymous and transparent. Users can monitor the service’s operations by using a blockchain explorer that displays the data of the crypto blocks.
– Minimum Investment
For users to access the service they have to make a minimum deposit of 1 percent of the masternode. For any investment which constitutes less than 1 percent, the sum is automatically deposited back into the user’s wallet. For payments, the minimum amount is 0.5 coins, while for rewards it is less than 0.5 coins, the amount cumulating in the service account to be further added to future rewards when the amount reaches the minimum reward.
How to Use 2Masternodes
Since the masternode hosting works automatically, users are able to easily purchase a complete masternode or a part of a masternode. The platform automatically configures the user’s server, download, and synchronizes the blockchain.
The payout of rewards to the co-owners of the masternodes is also automatic and in accordance with the percentage of their investments. Users must access their wallet addresses in order to sell their masternode shares. From the sales, their coins will be reinstated within two weeks for their masternode shares.
In some cases, you may notice that your investment has been divided into several masternodes. This occurs when you send a final investment when you also compile the masternode. When this takes place, part of the investment can go into the current masternode as the remaining part waits to be sent to the next masternode.
To be able to use 2Masternodes you will have to have or set up a full blockchain wallet. The wallet should be compatible with the cryptocurrency of which node you want to run, and also own the private keys.
Some users may believe that a wallet which is hosted by a crypto exchange will suffice. But this cannot work for 2Masternodes because even as the user, the rewards are given to you anonymously. This implies that you send the rewards to the address on your investment form, which means that you are unable to use exchange-hosted crypto wallet. If you use such wallets to sign up, it’s possible that the rewards will not be sent to your wallet meaning the no return on your investment.
The current fee charged for 2Masternodes’ services is currently 10 percent. This charge is only effective when the masternode rewards are received, which means that you do not have to worry about the fee if you don’t receive any masternode awards.
2Masternodes implements top-notch security and privacy. As there is no registration required the only information which is stored is that of the wallet address. In addition to this, the procedure of masternode generation is transparent and anonymous. Due to the platform’s decentralization, users can easily supervise service operations. 2Masternodes is compliant with the industry’s standards and security solutions.
Each masternode has several protection layers and operates on a unique virtual platform such as Digital Ocean or Amazon Web Services. No direct IP access links to such platforms and even node contacts occur on Elastic Load Balancers, which masks the real IP of the operational node.
Another security measure is the fact that there is no external internet access for the vital system parts like the backend which controls the received funds. Such vital parts remain obscured in AWD in Virtual Private Networks (VPN). 2Masternodes constantly verify any form of weakness even those found in the packaging and back-end stages.
In addition to this, 2Masternodes carries out a constant evaluation to identify any zero-day vulnerabilities and take care of them quickly.
To conclude, 2Masternodes is an essential tool for those that want to run a masternode. The automatic system enables users to send their investments easily and conveniently to start earning rewards.
Image Source: 2masternodes.com