The Syscoin Masternodes system was implemented in Syscoin 3.0 and was launched during the upgrade hard fork on May 1st 2018. Syscoin Masternodes are based upon Dash masternodes code, and include numerous updates and changes relative to features and functionality unique to Syscoin. They provide numerous services for the Syscoin network including the basic masternode services like InstantSend, PrivateSend, and Decentralised Governance. With Governance, users can make proposals for Masternode funding (eg. for community marketing purposes) and Masternode owners can then vote for proposals they wish to see funded. Proposals will be viewable via web-based portal, scheduled to launch soon. Funding comes from the block reward, which is released onto the network roughly every 60 seconds via conventional mining. 75% of the block reward is sent to a randomly selected masternode - this is approximately 25 SYS.
Services & Features Unique to Syscoin Masternodes
As well as the basic Dash masternode functions, Syscoin Masternodes provide many other network services and advantages including Blockmarket Content Indexing, Z-DAG Instant Asset transfers, and the ability to tap the vast resource pool of the network for parallel processing, adding vertical and horizontal scalability to meet growing performance demands of future use. Our Masternodes also feature a unique Seniority Reward model, in which long term operators’ rewards are incremented 3% every four months collateral is held at the same address. More Masternode innovations will come with further developments to the Syscoin Protocol. In all, we expect to see Syscoin Masternodes increasingly recognized as significantly enhanced compared with predecessors.
To host a masternode you must pledge 100,000 Syscoins to the network. This ‘collateral’ is then locked up for the lifespan of the Masternode, but can be released by the owner at any time.
Rewards can estimated using this online calculator: sysnode.info
You will also require the following:
- Virtual Private Server (VPS) running Ubuntu 16.04 LTS x64
- 1+ CPU
- 2GB+ memory
- 40GB+ SSD hard drive
- Static IP Address
- For an excellent setup guide, including install script, please visit Justin Silver’s blog
- Learn how to vote: https://syscoin.community/masternode-proposal
- How to submit a proposal yourself: https://syscoin.community/tutorials/masternode-tutorial/how-to-submit-a-proposal
- Check Sysplorer.io for the current listed Masternode proposals
- Detailed information about the masternode network: sysnode.info
- Track your masternode through in telegram/discord/email: nodecheck.io
- Masternode setup provider: masterminer.tech